GREEN BAY, Wis., Sept. 7, 2021 /PRNewswire/ -- Nicolet
Bankshares, Inc. (NASDAQ: NCBS) ("Nicolet") announced today that it
intends to reduce its total number of locations with the
consolidation or closure of fifteen branches, as well as the sale
of its Birmingham, Michigan
location. The branches that will consolidate or close
are: In Wisconsin – Dorchester, Mosinee, Rib
Lake, St. Germain,
Three Lakes, Aurora, Florence, and Eagle River. In Michigan –
Menominee, Alanson, Kaleva, Mio,
West Ishpeming, Negaunee, and Marquette (McClellan
Ave).
Nicolet has notified employees in the affected branches, and
customer notification letters are expected to be issued this
week. The branches are anticipated to close on December 10, 2021.
Mike Daniels, President and CEO
of Nicolet said, "As we stated in the mBank merger announcement,
customers continue to tell and show us that convenience no longer
means a branch on every corner. Convenience is being
redefined as a seamless, frictionless experience through all
channels. While we still view the branch system as an
effective way to serve our customers, we also recognize the need to
continue our investments in digital channels. We intend to
find the right balance of investing in traditional branch channels
and non-branch channels. This announcement is a logical and
thoughtful action to find that balance."
Daniels continued, "For the last twenty years, the value that
Nicolet brings to communities is great people who believe strongly
in our purpose to serve. Our value has never been our
locations but our people and our purpose. We will continue to
deliver a great customer experience."
"This decision was made after many conversations and looking at
all alternatives," said Eric
Witczak, Executive Vice President, Nicolet National Bank. "In most cases, we
will have a branch nearby. In all cases, we will be able to
serve our customers digitally, via online or mobile banking.
We will make every effort to retain our customers and show them
that we can still serve them."
In addition, Nicolet announced that its wholly owned banking
subsidiary, Nicolet National Bank,
has entered into a definitive purchase and assumption agreement to
sell its Birmingham, Michigan
branch, including legacy mBank's asset-based lending team, to Bank
of Ann Arbor. As of August 31, 2021, the Birmingham location had total loans of
approximately $176 million and total
deposits of approximately $57
million. Completion of the branch sale remains subject to
regulatory approval and other customary closing conditions
contained in the purchase and assumption agreement.
Also, on September 3, 2021,
Nicolet completed its merger with Mackinac Financial Corporation
("Mackinac"), as a result of which
Mackinac merged with and into
Nicolet, with Nicolet continuing as the surviving
corporation. Immediately following the merger, Mackinac's wholly owned bank subsidiary,
mBank, was merged with and into Nicolet
National Bank. Based on financial data of June 30, 2021, the combined company has total
consolidated assets of approximately $6.1
billion.
About Nicolet Bankshares, Inc.
Nicolet Bankshares, Inc. is the bank holding company of
Nicolet National Bank, a growing,
full-service, community bank providing services ranging from
commercial and consumer banking to wealth management and retirement
plan services. Founded in Green
Bay in 2000, Nicolet National
Bank operates branches in Northeast and Central Wisconsin and the upper peninsula of
Michigan. More information can be
found at www.nicoletbank.com.
Forward Looking Statements "Safe Harbor" Statement Under the
Private Securities Litigation Reform Act of 1995
Certain statements contained in this communication, which are
not statements of historical fact, constitute forward-looking
statements within the meaning of the federal securities law. Such
statements include, but are not limited to, statements about
Nicolet's business plans, objectives, expectations and intentions,
including without limitation statements regarding Nicolet's branch
optimization strategy, including the timing of anticipated branch
closures, and Nicolet National
Bank's sale of its Birmingham,
Michigan branch, all of which are subject to numerous
assumptions, risks and uncertainties. Words or phrases such as
"anticipate," "believe," "aim," "can," "conclude," "continue,"
"could," "estimate," "expect," "foresee," "goal," "intend," "may,"
"might," "outlook," "possible," "plan," "predict," "project,"
"potential," "seek," "should," "target," "will," "will likely,"
"would," or the negative of these terms or other comparable
terminology, as well as similar expressions, are intended to
identify forward-looking statements but are not the exclusive means
of identifying such statements.
Forward-looking statements are not historical facts but instead
express only management's beliefs regarding future results or
events, many of which, by their nature, are inherently uncertain
and outside of management's control. It is possible that actual
results and outcomes may differ, possibly materially, from the
anticipated results or outcomes indicated in these forward-looking
statements. In addition to factors disclosed in reports filed by
Nicolet with the SEC, risks and uncertainties that may cause actual
results or outcomes to differ materially from those anticipated
include, but are not limited to: the possibility that the
anticipated benefits of the branch optimization strategy will not
be realized or that Nicolet National
Bank will be unable to complete the sale of its Birmingham, Michigan branch; the magnitude and
duration of the COVID pandemic and its impact on the global economy
and financial market conditions and the business, results of
operations and financial condition of Nicolet; and general
competitive, economic, political and market conditions and
fluctuations. Please refer to Nicolet's Annual Report on Form 10-K
for the year ended December 31, 2020,
as well as its other filings with the SEC, for a more detailed
discussion of risks, uncertainties and factors that could cause
actual results to differ from those discussed in the
forward-looking statements.
The COVID pandemic is adversely affecting us, our customers,
counterparties, employees, and third-party service providers, and
the ultimate extent of the impacts on our business, financial
position, results of operations, liquidity, and prospects is
uncertain. Continued deterioration in general business and economic
conditions or turbulence in domestic financial markets could
adversely affect Nicolet's revenues and the values of its assets
and liabilities, lead to a tightening of credit, and increase stock
price volatility. In addition, the COVID pandemic may result in
changes to statutes, regulations, or regulatory policies or
practices that could affect Nicolet in substantial and
unpredictable ways.
All forward-looking statements included in this communication
are made as of the date hereof and are based on information
available to management at that time. Except as required by law,
Nicolet does not assume any obligation to update any
forward-looking statement to reflect events or circumstances that
occur after the date the forward-looking statements were made.
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SOURCE Nicolet Bankshares, Inc.