Who are Nicolet Bankshares's competitors, and what are the alternatives?
Nicolet's 2025 10-K, filed February 27, 2026, describes a full-service community bank serving commercial, agricultural and consumer clients in Wisconsin, Michigan and Minnesota, now with Iowa after MidWestOne, through 114 branches. It says it competes with banks and non-banks in its markets, internet-based banks, out-of-market banks, credit unions, trust companies, mutual funds, brokers, mortgage companies and insurers. Its closest bank rival is a neighbor. Associated Banc-Corp is also headquartered in Green Bay and branches across Wisconsin, Illinois, Minnesota and Missouri. Wintrust serves southern Wisconsin and west Michigan and opened three southern Wisconsin branches in 2025. Old National's Bremer purchase added 70 branches in Minnesota, North Dakota and Wisconsin. The 10-K says digital competition is sharpest from the largest US banks and online-only banks, whose investment in digital platforms Nicolet cannot match. JPMorgan Chase counted 74.6 million active digital customers in 2025, and Chime had 10.4 million active members in June 2026. It names PayPal and Starbucks as non-banks whose payment services compete directly with banks. It also warns that AI-based applications are starting to compete in personal financial advice and wealth management. Nicolet's own answer is local decision-making and relationship banking, which it says distinguishes it from large institutions.[1][2][3][4][5][6][7]
Data as of Oct 19, 2026 · Nicolet profile updated Oct 13, 2026 · computed tables recalculate from the 140 bank profiles on this site · Markdown
What does Nicolet say about its competition?
"The financial services industry is highly competitive. Nicolet competes for loans, deposits and wealth management or financial services in all its principal markets. Nicolet competes directly with other bank and nonbank institutions located within our markets (some that may have an established customer base or name recognition), internet-based banks, out-of-market banks that advertise or otherwise serve its markets, credit unions, savings and loan associations, consumer finance companies, trust companies, money market and other mutual funds, securities brokerage houses, investment counseling firms, mortgage companies, insurance companies or other commercial entities that offer financial services products."[1]
"Many of Nicolet's competitors may enjoy competitive advantages, including greater financial resources, fewer regulatory requirements, broader geographic presence, more accessible branches or more advanced technology to deliver products or services, more favorable pricing alternatives and lower origination or operating costs. We believe our competitive pricing, personalized service and community engagement enable us to effectively compete in our markets. ... We believe our emphasis on meeting customer needs in a relationship-focused manner, combined with local decision making on extensions of credit, distinguishes Nicolet from its competitors, particularly in the case of large financial institutions."[1]
From the risk factors of the same 10-K: "We may face a competitive disadvantage as a result of our smaller size, more limited geographic diversification and inability to spread costs across broader markets. In addition, larger institutions may have the advantage of being perceived by the public as more secure in times of financial uncertainty as evidenced by the migration of deposits to large banks in response to certain bank failures that occurred in 2023."[1]
MidWestOne, whose Iowa, Twin Cities and southwest Wisconsin franchise Nicolet bought in February 2026, described its competitors in its last 10-K: "The Company competes with other commercial banks, thrifts, credit unions, other financial services companies, finance divisions of auto and farm equipment companies, agricultural suppliers, and other agriculture-related lenders, as well as fintech companies, digital asset service providers, and other non-bank financial services providers. Some of these competitors are local, while others are statewide, regional or nationwide." (Form 10-K for 2024, filed March 11, 2025.)[8][9]
And on disruption: "Through digital marketing and service platforms, many banks are making client inroads unrelated to physical presence. This competitive risk is especially pronounced from the largest U.S. banks, and from online-only banks, due in part to the investments they are able to sustain in their digital platforms. Companies as disparate as PayPal and Starbucks provide payment and exchange services which compete directly with banks in ways not possible traditionally." (2025 Form 10-K, filed February 27, 2026.)[1]
Who competes with Nicolet in each of its businesses?
