| | | |
6021
(Primary Standard Industrial Classification Code Number) |
| | | |
|
Wisconsin
|
| | | | |
47-0871001
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| | | | |
(I.R.S. Employer
Identification No.) |
|
|
Robert D. Klingler, Esq.
Bryan Cave Leighton Paisner LLP 1201 West Peachtree Street, NW Atlanta, Georgia 30309-3488 (404) 572-6600 |
| |
John T. Reichert, Esq.
Reinhart Boerner Van Deuren, s.c. N16 W23250 Stone Ridge Drive, Suite One Waukesha, Wisconsin 53188 (262) 951-4500 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☑
|
|
|
Non-accelerated filer
☐
|
| |
Smaller reporting company
☐
|
|
| | | |
Emerging growth company
☐
|
|
| Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) | | | ☐ | |
|
Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)
|
| | ☐ | |
CALCULATION OF REGISTRATION FEE
|
| |||||||||||||||||||||
Title of each class of securities to be registered
|
| |
Amount to be
registered (1) |
| |
Proposed maximum
offering price per unit |
| |
Proposed maximum
aggregate offering price (2) |
| |
Amount of
registration fee (3) |
| |||||||||
Common Stock, $0.01 par value
|
| | | | 1,264,435 | | | |
Not applicable
|
| | | $ | 80,923,840 | | | | | $ | 9,808.00 | | |
|
|
| |
|
|
|
PROXY STATEMENT
OF CHOICE BANCORP, INC. |
| |
PROSPECTUS
OF NICOLET BANKSHARES, INC. |
|
|
[•]
Robert B. Atwell Chairman, President and Chief Executive Officer Nicolet Bankshares, Inc. |
| |
[•]
J. Scott Sitter President and Chief Executive Officer Choice Bancorp, Inc. |
|
| | |
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| | | | A-1 | | | |
| | | | B-1 | | | |
| | | | C-1 | | |
| | |
Price/
TBV |
| |
Price/
LTM Earnings |
| ||||||
Median
|
| | | | 113 % | | | | | | 11.5x | | |
25
th
Percentile
|
| | | | 105 % | | | | | | 9.7x | | |
75
th
Percentile
|
| | | | 119 % | | | | | | 13.3x | | |
Merger Consideration
|
| | | | 202 % | | | | | | 16.2x | | |
| | |
Implied Equity Price:
|
| |||||||||
($ in millions)
|
| |
Price/
TBV |
| |
Price/
LTM Earnings |
| ||||||
25
th
Percentile
|
| | | $ | 38.2 | | | | | $ | 44.0 | | |
75
th
Percentile
|
| | | $ | 43.1 | | | | | $ | 60.3 | | |
Merger – Consideration
|
| | | $ | 73.5 | | | | | $ | 73.5 | | |
| | |
Transaction Value/
MRQ TBV |
| |
Implied/
Equity Price ($M) |
| ||||||
Regional – Median
|
| | | | 162 % | | | | | $ | 58.9 | | |
Regional 25
th
Percentile
|
| | | | 152 % | | | | | $ | 55.2 | | |
Regional 75
th
Percentile
|
| | | | 186 % | | | | | $ | 67.7 | | |
Merger Consideration
|
| | | | 202 % | | | | | $ | 73.5 | | |
| | |
Transaction Value/
LTM Earnings |
| |
Implied
Equity Price ($M) |
| ||||||
Regional – Median
|
| | | | 14.6x | | | | | $ | 66.2 | | |
Regional 25
th
Percentile
|
| | | | 13.1x | | | | | $ | 59.4 | | |
Regional 75
th
Percentile
|
| | | | 16.0x | | | | | $ | 72.5 | | |
Merger Consideration
|
| | | | 16.2x | | | | | $ | 73.5 | | |
| | |
Premium to
Core Deposits |
| |
Implied
Equity Price ($M) |
| ||||||
Regional – Median
|
| | | | 7.8 % | | | | | $ | 51.2 | | |
Regional 25
