Form 4: MOFG Director Chaney Reports Merger-Driven Share Conversion

MidWestOne Financial Group Director Carl J. Chaney reported the conversion of his MOFG shares and RSU awards into Nicolet Bankshares stock following the February 13, 2026 merger.

Summary

• MidWestOne Financial Group, Inc. (MOFG) merged with and into Nicolet Bankshares, Inc. (NIC) on February 13, 2026, as per an Agreement and Plan of Merger dated October 23, 2025.
• Each outstanding share of MOFG Common Stock was canceled and converted into the right to receive 0.3175 of a share of NIC Common Stock.
• All outstanding MOFG RSU Awards were fully vested, canceled, and converted into NIC Common Stock based on the same exchange ratio of 0.3175.
• Director Carl J. Chaney's direct beneficial ownership of MOFG Common Stock became 0 shares, down from 2,419 shares prior to the merger.
• His indirect beneficial ownership (held in trust) of MOFG Common Stock became 0 shares, down from 7,005.777 shares prior to the merger.
• Since his last Form 4 filing, Chaney moved 6,000 shares from his direct personal account into his trust account.
• Chaney also acquired an additional 5.777 shares through dividend reinvestment since his last Form 4 filing.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral-to-positive event, reflecting the successful completion of a strategic merger, which typically aims to create shareholder value, though the Form 4 itself is purely transactional reporting.

Positives

• The successful completion of the merger between MidWestOne Financial Group, Inc. and Nicolet Bankshares, Inc. as planned.

Future Outlook

No explicit future outlook or guidance is provided in this transactional Form 4 filing.

Industry Context

StockSavvy.ai notes that this Form 4 reflects the finalization of a strategic merger in the regional banking sector, a common trend as smaller banks consolidate to achieve scale, enhance competitiveness, and navigate regulatory landscapes. The acquisition of MOFG by NIC indicates a continued drive for market expansion and operational efficiencies within the financial services industry.

Comparison to Industry Standards

• This filing details a specific merger transaction and the resulting change in beneficial ownership for a director. It does not provide performance metrics or operational results that can be directly compared to industry standards or specific comparable companies/projects. The merger consideration of 0.3175 shares of NIC for each MOFG share is specific to the terms of this particular deal.

Stakeholder Impact

• Shareholders of MOFG: Their shares were converted into NIC shares, impacting their future investment in the combined entity.
• Shareholders of NIC: The merger expands their company's operations and potentially market share.
• Employees of MOFG: The merger likely has implications for employment, though not detailed in this filing.

Key Dates

Recommendation

The filing reports the completion of a pre-announced merger, resulting in the conversion of MOFG shares into NIC shares. As a transactional report, it does not offer new operational or financial performance data to warrant a change in investment stance for the combined entity. Investors should continue to hold their converted NIC shares and evaluate the combined company's future performance.

Keywords

MidWestOne Financial Group, MOFG, Nicolet Bankshares, NIC, Merger, Form 4, Beneficial Ownership, Director, Stock Conversion, RSU, Financial Services, Banking