Nicolet Bankshares is a community bank holding company based in Green Bay, Wisconsin, operating primarily through Nicolet National Bank. As of year-end 2025, Nicolet had $9.2B in total assets and 57 branches across Wisconsin, Michigan, and Minnesota. In early 2026, Nicolet completed the acquisition of MidWestOne Financial Group, a roughly $6B asset bank headquartered in Iowa, expanding Nicolet's footprint into Iowa and Denver and bringing the total branch count to 114 locations. Nicolet's core business is taking deposits and making loans — primarily to small and medium-sized businesses, agricultural customers, and individual consumers. The bank also offers wealth management services, including trust, brokerage, and investment advisory services. Nicolet earns money through the spread between interest earned on loans and investments and interest paid on deposits and borrowed funds, supplemented by fee income from service charges, trust and brokerage fees, card interchange, and mortgage sales. Loans of $6.8B were the largest earning asset at year-end 2025, funded largely by $7.7B in customer deposits. Nicolet emphasizes relationship banking and local credit decision-making, targeting owner-managed businesses and their individual owners. Nicolet has grown through M&A, completing eleven acquisitions since 2012, and uses acquisitions to add scale in deposits, loans, and branches while extracting cost savings and cross-selling its product suite.