th
Percentile
|
| | | | 6.6 % | | | | | $ | 48.9 | | |
Regional 75
th
Percentile
|
| | | | 8.3 % | | | | | $ | 52.2 | | |
Merger Consideration
|
| | | | 19.6 % | | | | | $ | 73.5 | | |
| | |
Transaction Value/
MRQ TBV |
| |
Implied/
Equity Price ($M) |
| ||||||
National – Median
|
| | | | 185 % | | | | | $ | 67.3 | | |
National 25
th
Percentile
|
| | | | 167 % | | | | | $ | 60.9 | | |
National 75
th
Percentile
|
| | | | 198 % | | | | | $ | 72.0 | | |
Merger Consideration
|
| | | | 202 % | | | | | $ | 73.5 | | |
| | |
Transaction Value/
LTM Earnings |
| |
Implied
Equity Price ($M) |
| ||||||
National – Median
|
| | | | 13.7x | | | | | $ | 62.1 | | |
National 25
th
Percentile
|
| | | | 12.5x | | | | | $ | 56.6 | | |
National 75
th
Percentile
|
| | | | 14.6x | | | | | $ | 66.2 | | |
Merger Consideration
|
| | | | 16.2x | | | | | $ | 73.5 | | |
| | |
Premium to
Core Deposits |
| |
Implied
Equity Price ($M) |
| ||||||
National – Median
|
| | | | 11.2 % | | | | | $ | 57.7 | | |
National 25
th
Percentile
|
| | | | 8.1 % | | | | | $ | 51.8 | | |
National 75
th
Percentile
|
| | | | 14.2 % | | | | | $ | 63.4 | | |
Merger Consideration
|
| | | | 19.6 % | | | | | $ | 73.5 | | |
| | |
Implied
Equity Price ($M) |
| |||
Minimum
|
| | | $ | 47.7 | | |
Maximum
|
| | | $ | 58.1 | | |
Merger Consideration
|
| | | $ | 73.5 | | |
Executive Officer
|
| |
Severance
Payment |
| |||
J. Scott Sitter
|
| | | $ | 651,370 | | |
Stanley Leedle
|
| | | $ | 390,000 | | |
John Glynn
|
| | | $ | 446,400 | | |
Fred Siemers
|
| | | $ | 390,000 | | |
Executive Officer
|
| |
Payment
|
| |||
J. Scott Sitter
|
| | | $ | 1,891,750 | | |
Stanley Leedle
|
| | | $ | 722,680 | | |
John Glynn
|
| | | $ | 406,500 | | |
Fred Siemers
|
| | | $ | 198,000 | | |
| | |
As of and for the
Six Months Ended June 30 |
| |
As of and for the Years Ended December 31
|
| ||||||||||||||||||||||||||||||||||||
| | |
2019
|
| |
2018
|
| |
2018
|
| |
2017
|
| |
2016
|
| |
2015
|
| |
2014
|
| |||||||||||||||||||||
| | |
(Unaudited)
|
| |
(dollars in thousands except per share data)
|
| ||||||||||||||||||||||||||||||||||||
INCOME STATEMENT: | | | | | | | | | |||||||||||||||||||||||||||||||||||
Interest income
|
| | | $ | 67,729 | | | | | $ | 61,330 | | | | | $ | 125,537 | | | | | $ | 109,253 | | | | | $ | 75,467 | | | | | $ | 48,597 | | | | | $ | 48,949 | | |
Interest expense
|
| | | | 11,310 | | | | | | 8,653 | | | | | | 18,889 | | | | | | 10,511 | | | | | | 7,334 | | | | | | 7,213 | | | | | | 7,067 | | |
Net interest income
|
| | | | 56,419 | | | | | | 52,677 | | | | | | 106,648 | | | | | | 98,742 | | | | | | 68,133 | | | | | | 41,384 | | | | | | 41,882 | | |
Provision for loan losses
|
| | | | 500 | | | | | | 1,020 | | | | | | 1,600 | | | | | | 2,325 | | | | | | 1,800 | | | | | | 1,800 | | | | | | 2,700 | | |
Net interest income after provision
for loan losses |
| | | | 55,919 | | | | | | 51,657 | | | | | | 105,048 | | | | | | 96,417 | | | | | | 66,333 | | | | | | 39,584 | | | | | | 39,182 | | |
