Nicolet Bankshares Explained
Nicolet Bankshares is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.[1] [2]
As of June 30, 2021, it had over $6.1 billion in assets.[3]
History
Nicolet Bankshares was founded in November 2000, after founders Bob Atwell and Mike Daniels felt that the local bank they worked for was getting away from community banking, which they felt was important.[4] In 2010, Nicolet acquired four branches from Anchor Bank. In 2013, they acquired both Mid-Wisconsin Bank and the Bank of Wausau.[5]
In 2015, the company merged with Baylake Bank; the new company took the Nicolet National Bank name.[6] On April 12, 2016, the shareholders of both banks voted in favor of merging the two banks.[7] The $140 million deal closed on April 29, 2016.
In February 2020, Nicolet Bankshares announced plans to acquire West Bend, Wisconsin-based Commerce State Bank and its four branches in a deal valued at $129.6 million.[8] [9] [10] Three months later in May 2020, Nicolet terminated its agreement to acquire Commerce State Bank citing the impact of coronavirus and falling stock price for the publicly traded Nicolet Bank.[11]
On April 26, 2021 Robert B. Atwell left as chief executive officer at Nicolet Bank after 19 years. Mike Daniels was named President and Chief Executive Officer, and Bob Atwell was named Executive Chairman of Nicolet.[12]
On September 3, 2021, Nicolet completed a merger with Mackinac Financial Corporation, headquartered in Manistique, Michigan, and operating as mBank with branches in Michigan's Upper Peninsula and northern Lower Peninsula. Nicolet shuttered the mBank branches in Menominee, Alanson, Kaleva, Mio, West Ishpeming, Negaunee, and the McClellan Avenue branch in Marquette. It also sold the Birmingham branch and lending office in Metro Detroit to the Bank of Ann Arbor.
On August 30, 2022 Nicolet Bankshares, Inc. completed a merger with Charter Bankshares, Inc. As a result, Charter merged with and into Nicolet, with Nicolet being the surviving corporation. Charter Bankshares was valued at 1.1 billion at the time of this acquisition.[13]
Notes and References
- Web site: Baylake CEO Cera's Tenure at Nicolet Bank Over . Jeff . Bollier . Green Bay Press Gazette . May 26, 2016 . May 29, 2016 .
- Web site: Associated Bank Buying Bank Mutual in $482 Million Deal . Joe . Taschler . John . Schmid . Milwaukee Journal-Sentinel . July 20, 2017 . August 23, 2017 .
- Nicolet Bankshares, Inc. Announces Branch Optimization Strategy to Better Align with Customer Actions . September 7, 2021 . March 18, 2023 . March 18, 2023 . https://web.archive.org/web/20230318163214/https://www.sec.gov/Archives/edgar/data/1174850/000117485021000066/pressrelease.htm#:~:text=Immediately%20following%20the%20merger%2C%20Mackinac%27s,About%20Nicolet%20Bankshares%2C%20Inc. . live .
- News: Bob Atwell and Nicolet National Bank Come to Door County . April 12, 2021 . Door County Pulse . April 29, 2016 . April 14, 2021 . https://web.archive.org/web/20210414173410/https://doorcountypulse.com/bob-atwell-nicolet-national-bank-come-door-county/ . live .
- Nicolet National Bank, Green Bay, Wisconsin, Assumes All of the Deposits of Bank of Wausau, Wausau, Wisconsin . Federal Deposit Insurance Corporation . April 12, 2021 . April 11, 2021 . https://web.archive.org/web/20210411050704/http://www.fdic.gov/news/press-releases/2013/pr13071.html . live .
- News: Nicolet National, Baylake Announce Plans to Merge Banks . April 12, 2021 . Milwaukee Journal Sentinel . September 8, 2015 . April 12, 2021 . https://web.archive.org/web/20210412045043/https://archive.jsonline.com/business/bankmerge09-b99572949z1-325817441.html/ . live .
- News: Shareholders Approve Baylake, Nicolet National Bank Merger . April 12, 2021 . Door County Pulse . April 14, 2016 . January 22, 2021 . https://web.archive.org/web/20210122223010/https://doorcountypulse.com/shareholders-approve-baylake-nicole-national-bank-merger/ . live .
- News: Commerce State Bank to be acquired by Nicolet National Bank . April 12, 2021 . Greater Milwaukee Today . February 20, 2020 . April 12, 2021 . https://web.archive.org/web/20210412044431/https://www.gmtoday.com/business/commerce-state-bank-to-be-acquired-by-nicolet-national-bank/article_8b8d5868-53e6-11ea-8c95-dbb7e2870bba.html . live .
- News: Nicolet National Bank to Acquire Commerce State Bank . April 12, 2021 . BizTimes Milwaukee . February 17, 2020 .
- News: Nicolet Bank to Expand South to Milwaukee Suburbs with Acquisition of Commerce State Bank . April 12, 2021 . Green Bay Press Gazette . February 17, 2020 .
- News: Nicolet Bank Won't Acquire Commerce State Bank after Coronavirus Cuts into Stock Price . April 12, 2021 . BizTimes Milwaukee . May 19, 2020 . April 12, 2021 . https://web.archive.org/web/20210412044428/https://biztimes.com/nicolet-bank-wont-acquire-commerce-state-bank-after-coronavirus-cuts-into-stock-price/ . live .
- Nicolet Bankshares, Inc. Names Mike Daniels President and Chief Executive Officer . 2023-06-12 . www.prnewswire.com . en . June 12, 2023 . https://web.archive.org/web/20230612192718/https://www.prnewswire.com/news-releases/nicolet-bankshares-inc-names-mike-daniels-president-and-chief-executive-officer-301276326.html . live .
- Nicolet Bankshares, Inc. Completes Merger with Charter Bankshares, Inc. . 2023-05-31 . www.prnewswire.com . en . May 31, 2023 . https://web.archive.org/web/20230531173454/https://www.prnewswire.com/news-releases/nicolet-bankshares-inc-completes-merger-with-charter-bankshares-inc-301615015.html . live .
