Item 8.01. Other Events.
On June 7, 2024, MidWestOne Bank, the bank subsidiary of MidWestOneFinancial Group, Inc., completed the sale to DFCU Financial ("DFCU") of its Florida banking operations, which consisted of one MidWestOneBank branch in each of Naples and Ft Myers, Florida. This sale was made pursuant to a purchase and assumption agreement entered into on September 21, 2023.
The sale included all branch premises and equipment, and DFCU also assumed related operations and the employment of associated staff. In addition, the sale involved the assignment of deposits which totaled $133.3 million and loans which totaled $163.6 million as of June 7, 2024. DFCU paid a premium of 7.5% of the deposit balances transferred. As part of the cash settlement process, the payment to be made by DFCU to MidWestOneis expected to total approximately $44.1 million.
MidWestOne received financial advisory services from Hovde Group, LLC, and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel. DFCU Financial received financial advisory services from Donnelly Penman & Partners, Inc. and Honigman LLP served as legal counsel.
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MidWestOne Financial Group Inc. published this content on 10 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2024 16:30:25 UTC.