Wisconsin Business Briefs: Nicolet National Bank plans to acquire Mid-Wisconsin BankWisconsin Business
-- The Nicolet National Bank chain of Green Bay is about to become a lot bigger. Plans were announced today for Nicolet to acquire the Mid-Wisconsin Bank chain of Medford for just over $10-million.
GREEN BAY - The Nicolet National Bank chain of Green Bay is about to become a lot bigger. Plans were announced today for Nicolet to acquire the Mid-Wisconsin Bank chain of Medford for just over $10-million.
The deal still needs approval from stockholders and government regulators. For now, it’s scheduled to be finalized in the second quarter of next year. Nicolet CEO Bob Atwell says the merger is an important step in his bank’s growth – and it will help achieve Nicolet’s goal of being large enough to flourish in all types of economic environments.
Mid-Wisconsin Bank is based in Medford. It lost $4.6 million dollars last year, while Nicolet made one-and-a-half million. Mid-Wisconsin Bank has been dealing with bad loans from the recession. Chairman Kim Gowey said the sale to Nicolet would let Mid-Wisconsin stockholders quote, “participate in ownership of a strong bank with increased scale.”
The transaction includes Nicolet stock which would put Mid-Wisconsin’s stock value at just over six-dollars a share. It closed yesterday at almost four-dollars a share. The merged company would have assets of just over a billion-dollars with 22 branches in central and northeast Wisconsin. Nicolet would become one of the state’s 10 largest banks in the process.
Wisconsin companies have sent more of their products overseas this year. The state’s Economic Development Corporation said almost 17-and-a-half billion dollars of Wisconsin-made products were sold to overseas outlets from January through September. That’s a six-point-four percent increase from the same time a year ago. Industrial machinery accounts for almost a third of Wisconsin’s exports, followed by agricultural products at 13-percent. Earlier, it was reported that the state’s farm exports jumped by around four-percent so far this year. Wisconsin ranks 12th in the country in its agricultural exports. The top-three markets are Canada, Mexico, and China for all types of state exports.
It’s been a good year for those who export Wisconsin farm products. State officials report a four-percent increase in the value of agricultural products shipped overseas from January through September. Two-point-two billion dollars in farm-related products have been sold to customers in 145 nations. Canada, Mexico, and China have bought the most. The state’s top farm exports include ethanol, beverages, and a host of food-and-dairy-related goods. Wisconsin’s dairy exports are up by nine-percent from a year ago.