Nicolet Bankshares to acquire Choice Bancorp
Nicolet Bankshares and Choice Bancorp executed a definitive merger agreement, pursuant to which Nicolet will acquire Choice and its wholly-owned banking subsidiary, Choice Bank. The move will expand Nicolet's presence in the greater Oshkosh marketplace to the lead-local community bank as measured by deposit market share. The combined company would have pro forma total assets of $3.5b, deposits of $2.8B and loans of $2.5B. In the merger, Choice shareholders will receive 0.5 share of Nicolet common stock for each share of Choice stock. the merger consideration is valued at approximately $72.4M, which excludes Nicolet's pre-existing ownership of Choice shares. The estimated transaction value is a 2.0 multiple of Choice's tangible book value as of March 31, and equates to approximately 15.9x Choice's trailing twelve-month net income through March 31. Post-merger, Scott Sitter will join the management team of Nicolet and will be the Senior VP and Commercial Banking Manager of Oshkosh/Fox Valley. The customer-facing employees of Choice are expected to stay on in the same capacity. The transaction is expected to close in Q4. Upon consummation of the transaction, both branch offices of Choice Bank are expected to open as Nicolet National Bank branches.