MidWestOne Financial Group

MidWestOne Financial Group, Inc.
Public company
Traded as NASDAQ: MOFG
Russell 2000 Component
Industry Banking
Founded 1934 (1934)
Headquarters Iowa City, Iowa, U.S.
Key people
Charles N. Funk, President & CEO
James Cantrell, CFO
[1]
Revenue Increase $0.133 billion (2016)[1]
Decrease $0.020 billion (2016)[1]
Total assets Increase $3.079 billion (2016)[1]
Total equity Increase $0.305 billion (2016)[1]
Number of employees
587[1]
Website www.midwestone.com

MidWestOne Financial Group is a bank holding company headquartered in Iowa City, Iowa. The bank operates 43 branches.[1] It is the 5th largest bank headquartered in Iowa. It operates in Iowa, Minnesota, Wisconsin, Colorado, and Florida.[1]

History

The bank was formed in 1934 as the Iowa State Bank & Trust Company in Iowa City, Iowa by Ben Summerwill.[2]

In 1984, ISB Financial Corp. was established as a closely held bank holding company for Iowa State Bank & Trust Company.

In March 2008, ISB Financial acquired MidWestOne Financial Group and took MidWestOne as the name of the company.[3]

In April 2011, chairman W. Richard Summerwill retired.[4]

In May 2015, the bank acquired Central Bancshares of Golden Valley, Minnesota for $134 million in cash and stock.[5]

In 2017, the bank opened its first branch in Denver, Colorado.[6]

In November 2017, Katie A. Lorenson, the chief financial officer of the company, resigned.[7]

References

  1. 1 2 3 4 5 6 7 8 "MidWestOne Financial Group, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Ford, George (February 13, 2011). "Retiring banker says next crisis not matter of if, but when". The Gazette.
  3. Stempel, Jonathan (September 12, 2007). "ISB, MidWestOne in $96.5 mln Iowa bank merger". Reuters.
  4. Ford, George (January 20, 2011). "MidwestOne chairman Summerwill retiring, successor named". The Gazette.
  5. Davis, Paul (November 21, 2014). "MidWestOne in Iowa to Buy Central Bank in Minn. for $134M". American Banker. (subscription required)
  6. "MidWestOne to open Denver office". The Gazette. February 22, 2017.
  7. "MidWestOne Financial Group's CFO Katie Lorenson resigned on November 14". Reuters. November 15, 2017.
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