Nicolet Bankshares Inc. announced plans to acquire Choice Bancorp Inc. and its wholly owned banking subsidiary, Choice Bank. The move will expand Nicolet’s presence in the greater Oshkosh marketplace to the lead local community bank as measured by deposit market share.
Based on the financial results as of March 31, the combined company would have pro forma total assets of $3.5 billion, deposits of $2.8 billion and loans of $2.5 billion.
“We have followed Choice closely since management and the board formed the bank in 2006 and admire what they have built in greater Oshkosh. Choice represents the perfect example of a franchise we look to partner with — a local community bank that has maintained a deep longstanding relationship with their customers and shareholders,” Nicolet National Bank President and CEO Mike Daniels said in a statement.
Under the terms of the merger agreement, Nicolet will acquire Choice with Nicolet being the surviving corporation. In the merger, Choice shareholders will receive 0.5 shares of Nicolet common stock for each share of Choice stock. Based on Nicolet’s closing price of $61.13 as of June 26, the merger consideration is valued at approximately $72.4 million, which excludes Nicolet’s pre-existing ownership of Choice shares.
Post-merger, Scott Sitter, president and CEO of Choice Bank, will join the management team of Nicolet and serve as senior vice president and commercial banking manager of Oshkosh and the Fox Valley. The customer-facing employees of Choice are expected to stay on in the same capacity.