Nicolet Bankshares to Buy Commerce Financial Holdings and Commerce State Bank

The merger consideration is valued at about $129.6 million. The transaction is expected to close in Q3 2020.

Nicolet Bankshares, a US regional bank holding company and Nicolet National Bank’s parent, has signed a merger agreement for the acquisition of Commerce Financial Holdings, a US bank holding company, and its subsidiary Commerce State Bank. After the completion of the transaction, all of Commerce State Bank’s branch offices are expected to function as Nicolet National Bank branches. The deal is expected to close in Q3 2020 and is subject to regulatory approvals, Commerce Financial Holdings shareholder approval, and other customary closing conditions. The merger consideration is valued at about $129.6 million, based on Nicolet Bankshares’ $72.32 closing price as of Feb 14, 2020.

“The merger is creating an opportunity for shareholders to rapidly get to our strategic plan’s next level. We’ve created a strong bank centering on experienced and talented people. That model will expand and continue through our combination with Nicolet,” said Chairman of Commerce Financial Holdings, Jack Enea.

Commerce Financial Holdings to leverage combined strengths of its organization and Nicolet

“We’re excited for partnering with great people having a purpose that’s very complementary to ours: to serve our shareholders, customers, and each other. Both Commerce and Nicolet are entrepreneurial organizations that know what it is like to build a business from scratch. This quality allows us to relate to our customers and each other, and will be a driving force as we move toward integrating our two cultures in the future quarters,” said President and CEO of Nicolet National Bank, Mike Daniels.

Commerce Financial Holdings has known Nicolet for a long time, said Chairman, CEO, and Co-founder of Commerce State Bank, Joe Fazio. The organization likes Nicolet’s reputation for doing things the right way. It will use the combined strengths of Nicolet and Commerce Financial Holdings, which are relationship and people-focused attitudes, for accelerating its growth. Fazio added that the time feels right for the next chapter.

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