MidWestOne to acquire Iowa First Banshares

Iowa City-based MidWestOne Financial Group said Monday it plans to acquire Iowa First Bancshares of Muscatine in a deal valued at approximately $47.6 million.

The combined company will have approximately $6.2 billion in total assets with more than 60 banking offices throughout Iowa as well as in Minnesota, Wisconsin, Florida and Colorado.

“This is a natural extension of the MidWestOne geographic footprint as we increase our market presence in Muscatine and Jefferson Counties,” MidWestOne CEO Charles Funk said.

“Both First National Banks — Muscatine and Fairfield — have been long-time pillars in their respective communities. Each has a strong deposit franchise and a long history of service in their markets.”

MidWestOne as of Sept. 30 had total assets of approximately $5.9 billion, operating 34 banking offices in Iowa, and 22 offices elsewhere.

Iowa First Bancshares operates five banking offices in Iowa through its two banks — First National Bank of Muscatine and First National Bank in Fairfield.

First National Bank of Muscatine of Sept. 30 had approximately $361.6 million in total assets with $315.9 million in deposits, and $203.9 million in total loans. First National Bank in Fairfield had approximately $157.6 million in total assets with $137.4 million in deposits, and $100.0 million in total loans.

The acquisition is expected to close during the first quarter of 2022 and is subject to approval by Iowa First Bancshares’s shareholders and regulatory agencies, as well as other customary closing conditions.