MidWestOne gets approval for merger

Iowa City-based MidWestOne Financial Group Inc., parent company of MidWestOne Bank, received the necessary regulatory approval for the proposed merger with Minnesota-based Central Bancshares Inc., parent company of Central Bank, company officials announced Friday.

A special shareholder meeting will be held Thursday during which MidWestOne shareholders will vote on approval of the deal.

The completion of the merger also is subject to other customary closing conditions, but MidWestOne anticipates it to be completed in May.

The combined bank holding company will have roughly $3 billion in assets.

MidWestOne Bank, with assets of approximately $1.8 billion on Dec. 31, operates 25 branches in Iowa. Central Bank, with assets of about $1.17 billion on Dec. 31, operates 20 branches in the Minneapolis-St. Paul metropolitan area and western Wisconsin, and two branches in southwest Florida.

Under the terms of the merger agreement, MidWestOne Financial will pay $64 million in cash and 2,723,083 shares of MidWestOne common stock for Central Bancshares.