Business

MidWestOne to buy Dubuque bank

Transaction set at $170.3 million

The renovated lobby of MidwestOne Bank is shown at an event celebrating the reopening of MidwestOne Bank on the corner of Washington and Clinton Streets in Iowa City on Friday, August 12, 2016. (Rebecca F. Miller/The Gazette)
The renovated lobby of MidwestOne Bank is shown at an event celebrating the reopening of MidwestOne Bank on the corner of Washington and Clinton Streets in Iowa City on Friday, August 12, 2016. (Rebecca F. Miller/The Gazette)

Iowa City-based MidWestOne Financial Group announced it will acquire Dubuque-headquartered ATBancorp in a deal valued at $170.3 million.

The combined company will hold some $4.7 billion in assets and operate more than 60 offices in Iowa, Minnesota, Wisconsin, Florida and Colorado.

The acquisition is set to close in the first quarter of next year.

No changes are planned in the executive team, a news release said.

MidWestOne Financial is the parent company of MidWestOne Bank.

ATBancorp is the holding company for American Trust and Savings Bank and was formed in 1985. It has offices in Iowa and Wisconsin.

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