Noninterest income
|
| | | | 27,746 | | | | | | 19,063 | | | | | | 39,509 | | | | | | 34,639 | | | | | | 26,674 | | | | | | 17,708 | | | | | | 14,185 | | |
Noninterest expense
|
| | | | 48,486 | | | | | | 45,093 | | | | | | 89,758 | | | | | | 81,356 | | | | | | 64,942 | | | | | | 39,648 | | | | | | 38,709 | | |
Income before income tax expense
|
| | | | 35,179 | | | | | | 25,627 | | | | | | 54,799 | | | | | | 49,700 | | | | | | 28,065 | | | | | | 17,644 | | | | | | 14,658 | | |
Income tax expense
|
| | | | 6,185 | | | | | | 6,163 | | | | | | 13,446 | | | | | | 16,267 | | | | | | 9,371 | | | | | | 6,089 | | | | | | 4,607 | | |
Net income
|
| | | | 28,994 | | | | | | 19,464 | | | | | | 41,353 | | | | | | 33,433 | | | | | | 18,694 | | | | | | 11,555 | | | | | | 10,051 | | |
Less: Net income attributable to noncontrolling interest
|
| | | | 178 | | | | | | 150 | | | | | | 317 | | | | | | 283 | | | | | | 232 | | | | | | 127 | | | | | | 102 | | |
Net income attributable to Nicolet Bankshares, Inc.
|
| | | | 28,816 | | | | | | 19,314 | | | | | | 41,036 | | | | | | 33,150 | | | | | | 18,462 | | | | | | 11,428 | | | | | | 9,949 | | |
Less: preferred stock dividends
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 633 | | | | | | 212 | | | | | | 244 | | |
Net income available to common shareholders
|
| | | $ | 28,816 | | | | | $ | 19,314 | | | | | $ | 41,036 | | | | | $ | 33,150 | | | | | $ | 17,829 | | | | | $ | 11,216 | | | | | $ | 9,705 | | |
Earnings per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | $ | 3.06 | | | | | $ | 1.99 | | | | | $ | 4.26 | | | | | $ | 3.51 | | | | | $ | 2.49 | | | | | $ | 2.80 | | | | | $ | 2.33 | | |
Diluted
|
| | | $ | 2.97 | | | | | $ | 1.93 | | | | | $ | 4.12 | | | | | $ | 3.33 | | | | | $ | 2.37 | | | | | $ | 2.57 | | | | | $ | 2.25 | | |
Book value per common share
|
| | | $ | 44.11 | | | | | $ | 38.43 | | | | | $ | 40.72 | | | | | $ | 37.09 | | | | | $ | 32.26 | | | | | $ | 23.42 | | | | | $ | 21.34 | | |
Common shares outstanding
|
| | | | 9,327,420 | | | | | | 9,642,834 | | | | | | 9,495,265 | | | | | | 9,818,247 | | | | | | 8,553,292 | | | | | | 4,154,377 | | | | | | 4,058,208 | | |
Financial Ratios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Return on average assets
|
| | | | 1.91 % | | | | | | 1.31 % | | | | | | 1.38 % | | | | | | 1.25 % | | | | | | 0.95 % | | | | | | 0.96 % | | | | | | 0.84 % | | |
Return on average equity
|
| | | | 14.61 % | | | | | | 10.66 % | | | | | | 11.04 % | | | | | | 9.96 % | | | | | | 8.16 % | | | | | | 10.20 % | | | | | | 9.18 % | | |
Return on average common equity
|
| | | | 14.61 % | | | | | | 10.66 % | | | | | | 11.04 % | | | | | | 9.96 % | | | | | | 8.20 % | | | | | | 12.35 % | | | | | | 11.55 % | | |
Average equity to average assets
|
| | | | 13.11 % | | | | | | 12.30 % | | | | | | 12.48 % | | | | | | 12.57 % | | | | | | 11.69 % | | | | | | 9.45 % | | | | | | 9.10 % | | |
Net interest margin
|
| | | | 4.16 % | | | | | | 3.98 % | | | | | | 4.04 % | | | | | | 4.30 % | | | | | | 4.01 % | | | | | | 3.88 % | | | | | | 3.89 % | | |
