MidWestOne Financial Group, Inc. Completes Acquisition of Iowa First Bancshares Corp.

IOWA CITY, Iowa, June 09, 2022 (GLOBE NEWSWIRE) — MidWestA Financial Group, Inc. (NASDAQ: MOFG) (“MidWestA), parent company of MidWestA Bank (the “Bank”), today announced that it has completed its acquisition of Iowa First Bancshares Corp. (OTC Pink: IOFB) (“IOFB”), parent company of First National Bank of Muscatine and First National Bank in Fairfield, effective June 9, 2022. Immediately upon completion of the acquisition, First National Bank of Muscatine and First National Bank in Fairfield were merged with and into the Bank.

Under the terms of the merger agreement, IOFB shareholders received $42.14 in cash in exchange for each IOFB share. The total consideration value of the transaction was approximately $46.7 million. Pursuant to the Merger Agreement, the aggregate consideration paid to all IOFB shareholders was subject to reduction if the closing tangible book value of IOFB was less than $50.0 million. As the closing tangible book value of IOFB was less than $50.0 million on the applicable date, the total consideration has been reduced accordingly and the total consideration and consideration per share that IOFB shareholders have received as described above reflect this reduction.

With the addition of IOFB, on a combined pro forma basis, MidWestA would have total assets of approximately $6.5 billion, total loans held for investment of $3.5 billion and total deposits of $5.5 billion as of March 31, 2022 (not audited and excluding acquisition accounting adjustments).

MidwestA received financial advisory services from Piper Sandler & Co., and Otteson Shapiro LLP served as legal counsel. IOFB received financial advisory services from Hovde Group LLC and Barack Ferrazzano Kirschbaum & Nagelberg LLP acted as legal counsel.

About the MidwestA Financial Group, Inc.

MidwestA is a financial holding company headquartered in Iowa City, Iowa. MidwestA is the parent company of MidWestA Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida and Colorado. MidwestA provides electronic delivery of financial services through its website, MidWestA.bank. MidwestA trades on the Nasdaq Global Select Market under the symbol “MOFG”.

Forward-looking statements

Certain statements in this release that are not statements of historical fact constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made in accordance with the provisions of the sphere security under Section 27A of the Securities Act and Section 21E of the Exchange Act. These forward-looking statements may include information about MidWestApossible or suspected future economic performance or future operating results of, including MidWestAfuture revenues, income, expenses, allowance for loan losses, provision for taxes, effective tax rate, earnings per share and cash flow, and MidWestAfuture capital expenditures and dividends of , its future financial condition and changes thereto, including changes in MidWestAthe loan portfolio and allowance for loan losses of , the future capital structure or changes thereto, and the plans and objectives of MidWest’s managementAfuture transactions of , future or proposed acquisitions, future or expected effect of acquisitions on MidWestAthe operations, results of operations, financial condition and future economic performance of , statements about the benefits of the merger and statements of assumptions underlying these statements. Such statements are generally, but not exclusively, identified by the use in the statements of words or phrases such as “objective”, “anticipate”, “estimate”, “expect”, “objective”, ” direction”, “intent”, “is planned”, “is expected”, “is planned”, “goal”, “plan”, “projected”, “projection”, “will affect”, “will”, “will continue”, “will decrease”, “increase”, “impact”, “increase”, “suffer”, “reduce”, “remain”, “cause”, “would”, variations of these words or phrases (including where the word “could”, “may” or “would” is used rather than the word “will” in a sentence) and similar words and phrases indicating that the statement is about a future result, event, plan or goal. Forward-looking statements that MidWestA are based on our current expectations and assumptions regarding MidWestAbusiness, economy and other future conditions. Because forward-looking statements relate to future results and events, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Many possible events or factors could affect MidWestAfuture financial results and performance of and could cause such results or performance to differ materially from those expressed in the forward-looking statements. These risks and uncertainties include, among others: the outcome of any legal proceedings that may be brought against MidWestAthe possibility that the expected benefits of the merger may not be realized when expected or at all, including due to the impact or issues arising from the integration of the two companies or due to the strength of the economy and competitive factors in areas where MidWestA does business, the possibility that the merger will be more costly to complete than expected, including due to unexpected factors or events, diversion of management’s attention from ongoing business operations and opportunities, potential adverse reactions or changes in business or employee relationships, including those resulting from the completion of the merger and MidWestAability to successfully complete IOFB integration. MidwestA disclaims any obligation to update these factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. More information about MidwestAand factors that could affect the forward-looking statements contained herein can be found in MidWestA‘s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, its Quarterly Report on Form 10-Q for the three-month period ended March 31, 2022, and its other filings with the SEC.

Category: Financial

This press release can be downloaded from https://www.midwestonefinancial.com/corporate-profile/default.aspx

Source: MidwestA Financial Group, Inc.

Industry: Banks

CONTACTS

Analysts/Investors:

Charles Funk

Barry Ray

Chief executive officer

Financial director

319.356.5800

319.356.5800

Media:

Peg Hudson

SVP, Marketing

563.589.0829

About Michael S. Montanez

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