MidWestOne Financial Group, the parent company of MidWestOne Bank, completed its acquisition of Denver Bankshares, the parent company of the Bank of Denver, effective Jan. 31. Immediately following completion of the acquisition, the Bank of Denver was merged with and into the MidWestOne Bank.
Under the terms of the merger agreement, Denver Bankshares shareholders received $462.42 in cash in exchange for each share of Denver Bankshares stock they owned. The value of the total deal consideration was $32.6 million.
With the addition of Denver Bankshares, on a pro forma basis, MidWestOne has total assets of approximately $6.7 billion, total loans held for investment of $4.3 billion and total deposits of $5.6 billion as of Dec. 31, 2023. (These amounts are unaudited and exclude acquisition accounting adjustments).
Piper Sandler provided financial advisory services and Barack Ferrazzano Kirschbaum & Nagelberg served as legal counsel for MidWest One on this transaction. Olsen Palmer provided financial advisory services and Spierer, Woodward, Corbalis & Goldberg served as legal counsel to Denver Bankshares.
