ISB Financial, MidWestOne complete merger

By Lisa Kerner

Charlotte, N.C., March 14 - ISB Financial Corp. and MidWestOne Financial Group, Inc. completed their merger-of-equals transaction first announced on Sept. 12, 2007.

The combined company, MidWestOne Financial Group, Inc., will begin trading Monday on the Nasdaq Global Select Market under the symbol "MOFG."

MidWestOne Financial Group, based in Iowa City, has total assets of some $1.5 billion and 29 banking offices in Iowa.

Three subsidiary banks will consolidate in the third quarter and will operate under the name MidWestOne Bank.

Shareholders of the former MidWestOne will receive 0.95 of a share of new MidWestOne common stock for each share of former MidWestOne common stock they own.

MidWestOne Financial will be led by:

• W. Richard Summerwill, who is the former ISB chairman and chief executive officer and will become chairman of the board;

• Charles S. Howard, who is the MidWestOne chairman, president and CEO and will become vice chairman of the board;

• Charles N. Funk, who is the Iowa State Bank & Trust Co. president and CEO and will continue in those roles at the resulting holding company;

• David A. Meinert, who is the MidWestOne chief financial officer and will be CFO; and

• John P. Pothoven, who is the current MidWestOne Bank president and will become chief operating officer.

ISB is the holding company for Iowa State Bank & Trust in Iowa City, Iowa.

MidWestOne is the holding company for MidWestOne Bank based in Oskaloosa, Iowa.

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