MidWestOne Financial Group

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]

MidWestOne Financial Group, Inc.
TypePublic company
Nasdaq: MOFG
Russell 2000 Component
IndustryBanking
Founded1983 (1983)
HeadquartersIowa City, Iowa, U.S.
Key people
 Charles N. Reeves, CEO
Barry S. Ray, CFO[1]
RevenueIncrease $0.049 billion (2019)[2]
Increase $0.0436 billion (2019)[2]
Total assetsIncrease $4.653 billion (2019)[2]
Total equityIncrease $0.508 billion (2019)[2]
Number of employees
802[1]
Websitewww.midwestone.bank

[3]

History

The subsidiary bank was formed in 1934 as the Iowa State Bank & Trust Company in Iowa City, Iowa by Ben S. Summerwill.[4]

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.[5]

In April 2011, then-chairman W. Richard Summerwill retired.[6]

In May 2015, the bank acquired Central Bancshares of Golden Valley, Minnesota for $134 million in cash and stock.[7]

In 2017, the bank opened its first branch in Denver, Colorado.[8]

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
  1. "MidWestOne Financial Group, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "MidWestOne Financial Group, Inc. Reports Results for the Fourth Quarter and Full Year of 2019 Form 8-K". U.S. Securities and Exchange Commission.
  3. "MidWestOne Bank".
  4. Ford, George (February 13, 2011). "Retiring banker says next crisis not matter of if, but when". The Gazette.
  5. Stempel, Jonathan (September 12, 2007). "ISB, MidWestOne in $96.5 mln Iowa bank merger". Reuters.
  6. Ford, George (January 20, 2011). "MidwestOne chairman Summerwill retiring, successor named". The Gazette.
  7. Davis, Paul (November 21, 2014). "MidWestOne in Iowa to Buy Central Bank in Minn. for $134M". American Banker.(subscription required)
  8. "MidWestOne to open Denver office". The Gazette. February 22, 2017.
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