Nicolet Bankshares, Inc. Completes Merger with Charter Bankshares, Inc.

Rhea-AI Summary

Nicolet Bankshares completed its merger with Charter Bankshares on August 30, 2022. This strategic move enhances Nicolet’s assets by approximately $1.1 billion, raising total assets to $8.5 billion. The merger also boosts total loans to $5.8 billion and deposits to $7.2 billion. Following the merger, Charter Bank's branches have transitioned to Nicolet National Bank, expanding its footprint in Western Wisconsin and Minnesota. CEO Mike Daniels emphasized the commitment to delivering strong community banking services.

Positive

• Merger adds approximately $1.1 billion in assets, increasing total assets to $8.5 billion.
• Total loans rise to approximately $5.8 billion post-merger.
• Total deposits increase to about $7.2 billion.
• Expansion into Western Wisconsin and Minnesota enhances market presence.

Negative

• None.

GREEN BAY, Wis., Aug. 30, 2022 /PRNewswire/ -- Nicolet Bankshares, Inc. (NYSE: NIC) ("Nicolet") completed its merger with Charter Bankshares, Inc., ("Charter"), as a result of which, Charter merged with and into Nicolet, with Nicolet being the surviving corporation.  Immediately following the merger, Charter's wholly owned bank subsidiary, Charter Bank, was merged with and into Nicolet National Bank.

Based on initial financial data, the addition of Charter added approximately $1.1 billion in assets to increase Nicolet's total assets to approximately $8.5 billion.  Total loans of the combined company will increase to approximately $5.8 billion and total deposits will increase to approximately $7.2 billion.

The systems integration was completed, and the four branches of Charter Bank opened as Nicolet National Bank branches, expanding Nicolet's presence to Western Wisconsin and Minnesota.

Mike Daniels, President and CEO of Nicolet, said, "Our team has worked hard to ensure that a complicated project plan turned into a smooth integration for our customers and the communities.  What is important now is turning the promise of this merger into tangible actions that show what a good community bank can do.  We will trust the people who are closest to our customers to do just that."

About Nicolet Bankshares, Inc.

Nicolet Bankshares, Inc. is the bank holding company of Nicolet National Bank, a growing, full-service, community bank providing services ranging from commercial and consumer banking to wealth management and retirement plan services. Founded in Green Bay in 2000, Nicolet National Bank operates branches in Wisconsin, Michigan, and Minnesota.  More information can be found at www.nicoletbank.com.

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SOURCE Nicolet Bankshares, Inc.

FAQ

What was the value of the merger between Nicolet Bankshares and Charter Bankshares?

The merger added approximately $1.1 billion in assets to Nicolet Bankshares.

What is the total asset value of Nicolet Bankshares after the merger?

After the merger, the total assets of Nicolet Bankshares are approximately $8.5 billion.

What impact did the merger have on Nicolet's loans and deposits?

Post-merger, total loans increased to approximately $5.8 billion and total deposits to about $7.2 billion.

When was the merger between Nicolet Bankshares and Charter Bankshares completed?

The merger was completed on August 30, 2022.

How did the merger affect Nicolet's branch locations?

The merger resulted in the transition of Charter Bank's branches to Nicolet National Bank, expanding Nicolet's presence.