Nicolet Bankshares, Inc. (NASDAQ: NCBS) and County Bancorp, Inc. (NASDAQ: ICBK) have reported execution of a definitive mrger agreement where Nicolet will acquire County and its banking subsidiary Investors Community Bank. As of the financial results of March 31st, 2021, the merged company will have pro forma total assets of USD 7.5 Billion, deposits of USD 6.3 Billion and loans of USD 4.9 Billion. This is inclusive of Nicolet’s prior acquisition announcement of Mackinac Financial Corporation on April 12th, 2021. Mike Daniels, President and CEO of Nicolet, said, “We are excited about the potential of combining Nicolet and Investors to serve our customers and communities. Our collective founder-entrepreneurial mindset makes for a distinctive culture that resonates with our employees and customers.
One of the goals of every acquisition is to find better ways to serve communities. This partnership is an intentional, strategic move to become the premier agriculture lender throughout Wisconsin. We are excited about adding the expertise and specialized knowledge of the banking team from Investors, who, like our current agriculture lenders, have boots in the driveways. Long term, combining our operations will create a stronger community bank.”
Tim Schneider, President of County, said, “Nicolet is a like-minded partner who shares our focus on people, community, and serving the customer. With the added scale and capital of Nicolet, this partnership will rapidly accelerate our ability to serve existing customers and build new relationships. I am very optimistic about where we can go as a combined company. Our similar cultures and values should lead to a smooth transition for our employees and customers. We remain committed to the markets and industries we serve, especially the dairy sector, and above all, keeping banking local.”
Bob Atwell, Chairman of Nicolet, said, “While some could view this as merely a market infill deal that diversifies our lending revenue, we believe it is more accurate to say this transaction better aligns our lending portfolio with the economic structure of our region. Agricultural production lending has long been underweighted in our overall loan portfolio precisely because Investors has been so good at this core focus in agricultural lending.”