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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