MidWestOne Financial Group, Inc. Surveillance Report
Company Profile
MidWestOne Financial Group, Inc. (NASDAQ: MOFG) (“MidWestOne” or “the company”) is the BHC for main subsidiary, MidWestOne Bank (“the bank”), which operates 56 branches predominantly in the Midwest/Western region of the U.S., including IA, MN, WI, and CO. Within its legacy markets of Iowa, MOFG reflects the fifth largest deposit market share.
MidWestOne was formed through an MOE in 2008 with Iowa State Bank & Trust Company. Since that time, organic growth combined with opportunistic M&A to diversify the operating footprint has been the primary focus. The company has completed four acquisitions, including the most recent addition of ~$275 million asset Denver Bankshares, Inc. in 1Q24, which enhanced its presence in the Denver MSA. As such, MOFG now has a presence in four different states, including higher growth MSAs, notably Denver & the Twin Cities. In 2Q24, MOFG completed the sale of its FL-based branches, including $133 million of deposits…
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