| | |
High
|
| |
Low
|
| ||||||
2019 | | | | | | | | | | | | | |
Third Quarter (through [•])
|
| | | $ | [•] | | | | | $ | [•] | | |
Second Quarter
|
| | | | 31.00 | | | | | | 20.00 | | |
First Quarter
|
| | | | 21.40 | | | | | | 18.00 | | |
2018 | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 20.00 | | | | | $ | 18.00 | | |
Third Quarter
|
| | | | 20.50 | | | | | | 19.25 | | |
Second Quarter
|
| | | | 21.50 | | | | | | 19.75 | | |
First Quarter
|
| | | | 23.00 | | | | | | 20.00 | | |
2017 | | | | | | | | | | | | | |
Fourth Quarter
|
| | | $ | 20.75 | | | | | $ | 18.85 | | |
Third Quarter
|
| | | | 20.00 | | | | | | 18.85 | | |
Second Quarter
|
| | | | 22.75 | | | | | | 18.35 | | |
First Quarter
|
| | | | 18.35 | | | | | | 15.24 | | |
Name
|
| |
Title
|
| |
Common Stock
Beneficially Owned (1) |
| |
Percentage
Beneficially Owned (2) |
| ||||||
Kenneth Balda
|
| | Director | | | | | 119,767 (3) | | | | | | 4.99 % | | |
Stephen Ford
|
| | Director | | | | | 29,150 (4) | | | | | | 1.21 % | | |
Paul Getchel
|
| | Director | | | | | 32,050 (3) | | | | | | 1.33 % | | |
John Glynn
|
| | Executive Vice President & CFO | | | | | 69,587 (5) | | | | | | 2.90 % | | |
Dr. Michael Hanneman
|
| | Director | | | | | 38,750 (3) | | | | | | 1.61 % | | |
Dr. David Janssen
|
| | Director | | | | | 62,913 (3) | | | | | | 2.62 % | | |
Stanley Leedle
|
| | Director, Executive Vice President | | | | | 86,083 (6) | | | | | | 3.58 % | | |
Thomas Muza
|
| | Director | | | | | 36,910 (3) | | | | | | 1.54 % | | |
Rodney Oilschlager
|
| | Director, Chairman of Board | | | | | 36,910 (3) | | | | | | 1.54 % | | |
James Poeschl
|
| | Director | | | | | 30,950 (4) | | | | | | 1.29 % | | |
Jeffrey Rogge
|
| | Director | | | | | 51,202 (3) | | | | | | 2.13 % | | |
Thomas Rusch
|
| | Director | | | | | 70,548 (3) | | | | | | 2.94 % | | |
Fred Siemers
|
| | Executive Vice President & CCO | | | | | 7,166 (7) | | | | | | * | | |
J. Scott Sitter
|
| | Director, President & CEO | | | | | 121,013 (3) | | | | | | 5.04 % | | |
Arend Stam
|
| | Director | | | | | 29,450 (3) | | | | | | 1.23 % | | |
John Supple
|
| | Director | | | | | 28,750 (3) | | | | | | 1.20 % | | |
Gerald Thiele
|
| | Director | | | | | 39,570 (4) | | | | | | 1.64 % | | |
Mark Troudt
|
| | Director | | | | | 72,872 (3) | | | | | | 3.03 % | | |
All Directors and executive officers as a group, consisting of 18 persons:
|
| | | | | | | 963,641 (8) | | | | | | 39.60 % | | |
Richard Gabert
|
| | Former Director | | | | | 68,064 (9) | | | | | | 2.83 % | | |
| | | | | A-1 | | | |
| | | | | A-1 | | | |
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| NICOLET : | | | COMPANY : | |
| NICOLET BANKSHARES, INC. | | | CHOICE BANCORP, INC. | |
|
By:
/s/ Michael E. Daniels
Name: Michael E. Daniels
Title: Executive Vice President and Secretary |
| |
By:
/s/ J. Scott Sitter
Name: J. Scott Sitter
Title: President and Chief Executive Officer |
|
|
Exhibit No.
