MidWestOne Financial Group

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MidWestOne Financial Group, Inc.
TypePublic company
Russell 2000 Component
Founded1983; 40 years ago (1983)
HeadquartersIowa City, Iowa, U.S.
Key people
Charles N. Reeves, CEO
Barry S. Ray, CFO
RevenueIncrease $0.049 billion (2019)[2]
Increase $0.0436 billion (2019)[2]
Total assetsIncrease $4.653 billion (2019)[2]
Total equityIncrease $0.508 billion (2019)[2]
Number of employees


MidWestOne Financial Group, Inc. is a bank holding company headquartered in Iowa City, Iowa. The bank operates 56 branches.[1] It is the 3rd largest bank headquartered in Iowa. It operates in Iowa, Minnesota, Wisconsin, Colorado, and Florida.[1]


The subsidiary bank was formed in 1934 as the Iowa State Bank & Trust Company in Iowa City, Iowa by Ben S. Summerwill.[4]

In 1983, ISB Financial Corp. was established as a closely held bank holding company for Iowa State Bank & Trust Company.

In March 2008, ISB Financial Corp. merged with MidWestOne Financial Group, Inc. and took MidWestOne Financial Group, Inc. as the name of the company.[5]

In April 2011, then-chairman W. Richard Summerwill retired.[6]

In May 2015, the bank acquired Central Bancshares of Golden Valley, Minnesota for $134 million in cash and stock.[7]

In 2017, the bank opened its first branch in Denver, Colorado.[8]

In June 2018, Barry S. Ray was hired as the Chief Financial Officer.

In November 2022, Charles N. Reeves was hired as the Chief Executive Officer.


  1. ^ a b c d "MidWestOne Financial Group, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b c d "MidWestOne Financial Group, Inc. Reports Results for the Fourth Quarter and Full Year of 2019 Form 8-K". U.S. Securities and Exchange Commission.
  3. ^ "MidWestOne Bank".
  4. ^ Ford, George (February 13, 2011). "Retiring banker says next crisis not matter of if, but when". The Gazette.
  5. ^ Stempel, Jonathan (September 12, 2007). "ISB, MidWestOne in $96.5 mln Iowa bank merger". Reuters.
  6. ^ Ford, George (January 20, 2011). "MidwestOne chairman Summerwill retiring, successor named". The Gazette.
  7. ^ Davis, Paul (November 21, 2014). "MidWestOne in Iowa to Buy Central Bank in Minn. for $134M". American Banker.(subscription required)
  8. ^ "MidWestOne to open Denver office". The Gazette. February 22, 2017.