MidWestOne Financial Group’s $65 Million Subordinated Notes Offering

The Barack Ferrazzano Financial Institutions Group acted as legal counsel to MidWestOne Financial Group, Inc. in the offering.

MidWestOne Financial Group, Inc. (Nasdaq – MOFG) executed the issuance of $65 million aggregate principal amount of fixed-to-floating rate subordinated notes in a private placement transaction to certain qualified institutional buyers and institutional accredited investors. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

The Company intends to use the net proceeds from the offering for general corporate purposes and to support its organic growth plans, including maintaining its regulatory capital ratios.

The Notes have an initial fixed rate of 5.75% per annum, mature on July 30, 2030, and become callable at the Company’s option beginning on July 30, 2025, subject to certain exceptions. Starting on the call date, the interest rate will reset quarterly to an interest rate per annum equal to the then current three-month term SOFR (Secured Overnight Financing Rate) plus 568 basis points.

MidWestOne Financial Group, Inc. is a financial holding company headquartered in Iowa City, Iowa. MidWestOne Financial is the parent company of MidWestOne Bank, which operates banking offices in Iowa, Minnesota, Wisconsin, Florida, and Colorado.

Barack Ferrazzano’s team advising MidWestOne was led by Financial Institutions Group co-chair Robert M. Fleetwood (Picture) and partner Emily N. Henkel.

Involved fees earner: Robert Fleetwood – Barack Ferrazzano; Emily Henkel – Barack Ferrazzano;

Law Firms: Barack Ferrazzano;

Clients: MidWestOne Financial Group;

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Author: Ambrogio Visconti