|
| |
Description
|
|
| | | Agreement and Plan of Merger by and between Nicolet Bankshares, Inc. and Choice Bancorp, Inc., dated June 26, 2019 (attached as Appendix A to the proxy statement-prospectus, which is part of this registration statement and incorporated herein by reference).+ | | |
| | | Opinion of Kate Lombardi, Vice President Human Resources/Legal Counsel of Nicolet National Bank regarding legality of securities being registered (including its consent). | | |
| | | Opinion of Bryan Cave Leighton Paisner LLP regarding certain tax matters (including its consent). | | |
| | | Consent of Kate Lombardi (included as part of Exhibit 5.1). | | |
|
23.2
|
| | Consent of Bryan Cave Leighton Paisner LLP (included as part of Exhibit 8.1). | |
| | | Consent of Porter Keadle Moore, LLC. | | |
| | | Power of Attorney (included in the signature pages to the Registration Statement on Form S-4). | | |
| | | Consent of Stephens Inc. | | |
|
99.2
|
| | Form of Proxy Card of Choice.* | |
|
/s/ Robert B. Atwell
Robert B. Atwell
Chairman, President and Chief Executive Officer (Principal Executive Officer) |
| |
/s/ Andrew F. Hetzel, Jr.
Andrew F. Hetzel, Jr.
Director |
|
|
/s/ Ann K. Lawson
Ann K. Lawson
Chief Financial Officer (Principal Financial and Accounting Officer) |
| |
/s/ Donald J. Long, Jr.
Donald J. Long, Jr.
Director |
|
|
/s/ Michael E. Daniels
Michael E. Daniels
Executive Vice President and Secretary, Director |
| |
/s/ Dustin J. McClone
Dustin J. McClone
Director |
|
|
/s/ Rachel Campos-Duffy
Rachel Campos-Duffy
Director |
| |
/s/ Susan L. Merkatoris
Susan L. Merkatoris
Director |
|
|
/s/ John N. Dykema
John N. Dykema
Director |
| |
/s/ Randy J. Rose
Randy J. Rose
Director |
|
|
/s/ Terrence R. Fulwiler
Terrence R. Fulwiler
Director |
| |
/s/ Oliver Pierce Smith
Oliver Pierce Smith
Director |
|
|
/s/ Christopher Ghidorzi
Christopher Ghidorzi
Director |
| |
/s/ Robert J. Weyers
Robert J. Weyers
Director |
|
Exhibit 5.1
August 2, 2019
Nicolet Bankshares, Inc.
111 N. Washington St.
Green Bay, Wisconsin 54301
RE: | Merger of Choice Bancorp, Inc. with and into Nicolet Bankshares, Inc., a Wisconsin Company (the “Company”) and the issuance of common stock by the Company in connection therewith |
Ladies and Gentlemen:
I am Vice President Human Resources/Legal Counsel of Nicolet National Bank, a subsidiary of the Company. My opinion has been requested with respect to the Registration Statement on Form S-4 (the “Registration Statement”) being filed in connection with the 1,264,435 shares of the Company’s common stock, par value $0.01 per share (the “Shares”), which are proposed to be offered and sold pursuant to the Agreement and Plan of Merger, dated as of June 26, 2019, by and between the Company and Choice Bancorp, Inc. (the “Merger Agreement”). The Company is filing the Registration Statement with the Securities and Exchange Commission with respect to the Shares. This opinion is provided pursuant to the requirements of Item 21(a) of Form S-4 and Item 601(b)(5) of Regulation S-K and is being furnished for the purpose of being filed as an exhibit to the registration statement.
