MidWestOne Financial Group

MidWestOne Financial Group, Inc. is a bank holding company headquartered in Iowa City, Iowa. The bank operates 56 branches.^[1] It is the 3rd largest bank headquartered in Iowa. It operates in Iowa, Minnesota, Wisconsin, Colorado, and Florida.^[1]

MidWestOne Financial Group, Inc.

Company type	Public
Traded as	Nasdaq: MOFG Russell 2000 Component
Industry	Banking
Founded	1983; 42 years ago (1983)
Headquarters	Iowa City, Iowa, U.S.
Key people	Charles N. Reeves (CEO) Barry S. Ray (CFO)[1]
Revenue	$0.049 billion (2019)[2]
Net income	$0.0436 billion (2019)[2]
Total assets	$4.653 billion (2019)[2]
Total equity	$0.508 billion (2019)[2]
Number of employees	802[1]
Website	midwestone.bank

History

The subsidiary bank was formed in 1934 as the Iowa State Bank & Trust Company in Iowa City, Iowa by Ben S. Summerwill.^[3]

In 1983, ISB Financial Corp. was established as a closely held bank holding company for Iowa State Bank & Trust Company.

In March 2008, ISB Financial Corp. merged with MidWestOne Financial Group, Inc. and took MidWestOne Financial Group, Inc. as the name of the company.^[4]

In April 2011, then-chairman W. Richard Summerwill retired.^[5]

In May 2015, the bank acquired Central Bancshares of Golden Valley, Minnesota for $134 million in cash and stock.^[6]

In 2017, the bank opened its first branch in Denver, Colorado.^[7]

In June 2018, Barry S. Ray was hired as the Chief Financial Officer.

In November 2022, Charles N. Reeves was hired as the Chief Executive Officer.