On November 21, we announced that MidWestOne Financial Group, Inc., the parent of MidWestOne Bank, would merge with Central Bancshares, Inc., parent of Central Bank, headquartered in Golden Valley, Minnesota. Following the merger of Central Bancshares into MidWestOne Financial Group we will operate MidWestOne Bank and Central Bank as separate subsidiaries.
The combined company is expected to have nearly $3 billion in assets, creating one of the premier publicly traded financial services companies in Iowa and Minnesota. Central Bank operates 20 offices in the Minneapolis/St. Paul metropolitan area and western Wisconsin and two branches in southwest Florida. MidWestOne Bank has 25 offices in Iowa. The merger is expected to close during the second quarter of 2015 and is subject to approval by MidWestOne’s shareholders and regulatory agencies, as well as other customary closing conditions.
For over 80 years, our mission has been to take care of our customers … and those who should be. As we look at Central Bank, it is clear they have taken a similar approach to their business. That, combined with the commonly shared strong support of community, makes this an attractive partner for MidWestOne.
Following the merger, I will continue to be the President and Chief Executive Officer of MidWestOne. John M. Morrison, Central’s current Chairman and sole shareholder, will become the Chairman of the combined company’s board of directors, while Kevin W. Monson, MidWestOne’s current Chairman, will become Vice Chairman of the combined company’s board. Our headquarters will remain in downtown Iowa City.
How does this affect you as a MidWestOne Bank customer? Honestly, not much if at all. Eventually you will be able to conduct transactions in the Twin Cities if the need arises. The bigger picture is that this acquisition will serve to further strengthen MidWestOne as a company. Strong and successful companies are ones that continue, over time, to grow and expand! We strongly believe that our added scale will allow us to continue to provide best in class services and products in the years ahead.
Our companies are looking forward to our combined future.
Thank you for your business with MidWestOne and best wishes on a prosperous 2015!