One of Dubuque County's largest banking companies will be acquired in a deal valued at about $170 million, officials announced this morning.
MidWestOne Financial Group Inc., a publicly traded company headquartered in Iowa City, will acquire ATBancorp, the holding company for American Trust & Savings Bank and American Bank & Trust, Wisconsin, according to a press release.
The deal has been unanimously approved by the boards of directors of both companies, but it is subject to approval by the companies' "respective shareholders and regulatory agencies," the release states. The acquisition is expected to close during the first quarter of 2019.
After the acquisition, the company will have about $4.7 billion in assets with more than 60 branches, including 36 in Iowa, 13 in Minnesota, and nine in Wisconsin. There also are two branches in Florida and one in Colorado.
Read more in The Dubuque Telegraph Herald.