Overview
Update: The deal announced in November 2021 has been completed. Click on the article below to read more about this transaction.
- Yahoo News (June 9, 2022)
November 4, 2021 - Iowa First BancShares Corp. Press Release
Iowa First Bancshares Announces Strategic Sale to MidWestOne Financial Group
The BFKN Financial Institutions Group served as legal counsel to Iowa First Bancshares Corp. (OTC Pink: IOFB), in its execution of a definitive merger agreement providing for the acquisition of Iowa First by MidWestOne Financial Group, Inc. (NASDAQ: MOFG) in a transaction valued at approximately $47.6 million.
The combined company will have approximately $6.2 billion in total assets and over 60 banking offices in Iowa, Minnesota, Wisconsin, Florida and Colorado. The purchase was unanimously approved by the boards of both companies and the transaction is expected to close in the first quarter of 2022.
“This is a significant milestone for our company. It marks the culmination of our search for a like-minded partner to strengthen and secure our presence in Muscatine and Fairfield, provide additional support and resources to our organization for continued growth, and offer our valued employees a path to long-term success. We’ve found that ideal partner in MidWestOne.” said D. Scott Ingstad, Chairman, President and Chief Executive Officer of Iowa First.
BFKN’s legal team was led by Abdul R. Mitha, Bill Fay and Katherine Fritzi Getz. Executive compensation and benefits were handled by Donald L. Norman, Jr.
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