| | | |
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 |
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|
Large accelerated filer
☐
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Accelerated filer
☑
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Non-accelerated filer
☐
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Smaller reporting company
☐
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| | | |
Emerging growth company
☐
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| Exchange Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer) | | | ☐ | |
|
Exchange Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)
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| | ☐ | |
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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 | | |
25th Percentile
|
| | | | 105% | | | | | | 9.7x | | |
75th Percentile
|
| | | | 119% | | | | | | 13.3x | | |
Merger Consideration
|
| | | | 202% | | | | | | 16.2x | | |
| | |
Implied Equity Price:
|
| |||||||||
($ in millions)
|
| |
Price/
TBV |
| |
Price/
LTM Earnings |
| ||||||
25th Percentile
|
| | | $ | 38.2 | | | | | $ | 44.0 | | |
75th 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 25th Percentile
|
| | | | 152% | | | | | $ | 55.2 | | |
Regional 75th Percentile
|
| | | | 186% | | | | | $ | 67.7 | | |
Merger Consideration
|
| | | | 202% | | | | | $ | 73.5 | | |
| | |
Transaction Value/
LTM Earnings |
| |
Implied
Equity Price ($M) |
| ||||||
Regional – Median
|
| | | | 14.6x | | | | | $ | 66.2 | | |
Regional 25th Percentile
|
| | | | 13.1x | | | | | $ | 59.4 | | |
Regional 75th 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 25th Percentile
|
| | | | 6.6% | | | | | $ | 48.9 | | |
Regional 75th 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 25th Percentile
|
| | | | 167% | | | | | $ | 60.9 | | |
National 75th Percentile
|
| | | | 198% | | | | | $ | 72.0 | | |
Merger Consideration
|
| | | | 202% | | | | | $ | 73.5 | | |
| | |
Transaction Value/
LTM Earnings |
| |
Implied
Equity Price ($M) |
| ||||||
National – Median
|
| | | | 13.7x | | | | | $ | 62.1 | | |
National 25th Percentile
|
| | | | 12.5x | | | | | $ | 56.6 | | |
National 75th 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 25th Percentile
|
| | | | 8.1% | | | | | $ | 51.8 | | |
National 75th 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
|
| | | $ | 81,933 | | |
Stanley Leedle
|
| | | $ | 38,805 | | |
John Glynn
|
| | | $ | 25,875 | | |
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 August 28, 2019)
|
| | | $ | 32.05 | | | | | $ | 29.00 | | |
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% | | |
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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 23.3
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in this Amendment No. 1 to the 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 23, 2019 |
Exhibit 99.2
SPECIAL MEETING OF SHAREHOLDERS OF CHOICE BANCORP, INC. October 22, 2019 TO VOTE: ONLINE: To access your online proxy card, please visit www.voteproxy.com and follow the on-screen instructions. You may enter your voting instructions at www.voteproxy.com up until 11:59 PM Eastern Time the day before the cut-off or meeting date. -OR- IN PERSON: You may vote your shares in person by attending the special meeting. -OR- MAIL: Mail the below proxy card in the envelope provided. Please sign, date and mail your proxy card in the envelope provided as soon as possible. Please detach along perforated line and mail in the envelope provided. 00030030000000000000 1 040317 THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" EACH PROPOSAL (1) AND (2). PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE 11. To authorize, approve and adopt the Agreement and Plan of Merger by and between Choice Bancorp, Inc. and Nicolet Bankshares, Inc., pursuant to which Choice Bancorp, Inc. will merge with and into Nicolet Bankshares, Inc., and the other transactions contemplated by the merger agreement. FOR 0 AGAINST 0 ABSTAIN 02. To adjourn the special meeting to a later date or dates, if necessary or appropriate, including to solicit additional proxies to approve the merger agreement and the transactions contemplated by the merger agreement. 0 0 0 In their discretion, such attorneys and proxies are authorized to vote upon such other business as may properly come before the Meeting or any adjournments thereof. To change the address on your account, please check the box at the right and indicate your new address in the address space above. Please note that changes to the registered name(s) on the account may not be submitted via this method. Signature of Shareholder: Date: Signature of Shareholder: Date: Note: Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If the signer is a partnership, please sign in partnership name by authorized person.
CHOICE BANCORP, INC. Proxy for Special Meeting of Shareholders on October 22, 2019 Solicited on Behalf of the Board of Directors The undersigned hereby appoints J. Scott Sitter, John Glynn and _______________, and each of them, with the full power of substitution and power to act alone, as proxies to vote all the shares of Common Stock which the undersigned would be entitled to vote if personally present and acting at the Special Meeting of Shareholders of Choice Bancorp, Inc., to be held on October 22, 2019, at Choice Bank, 1041 N. Westhaven Drive, Oshkosh, WI 54904, and at any adjournments or postponements thereof, as follows: (Continued and to be signed on the reverse side) 1.1 14475
Exhibit 99.3
[On Choice Bancorp, Inc. Letterhead]
September 9, 2019
Dear Shareholder:
Choice Bancorp, Inc. will be holding a special shareholder meeting at 5:30 pm on Tuesday, October 22, 2019. This meeting will be held at our main banking office located at 1041 N. Westhaven Drive, Oshkosh, Wisconsin. The purpose of this meeting is to vote on the Agreement and Plan of Merger by and between Choice Bancorp, Inc. and Nicolet Bankshares, Inc.
On June 25, 2019, your board of directors unanimously approved a transaction that will result in the merger of your company into Nicolet Bankshares, Inc. If the merger is completed, you will receive 0.5 shares of Nicolet common stock for each share of Choice common stock that you currently own. As of the close of business on June 26, 2019, Nicolet’s common stock was trading at $61.13 per share.
The decision to enter into this Agreement and Plan of Merger was the result of an exhaustive series of strategic planning sessions that included discussions with management, legal counsel, and financial advisors. Upon reviewing numerous factors that are currently, and will continue to, impact the community banking sector, your board unanimously approved the transaction and recommends that you vote for approval of the merger proposal by executing the enclosed proxy material.
During this special shareholder meeting, bank management, legal counsel, and representatives from Nicolet Bankshares will be present to answer any questions you may have. At the conclusion of this meeting, we are planning a shareholder reception in the lobby of our bank. I am encouraging you to please attend this meeting and the reception that follows. For planning purposes, if you could please RSVP to Kelli Hopper at (920) 230-1300, it would be greatly appreciated.
On behalf of your directors, officers, and staff, we thank you for your commitment to Choice Bank and we look forward to seeing you on October 22, 2019.
Sincerely,
/s/ Scott Sitter
J. Scott Sitter
President / CEO