In connection with the foregoing, I have examined such records, documents and proceedings as I have deemed relevant as a basis for the opinion expressed herein. In rendering this opinion, I have assumed, without independent verification, that: (i) all signatures are genuine; (ii) all documents submitted to me as originals are authentic; and (iii) all documents submitted to me as copies conform to the originals of such documents. Based on and subject to the foregoing and the qualifications and limitations set forth herein, and having regard for such legal considerations as I have deemed relevant, it is my opinion that the Shares have been duly authorized and, when the Registration Statement has been declared effective by order of the Securities and Exchange Commission and the Shares have been issued and paid for in accordance with the terms of the Merger Agreement and the Registration Statement, the Shares will be validly issued, fully paid and nonassessable. I am an attorney licensed to practice law in the State of Wisconsin. This opinion is limited to the laws of the State of Wisconsin, excluding local laws of the State of Wisconsin ( i.e. , the statutes and ordinances, the administrative decisions and the rules and regulations of counties, towns, municipalities and special political subdivisions of, or authorities or quasi-governmental bodies constituted under the laws of, the State of Wisconsin and judicial decisions to the extent they deal with any of the foregoing), and no opinion is expressed as to the effect of the laws of any other jurisdiction.
This opinion is delivered as of the date hereof, and I undertake no obligation to advise you of any changes in applicable law or any other matters that may come to my attention after the date hereof.
August 2, 2019
Page 2
I hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the use of my name in the prospectus forming a part of the Registration Statement under the caption “Legal Matters.” In giving this consent, I do not admit that I am within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations thereunder.
Very truly yours, | |
/s/ Kate Lombardi | |
Kate Lombardi | |
Vice President Human Resources/Legal Counsel |
Exhibit 8.1
August 2, 2019
Nicolet Bankshares, Inc.
111 N. Washington Street
Green Bay, Wisconsin 54301
Choice Bancorp, Inc.
1041 North Westhaven Drive
Oshkosh, Wisconsin 54904
Re: Agreement and Plan of Merger by and between Nicolet Bankshares, Inc. and Choice Bancorp, Inc.
To the Boards of Directors:
We have acted as counsel to Nicolet Bankshares, Inc., a Wisconsin corporation (“Nicolet”), in connection with the Merger, as defined and described in the Agreement and Plan of Merger dated as of June 26, 2019 (the “Merger Agreement”) by and between Nicolet and Choice Bancorp, Inc., a Wisconsin corporation (“Choice”). As set forth in the Merger Agreement, the parties intend for the Merger to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”) and intend for the Merger Agreement to constitute a “plan of reorganization” for purposes of Sections 354 and 361 of the Code. Unless otherwise indicated, each capitalized term has the meaning ascribed to it in the Merger Agreement. This opinion is being delivered in connection with the Registration Statement on Form S-4 (as amended, the “Registration Statement”) filed by Nicolet with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended.
In connection with this opinion, we have examined and are familiar with originals and copies, certified or otherwise identified to our satisfaction, of the (i) the Merger Agreement, (ii) the Registration Statement, and (iii) such other documents as we deem necessary or appropriate in order to enable us to render this opinion. In all our examinations, we have assumed, or will assume, the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to original documents of all documents submitted to us as copies or drafts.
In rendering our opinion, we have assumed, with your permission, that (i) the Merger will be effected in accordance with the Merger Agreement, and (ii) the information set forth in the Registration Statement and the statements concerning the Merger in the Merger Agreement are true, complete and correct and will remain true, complete and correct at all times up to and including the Effective Time. We have also assumed that the parties have complied with, and if applicable, will continue to comply with, the covenants contained in the Merger Agreement.
