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 nearly 60 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 a merger-of-equals in 2008 with Iowa State Bank & Trust Company. Since that time, organic growth has been combined with opportunistic M&A to diversify the operating footprint, which has been the primary focus along with executing on its “five pillar” strategy to improve operating results.
The company offers traditional retail and commercial banking, wealth management services, and engages in modest amount of mortgage banking activities, generally retaining servicing. The loan book is commercially focused, with CRE representing the largest proportion, followed by…
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