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Financial Advisor

Choice Bancorp, Inc.

$72.4 Million 06/27/2019 Depository Pending
Lead Bankers: Jim Hemmer, Adam Cunningham
Public Companies
Show Tombstone

Transaction Details

  • On June 27, 2019 — Nicolet Bankshares, Inc. (NASDAQ: NCBS) (“Nicolet”) and Choice Bancorp, Inc. (OTC Pink: CBKW) (“Choice”) jointly announced the execution of a definitive merger agreement, pursuant to which Nicolet will acquire Choice and its wholly-owned banking subsidiary, Choice Bank
  • In the all-stock merger, Choice shareholders shall receive 0.5 share of Nicolet common stock for each share of Choice stock. Based on Nicolet’s closing price of $61.13 as of Wednesday, June 26th, the merger consideration is valued at approximately $72.4 million
  • Upon completion of the acquisition, Nicolet will become the lead-local community bank in the greater Oshkosh market place as measured by deposit market share
  • Based on the financial results as of March 31, 2019, the combined company would have pro forma total assets of $3.5 billion, deposits of $2.8 billion and loans of $2.5 billion
  • The transaction is expected to close in the fourth quarter of 2019(1)
Sources: Company filings, S&P Global Market Intelligence and publicly available information.
  1. (1)Subject to Choice shareholder and regulatory approvals.

    (2)All transaction multiples referenced herein per public filings related to the transaction dated June 27, 2019.

    (3)Based on NCBS’s closing stock price as of June 26, 2019.

    (4)Per NCBS financial supplement dated June 27, 2019. EPS and TBV accretion/dilution estimates reflected NCBS’s pre-existing 1.8% ownership in Choice.

    This material has been prepared solely for informative purposes as of its stated date and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the securities, markets or developments referred to in the material. Information included in the material was obtained from sources which we consider reliable, but we have not independently verified such information and do not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information or opinion remains current at any time after the stated date of the material. We do not undertake to advise you of any changes in any such information or opinion. Additional information is available upon request.