In rendering our opinion, we have considered the applicable provisions of (i) the Code as in effect on the date hereof, and our interpretations of the Code, (ii) the applicable Treasury Regulations promulgated under the Code and as currently in effect (the “Regulations”), (iii) current administrative interpretations by the Internal Revenue Service of the Code and the Regulations as they apply to reorganizations, and (iv) existing judicial decisions, all of which are subject to change or modification at any time (possibly with retroactive effect) and such other authorities as we have considered relevant.
Based upon and subject to the foregoing, we are of the opinion that (a) the discussion set forth in the Registration Statement under the heading “MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER,” insofar as it presents legal conclusions with respect to matters of United States federal income tax law, subject to the limitations and qualifications referred to therein, accurately sets forth the material United States federal income tax consequences of the Merger and constitutes the opinion of Bryan Cave Leighton Paisner LLP; and (b) the Merger, as set forth under the heading “MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER,” and subject to the limitations and qualifications therein, will constitute a reorganization pursuant to section 368(a) of the Code.
Nicolet Bankshares, Inc. Choice Bancorp, Inc. August 2, 2019 Page 2 |
The foregoing opinion reflects our best professional judgment as to the correct United States federal income tax consequences of the matters that it addresses. Our opinion is expressly conditioned on, among other things, the accuracy of all such facts, information, statements and representations as of the date hereof. Any material change in the law, authorities, or facts referred to, set forth, relied upon or assumed herein, or in the transaction documents could affect the conclusions stated herein. This opinion is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any changes (including changes that have retroactive effect) (i) in applicable law or (ii) that would cause any statement, representation or assumption herein to no longer be true or correct.
Except as set forth above, we express no opinion as to the tax consequences, whether federal, state, local or foreign, of the Merger or any transaction related thereto or contemplated thereby. We hereby consent to the filing of this opinion as Exhibit 8.1 to the Registration Statement and to the use of our name and the discussion of our opinion under the captions “QUESTIONS AND ANSWERS,” “SUMMARY—Your Expected Tax Treatment as a Result of the Merger and — We Must Meet Several Conditions to Complete the Merger,” “THE MERGER AGREEMENT—Conditions to the Merger,” “MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGER,” and “LEGAL MATTERS” in the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act, or the rules and regulations of the SEC promulgated thereunder.
Very truly yours, | |
/s/ BRYAN CAVE LEIGHTON PAISNER LLP |
Exhibit 23.3
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Registration Statement on Form S-4 and related Prospectus of Nicolet Bankshares, Inc. of our report dated March 8, 2019, relating to the consolidated financial statements and the effectiveness of internal control over financial reporting of Nicolet Bankshares, Inc., appearing in the Annual Report on Form 10-K of Nicolet Bankshares, Inc. for the year ended December 31, 2018. We also consent to the reference to our firm under the heading “Experts” in such Prospectus.
/s/ PORTER KEADLE MOORE, LLC | |
Atlanta, Georgia | |
August 2, 2019 |
Exhibit 99.1
CONSENT OF STEPHENS INC.
We hereby consent to the inclusion of our opinion letter to the Board of Directors of Choice Bancorp, Inc. (the “Company”) as an Appendix to the Proxy Statement-Prospectus relating to the proposed merger of the Company with Nicolet Bankshares, Inc. contained in the Registration Statement on Form S-4, as filed with the Securities and Exchange Commission, and to the references to our firm and such opinion in such Proxy Statement-Prospectus and Registration Statement. In giving such consent, we do not admit, and we disclaim, that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended (the “Act”), or the rules and regulations of the Securities and Exchange Commission thereunder (the “Regulations”), nor do we admit that we are experts with respect to any part of such Proxy Statement-Prospectus and Registration Statement within the meaning of the term “experts” as used in the Act or the Regulations.
/s/ Stephens Inc.
Chicago, Illinois
August 2, 2019