MidWestOne Financial Group
| Company type | Public |
|---|---|
| Nasdaq: MOFG Russell 2000 Component | |
| Industry | Banking |
| Founded | 1983 |
| Headquarters | Iowa City, Iowa, U.S. |
Key people | Charles N. Reeves (CEO) Barry S. Ray (CFO)[1] |
| Revenue |  $0.049 billion (2019)[2] |
| $0.0436 billion (2019)[2] | |
| Total assets | $4.653 billion (2019)[2] |
| Total equity | $0.508 billion (2019)[2] |
Number of employees | 802[1] |
| Website | midwestone |
MidWestOne Financial Group, Inc. is a bank holding company headquartered in Iowa City, Iowa. The bank operates 56 branches.[1] It is the 3rd largest bank headquartered in Iowa. It operates in Iowa, Minnesota, Wisconsin, Colorado, and Florida.[1]
History
[edit]The subsidiary bank was formed in 1934 as the Iowa State Bank & Trust Company in Iowa City, Iowa by Ben S. Summerwill.[3]
In 1983, ISB Financial Corp. was established as a closely held bank holding company for Iowa State Bank & Trust Company.
In March 2008, ISB Financial Corp. merged with MidWestOne Financial Group, Inc. and took MidWestOne Financial Group, Inc. as the name of the company.[4]
In April 2011, then-chairman W. Richard Summerwill retired.[5]
In May 2015, the bank acquired Central Bancshares of Golden Valley, Minnesota for $134 million in cash and stock.[6]
In 2017, the bank opened its first branch in Denver, Colorado.[7]
In June 2018, Barry S. Ray was hired as the Chief Financial Officer.
In November 2022, Charles N. Reeves was hired as the Chief Executive Officer.
References
[edit]- ^ a b c d "MidWestOne Financial Group, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ a b c d "MidWestOne Financial Group, Inc. Reports Results for the Fourth Quarter and Full Year of 2019 Form 8-K". U.S. Securities and Exchange Commission.
- ^ Ford, George (February 13, 2011). "Retiring banker says next crisis not matter of if, but when". The Gazette.
- ^ Stempel, Jonathan (September 12, 2007). "ISB, MidWestOne in $96.5 mln Iowa bank merger". Reuters.
- ^ Ford, George (January 20, 2011). "MidwestOne chairman Summerwill retiring, successor named". The Gazette.
- ^ Davis, Paul (November 21, 2014). "MidWestOne in Iowa to Buy Central Bank in Minn. for $134M". American Banker.(subscription required)
- ^ "MidWestOne to open Denver office". The Gazette. February 22, 2017.