Nicolet notches 25th year with merger, record quarter

Matthew Day

Staff

November 17, 2025

GREEN BAY – As Nicolet National Bank celebrated a quarter-century in operation, the Green Bay institution not only posted a record quarter of net income but also merged with Iowa City-based bank MidWestOne.

It all amounts to – as Nicolet Chairman/President/CEO Mike Daniels said – “a lot of good [stuff] going on” for the publicly traded company and its customers and associates across the four states.

The bank reported a net income of $42 million for Q3, with earnings per diluted common share reaching $2.73 – both the highest figures since Nicolet was founded in 2000. 

This marks a significant increase from the second quarter of 2025, according to the announcement, which saw net income of $36 million and earnings per share of $2.34.

For further comparison, the third quarter of 2024 saw net income of $33 million and earnings per share of $2.10.

“We just produced some of the best quarterly financial metrics in our history, with a return on average assets and return on average tangible common equity that should easily put us in the top decile of banks in the country,” Daniels said.

On the heels of the strong financial performance announcement, the bank also revealed its merger with MidWestOne.

The merger, per the release, creates “one of the largest community banks in the Upper Midwest, with more than $15 billion in assets, significant economies of scale, and peer-leading pro forma profitability metrics.”

With the merger, the announcement states Nicolet’s expanded footprint now serves communities in Wisconsin, Iowa, eastern Minnesota and northern Michigan, as well as Denver, Colorado, where MidWestOne also has an office. 

In light of the exciting convergence, Daniels said there’s no real secret to what Nicolet does – just real relationships and trust. 

“We do common things, uncommonly well,” he said. 

Such positive results, Daniels said, are simply the natural byproduct of business values prizing people more than press releases.  

“The reason we show up every day isn’t to make a bunch of money for our shareholders,” he said.

Though it might sound a little contrarian, Daniels said the bank’s foundation 25 years ago – “started in my basement with just a blank sheet of paper” – was built on the belief that if they could make a genuine impact on customers, the communities they serve and one another, success would follow.

“[And if we could] create an environment of shared success and do that exceptionally well – we can provide exceptional shareholder results,” he said.

More on the merger 

Daniels said the merger with MidWestOne was a natural fit – noting that “this opportunity presented itself” due to the bank’s relative proximity, similar size and, most importantly, its aligned “Midwest-nice” values.

Nicolet’s philosophy on growth and investment – which, in the case of this merger, is $864 million – he said, is “bigger is not better – better is better.” 

With such standards, Daniels said mergers and acquisitions aren’t altogether common for Nicolet, which makes them all the more exciting. 

Since the bank hadn’t made an acquisition since 2022, Daniels said there was an internal sense of anticipation – “it was kind of like, ‘When is Mike going to do something?’”

“My answer was always, ‘Nothing we were looking at made us better,’” he said. “To make this $864-million investment, we’d better be better at the end of it – otherwise, we just created a lot of work for a lot of people. I’m not interested in work for work’s sake.” 

Daniels said the response has likewise been favorable in the communities where MidWestOne has operated, having met with leadership groups, key customers and more than 750 employees in town hall settings in Iowa City, Des Moines, Dubuque, Denver and Minneapolis. 

“I think [the merger]’s been extremely well received,” he said. 

For Nicolet’s customers, Daniels said such an initiative represents the bank’s stability and positive trajectory, though the change itself won’t be noticeable. 

“There is a lot to be excited about – change always gets people gigged up, and that’s fine, right?” he said. “[But], I think when everyone sees that the same people are showing up and delivering and mattering, that’ll all calm down.” 

Bank to the future 

Daniels said Nicolet’s 25th anniversary, punctuated with its concurrent achievements, has him fondly recalling his journey with the bank. 

After graduating from St. Norbert College, Daniels said he spent 13 years at a regional bank before leaving with his partner at the time, Robert “Bob” Atwell, to embark on what he humorously referred to as “Mike & Bob’s Excellent Banking Adventure.”

Their effort, however, was no joke, as Daniels said he and Atwell went all in on the venture. 

“We didn’t ‘try’ to start a bank – we went and started a bank,” he said. “That’s a tough thing to half-[do].” 

Together, Daniels said he and Atwell built the company on the premise that “relationships matter.” 

“All the talk of disintermediation and financial services and being able to do everything on your phone is great,” he said, “until you need a banker and you need a relationship and you need something done.” 

From the start, Daniels said he believed in the mindset of treating clients respectfully rather than transactionally, yet it’s still a bit hard to believe it’s served the bank so well – “sometimes you’ve got to pinch yourself.” 

“I can’t tell you, 25 years later, I thought it’d be a $9-billion, publicly traded [company] across 60 locations, and having just announced an acquisition to get us to $15 billion across basically four states,” he said. 

Though he recognizes such numbers are at the heart of his fiscal responsibility, Daniels said it’s his personal responsibility to his customers, employees and communities that drives him. 

Success, he said, “mounts over time,” thanks to “the power of compounding the 1,000 people across this footprint who work for Nicolet Bank.”  

“Trying to be a little better each day produces pretty powerful results,” he said. 

Suggesting he “just created the platform,” Daniels said it’s the Nicolet team who deserves the real credit, as well as his sincere admiration.  

“You know how humbling it is when 1,000 people show up to get after an idea you had 25 years ago?” he said. “That’s off the charts.” 

Daniels said he and his team are energized and “100% optimistic, with high expectations” for the future.

Announcing the merger, he said, is just a small step – “now we’ve got to execute.” 

Still, Daniels said he’s made a point of encouraging the team to appreciate the moment. 

“I told everybody, ‘Take a minute and celebrate,’” he said, “and let’s get after the next 25 [years].”