MidWestOne Financial Group in Iowa City raised $103.5 million by selling common stock.
The company said in a press release that it sold about 4.3 million shares in a public offering at $25 each. The underwriters have permission to sell another 652,000 shares.
MidWestOne said it plans to invest all of the net proceeds into its bank to support capital ratios tied to the potential repositioning of “a substantial portion” of its available-for-sale and held-to-maturity securities portfolio.
Keefe, Bruyette & Woods was the sole manager for the offering.