MidWestOne Financial Group, Inc. (NasdaqGS:MOFG) entered into definitive merger agreement to acquire Iowa First Bancshares Corp. (OTCPK:IOFB) for $46.7 million on November 1, 2021. The aggregate consideration to be paid by MidWest One for IOFB will consist of cash consideration of $47.6 million, subject to adjustment. Cash price per share is $42.64. IOFB will be obligated to pay MidWestOne a termination fee of $1.9 million.

The transaction is subject to approval by IOFB's shareholders, regulatory agencies, antitrust authorities, expiration of applicable waiting periods, as well as other customary closing conditions. The definitive merger agreement has been unanimously approved by the boards of directors of both companies. As of May 23, 2022, the Board of Governors of the Federal Reserve have approved the transaction. The acquisition is expected to close during the first quarter of 2022. As of January 27, 2022, the transaction is expected to close late in the first quarter or early in the second quarter of 2022. As of May 5, 2022, the acquisition is expected to close in the second quarter of 2022. MidWest One expects the transaction to be approximately 14.4% accretive to its earnings per share in 2022 (excluding one-time transaction expenses) and 10.8% accretive in 2023.

Piper Sandler & Co. acted as the financial advisor and Christian E. Otteson of Otteson Shapiro LLP acted as the legal advisor to MidWest One. Hovde Group, LLC acted as the financial advisor and fairness opinion provider and Abdul R. Mitha of Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as the legal advisor to IOFB.

MidWestOne Financial Group, Inc. (NasdaqGS:MOFG) completed the acquisition of Iowa First Bancshares Corp. (OTCPK:IOFB) on June 09, 2022.