DFCU Financial completed the acquisition of Florida operations from MidWestOne Financial Group, Inc. for $44.1 million.
June 06, 2024
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DFCU Financial entered into a definitive purchase and assumption agreement to acquire Florida operations from MidWestOne Financial Group, Inc. (NasdaqGS:MOFG) on September 21, 2023. The transaction is an all-cash deal that includes the transfer of $158.8 million of deposits, $162.2 million in gross loans, and two branch locations. All Florida employees of MidWestOne are expected to be retained by DFCU, fulfilling similar roles as they currently hold at MidWestOne. Additionally, DFCU intends to keep both branches open following the completion of the transaction. The transaction is subject to all regulatory requirements and approvals. The transaction has been approved by the respective board of directors, and is expected to close in the second quarter of 2024. As per filling of May 7, 2024, the transaction is expected to close in June 2024. In addition, the sale involved the assignment of deposits which totaled $133.3 million and loans which totaled $163.6 million as of June 7, 2024. As part of the cash settlement process, the payment to be made by DFCU to MidWest One is expected to total approximately $44.1 million.
Hovde Group, LLC served as financial adviser and Barack Ferrazzano Kirschbaum & Nagelberg LLP provided legal counsel to MidWestOne. Donnelly Penman & Partners, Inc. served as financial adviser and Michael Bell of Honigman LLP provided legal counsel to DFCU Financial.
DFCU Financial completed the acquisition of Florida operations from MidWestOne Financial Group, Inc. (NasdaqGS:MOFG) for $44.1 million on June 7, 2024.
MidWestOne Financial Group, Inc. (MidWestOne) is a financial holding company. MidWestOne is the parent company of MidWestOne Bank (the Bank), which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado. MidWestOne provides electronic delivery of financial services through its Website, MidWestOne.bank. The Bank is focused on delivering relationship-based business and personal banking products and services. The Bank provides commercial loans, real estate loans, agricultural loans, credit card loans, and consumer loans. The Bank also provides deposit products, including demand and interest checking accounts, savings accounts, money market accounts, and time deposits. Complementary to its loan and deposit products, the Bank also provides products and services, including treasury management, Zelle, online and mobile banking, credit and debit cards, ATMs, and safe deposit boxes. The Bank also has a trust department and an investment services department.
MIDWESTONE FINANCIAL GROUP, INC. 
