Green Bay, Wisconsin-based Nicolet National Bank is selling its three Denver locations to Sunwest Bank, the lenders announced Tuesday.
The branches were among those Nicolet absorbed when it completed its $864 million acquisition of MidWestOne Financial Group in February.
By the same token, the deal marks further expansion across the Rocky Mountain region for Sandy, Utah-based Sunwest, which launched in Colorado last year. The bank has about $4 billion in assets.
"We are building something special here, a team of top talent committed to delivering strategic guidance, creative solutions and exceptional service,” Kari Coover, Sunwest’s Colorado market area president, said in the release. “I look forward to welcoming new businesses, strengthening existing relationships, and growing market share across Colorado by helping our clients turn opportunity into lasting success.”
Nicolet did not disclose the value of the all-cash deal, set to close in the third quarter. The Denver locations, however, account for roughly $390 million in loans and about $380 million in deposits, the bank said.
Sunwest’s chief banking officer, Robert Faver, said the lender’s continued Mountain West expansion "creates a strong foundation for future growth.”
"We are investing heavily in Denver and look forward to delivering the exceptional customer experience we are known for to entrepreneurs and clients in Denver and throughout the state of Colorado," Sunwest President Carson Lappetito said Tuesday in a statement.
The deal announcement came as Nicolet disclosed its quarterly earnings. The bank reported $15 million in profit for 2026’s first quarter. That’s down from $40 million in the previous quarter. However, the bank disclosed $110 million in net interest income for January through March. That’s a 35% increase from the fourth quarter of 2025, the bank said.
Nicolet reported $15.6 billion in assets as of March 31 – with $6.1 billion of that coming from the MidWestOne transaction.
In a statement Tuesday, Nicolet CEO Mike Daniels said the integration of MidWestOne “continues as planned with no surprises.”
“Our core conversion is currently scheduled for late summer, after which all anticipated cost savings should be realized and we look to return to our regular position of producing top decile core profitability,” Daniels said.
