MidWestOne Financial Group, Inc. recently announced the pricing of its common stock offering, with 4,347,000 shares of its common stock priced at $25.00 per share. This is expected to generate approximately $103.5 million in proceeds for the company after deducting underwriting discounts and commissions. The company also granted the underwriter a 30-day option to purchase up to an additional 652,050 shares of company common stock at the public offering price, less underwriting discounts, and commissions.
The net proceeds from this offering are intended to be invested in MidWestOne Bank to support the bank’s capital ratios in connection with the potential repositioning of a substantial portion of its available-for-sale and held-to-maturity securities portfolio.
Keefe, Bruyette & Woods, Inc., a Stifel company, is serving as the sole manager for the offering.
The common stock offering is being made pursuant to a shelf registration statement on Form S-3, which was filed with the Securities and Exchange Commission (SEC) on August 29, 2024, and declared effective by the SEC on September 11, 2024.
MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa, and is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, and Colorado. The company trades on the NASDAQ Global Select Market under the symbol “MOFG.”
This press release does not constitute an offer to sell, a solicitation of an offer to sell, or the solicitation of an offer to buy any securities. As a result of these announcements, the company's shares have moved -1.5% on the market, and are now trading at a price of $27.41. For more information, read the company's full 8-K submission here.
