MidWestOne Financial Group announced that it executed a definitive merger agreement to reinvest the proceeds from the sale of its Florida operations into the acquisition of Denver Bankshares Inc., the parent company for the Bank of Denver. MidWestOne will pay $32.6 million in cash consideration for Denver Bankshares. The Bank of Denver has $271.5 million in assets, $198 million in loans and $242 million in deposits. MidWestOne’s Denver leadership will remain in place, and Denver Bankshares CEO Lori Radcliffe will become a member of the company’s market leadership team. “By reinvesting the proceeds from the sale of our Florida operations into the acquisition of Denver Bankshares, we are continuing to build the necessary critical mass in our Denver market, a large and core metropolitan market,” Chip Reeves, CEO of MidWestOne Financial Group, said in a prepared statement. “This acquisition accelerates our growth in the region by three to four years. This additional scale in Denver will enable us to continue to recruit bankers and build upon our already strong momentum in this commercially and demographically attractive market.”