- Midwestone Financial Group
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MidWestOne Financial Group Type Public (NYSE: MOFG) Founded Oskaloosa, Iowa Headquarters Iowa City, Iowa Key people Kevin Monson, Chairman
Charlie Howard, Vice Chairman
Charlie Funk, President and CEO
Gary Ortale, Executive VP and CFOWebsite www.midwestone.com MidWestOne Financial Group is the fifth largest publicly traded bank holding company in the U.S. state of Iowa. It is the holding company of MidWestOne Bank, which has 28 banking locations in central and eastern Iowa.
Contents
History
MidWestOne Financial Group was founded in the 1900s under the name Mahaska Investment Company in Oskaloosa, Iowa. The name was derived of the name of the Mahaska County, the county in which Oskaloosa was. In 2004, Mahaksa Investment Company announced that it would merge all of its subsidiaries into one bank called MidWestOne Bank & Trust. The Company would also change its name to MidWestOne Financial Group. The company would stay headquartered in Oskaloosa. In 2005, the company announced that it would change the name of its bank to MidWestOne Bank. The company would have the same name.
Merger
On September 12, 2007, MidWestOne Financial Group and ISB Financial Corp. announced that they had gone into a definitive agreement to merge together creating the third largest publicly traded holding company headquartered in Iowa.[1] The current company President and CEO of MidWestOne, Charles Howard, would become the Vice Chairman of the board of directors. The President and CEO of ISB Financial Corp., Charlie Funk, would become the President and CEO of MidWestOne Financial Group. The Merger was completed on March 14, 2008. On that date, MidWestOne ceased to exist and ISB Financial Corp. survived the merger and changed its name to MidWestOne.[2] After the company merger, MidWestOne announced that it would merge its subsidiaries together.[3] The subsidiaries of the "old" MidWestOne Financial Group were MidWestOne Bank. Before the merger, ISB Financial corp had two subsidiaries. They were: Iowa State Bank and Trust Company of Iowa City Iowa, and First State Bank of Conrad Iowa. On August 11, 2008, the banks merged together and became one bank named MidWestOne Bank.
Effect of Parkersburg Tornado and Iowa Floods
On May 25, 2008, the Parkersburg, Iowa Branch of First State Bank (now known as MidWestOne Bank) was destroyed by an EF-5 tornado. The tornado was caught on the ATM camera outside of the bank moments before it hit. During the Iowa Flood of 2008, the Coralville, Iowa and Waterloo, Iowa branches of the bank were inundated with water. The Coralville, Iowa branch has since reopened. The Waterloo, Iowa branch office will reopen in a new location at 3110 Kimball Avenue in Spring 2009. Information about the natural disasters can be found on the second page of the 2008 second-quarter earnings report for the company. [4]
References
- ^ Stempel, Jonathan (September 12, 2007). "ISB, MidWestOne in $96.5 mln Iowa bank Merger". Reuters.com. http://www.reuters.com/article/companyNewsAndPR/idUSN1223871620070912. Retrieved 2008-08-12.
- ^ "MidWestOne Financial Group Inc (New) (Consolidated Issue Listed on NASDAQ Global Select Market)". Reuters.com. http://www.reuters.com/finance/stocks/companyProfile?rpc=66&symbol=MOFG.O. Retrieved 2008-08-12.
- ^ "MidWestOne Financial anticipates bank merger". Futures and Commodity Market News. http://news.tradingcharts.com/futures/3/2/111988523.html. Retrieved 2008-08-12.
- ^ "Midwestone Financial Group reports 2nd Quarter 2008 Incomes". Press Release. http://www.midwestone.com/pdfs/press/MOFG_June08_Earnings_RELEASE.pdf. Retrieved 2008-08-12.
External links
Categories:- Companies listed on the New York Stock Exchange
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