MidWestOne's Strategic Chess Move: From Florida Sands To Denver Peaks With $32.6M Buyout
Portfolio Pulse from Lekha Gupta
MidWestOne Financial Group Inc (NASDAQ:MOFG) has agreed to acquire Denver Bankshares, Inc., the parent company for the Bank of Denver, for $32.6 million. The all-cash transaction is expected to close in Q1 2024. The company plans to fund the buyout through the proceeds of the previously announced sale of its Florida operations to DFCU Financial. MOFG expects the combined Florida and Denver transactions to be 13.4% accretive to EPS in 2024 and 10.2% in 2025.
September 27, 2023 | 4:03 pm
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MidWestOne Financial Group's acquisition of Denver Bankshares and sale of its Florida operations is expected to boost its EPS significantly in 2024 and 2025.
The acquisition of Denver Bankshares and the sale of its Florida operations are strategic moves by MidWestOne Financial Group that are expected to boost its earnings per share (EPS) significantly in the coming years. This could make the company more attractive to investors, potentially driving up its stock price.
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