The BFKN Financial Institutions Group served as legal counsel to MidWestOne Financial Group, Inc. (“MidWestOne”) (Nasdaq: MOFG) in its definitive merger agreement to reinvest the proceeds from the previously announced sale of its Florida operations through the acquisition of Denver Bankshares, Inc. (“Denver Bankshares”), the parent company for the Bank of Denver. This transaction is an all cash deal that has been approved by the respective board of directors, and is expected to close in the first quarter of 2024.
The transaction highlights MidWestOne’s continued investment into the Denver MSA, which it has identified as one of its core markets, to accelerate growth and continue building scale. Charles (“Chip”) Reeves, Chief Executive Officer of MidWestOne, commented, “By reinvesting the proceeds from the sale of our Florida operations into the acquisition of Denver Bankshares, we are continuing to build the necessary critical mass in our Denver market, a large and core metropolitan market. This acquisition accelerates our growth in the region by three to four years. This additional scale in Denver will enable us to continue to recruit bankers and build upon our already strong momentum in this commercially and demographically attractive market.”
BFKN’s legal team was led by Financial Institutions Group co-chair Robert M. Fleetwood, and associate Zoe Xiuha Uvin. Partners Andrew K. Strimaitis, Michael J. Poland and associate Alex Freund advised on executive compensation and benefit matters.
To read more about this announced merger transaction, visit: