MidWestOne Financial Group, Inc. (Nasdaq: MOFG) today announced that it has executed a definitive merger agreement to acquire Denver Bankshares, Inc., the parent company for the Bank of Denver. This transaction is an all cash deal that has been approved by the respective board of directors, and is expected to close in the first quarter of 2024. MidWestOne Financial Group, Inc. will pay $32.6 million in cash consideration to acquire Denver Bankshares, Inc.
Olsen Palmer LLC served as financial advisor to Denver Bankshares, Inc.
The Bank of Denver had $271.5 million in assets, $198.0 million in loans and $242.0 million in deposits as of June 30, 2023. Denver Bankshares, Inc.’s Chief Executive Officer, Lori Radcliffe, will become part of MidWestOne Financial Group Inc.’s market leadership team.
Olsen Palmer is one of the top 2 bank M&A advisors – and the #1 sell-side bank M&A advisor – nationwide according to S&P Global based on the number of transactions advised upon in 2023.