County Bancorp, Inc. [NASDAQ: ICBK] and Nicolet Bankshares, Inc. [NASDAQ: NCBS] disclosed that they both have finalized the merger agreement. As per the agreement, Nicolet will buy County and its fully-owned banking subsidiary, Investors Community Bank. The merged firm will have a pro forma total asset of $7.5 billion based on the financial results as of March 31, 2021.
Moreover, the deposits of the firm include $6.3 billion, and loans of $4.9 billion, all-encompassing Nicolet’s preceding acquisition proclamation of Mackinac Financial Corporation on April 12, 2021. The main aim of the firm behind this acquisition is to explore better ways to cater to the needs of communities. This collaboration is a deliberate, strategic move to become the foremost agriculture lender throughout Wisconsin.
Shares of County Bancorp, Inc. [NASDAQ: ICBK] surged 45.92% as the firm gained +10.65 at the time of writing on Tuesday. In the past 52-weeks of the trading session, the share of the firm fluctuated between the 52-week low range of $17.04 and a high range of $26.46. The firm has recorded a trading volume of 156.65K as compared to the average volume of 13.00K. The firm has a total market capitalization of $152.74 million at the time of writing.
Additionally, Nicolet is delighted to add the experience and specialized knowledge of the banking team from Investors, who, like its current agriculture lenders, have their shoes in the driveways. Moreover, long term, merging its operations is going to create a stronger community bank.