MidWestOne Financial Group, Inc. Announces Sale Of Florida Operations To DFCU Financial In All Cash Deal
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MidWestOne Financial Group, Inc. (NASDAQ:MOFG) has announced the sale of its Florida operations to DFCU Financial in an all-cash deal. The transaction, approved by the respective boards of directors, is expected to close in Q2 2024. MidWestOne will receive a deposit premium of 7.5%, or approximately $11.9 million, pre-tax, based on its deposits as of June 30, 2023. The sale includes the transfer of $158.8 million of deposits, $162.2 million in gross loans, and two branches.
September 25, 2023 | 8:21 pm
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MidWestOne's sale of its Florida operations to DFCU Financial could potentially streamline its operations and improve profitability. The deal is expected to close in Q2 2024.
The sale of MidWestOne's Florida operations is a strategic move that could potentially improve the company's profitability by focusing on its core markets. The all-cash deal also provides immediate liquidity, which could be used to further invest in its growth markets.
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