| Business line | Competitor | Type | Why it competes |
|---|---|---|---|
| Home region: Wisconsin, Michigan, Minnesota and Iowa | Associated Banc-Corp | Bank | Associated's 2025 10-K says its national bank is headquartered in Green Bay, Nicolet's home city, and serves a four-state branch footprint of Wisconsin, Illinois, Minnesota and Missouri; at about $45.5 billion of assets it is roughly three times Nicolet's size.[3][10][1] |
| Home region: Wisconsin, Michigan, Minnesota and Iowa | Wintrust Financial | Bank | Wintrust's 10-K defines its market as the Chicago area, southern Wisconsin, northwest Indiana and west Michigan, and says it opened three new branches in southern Wisconsin in 2025; Nicolet operates in Wisconsin and Michigan.[4][1] |
| Home region: Wisconsin, Michigan, Minnesota and Iowa | Old National Bancorp | Bank | Old National's $1.4 billion purchase of Bremer added $16 billion of assets and 70 branches in Minnesota, North Dakota and Wisconsin, two of Nicolet's states.[5][1] |
| Home region: Wisconsin, Michigan, Minnesota and Iowa | Credit unions in the footprint | Credit union | Nicolet's 10-K lists credit unions among the institutions it competes with directly for loans and deposits in its markets.[1] |
| Commercial and agricultural lending | Associated Banc-Corp (commercial bank) | Bank | Associated is building out its commercial bank, with commercial lending up about 43% to $12.3 billion (April 2026); Nicolet markets to owner-managed companies and their owners in the same Wisconsin markets.[11][1] |
| Commercial and agricultural lending | Out-of-market banks | Bank | Nicolet's 10-K names out-of-market banks that advertise or otherwise serve its markets, and says many competitors enjoy greater financial resources, broader geographic presence or more advanced technology.[1] |
| Commercial and agricultural lending | Farm equipment finance companies and agricultural suppliers | Non-bank lender | MidWestOne's last 10-K, for the Iowa franchise Nicolet now owns, names finance divisions of auto and farm equipment companies, agricultural suppliers and other agriculture-related lenders as competitors; Nicolet's own agricultural loans are mainly to dairy farms.[8][1] |
| Commercial and agricultural lending | Consumer finance and peer-to-peer lenders | Non-bank lender | Nicolet's 10-K says technology has let non-banks offer bank products such as peer-to-peer lending, with less regulation and lower cost structures.[1] |
| Retail deposits and digital banking | JPMorgan Chase | Bank | Nicolet's 10-K says digital competition is especially pronounced from the largest US banks because of the investments they sustain in digital platforms; Chase reported 74.6 million active digital customers in 2025.[1][6] |
| Retail deposits and digital banking | Chime | Fintech | An online-only provider of the kind Nicolet's 10-K singles out; Chime had 10.4 million active members at June 30, 2026, and its 10-K claims a cost advantage over traditional banks from avoiding branches.[1][7][12] |
| Retail deposits and digital banking | Money market and mutual funds | Broker or asset manager | Nicolet's 10-K lists money market and other mutual funds among its competitors for deposits, and says large banks benefited from deposit migration after the 2023 bank failures.[1] |
| Payments and money movement | PayPal | Payments company | Named in Nicolet's 10-K as a company whose payment and exchange services 'compete directly with banks'; PayPal had 439 million active accounts and $1.79 trillion of payment volume in 2025.[1][13][14] |
| Payments and money movement | Starbucks | Other | Named alongside PayPal in Nicolet's 10-K as a company providing payment and exchange services that compete directly with banks.[1] |
| Wealth management, brokerage and retirement plans | AI robo-advisers | Fintech | Nicolet's 10-K says companies offering AI-based applications are beginning to compete directly in personal advice, including financial planning and wealth management, and that low-cost robo-advisers appeal to younger and self-service clients.[1] |
| Wealth management, brokerage and retirement plans | Wintrust Investments and Wintrust Wealth | Bank | Wintrust's 10-K says Wintrust Investments operates an office in Appleton, Wisconsin, and that it keeps recruiting wealth professionals in Wisconsin; Nicolet offers trust, brokerage and investment management and retirement plan services.[4][1] |
| Wealth management, brokerage and retirement plans | Securities brokerage and investment counseling firms | Broker or asset manager | Nicolet's 10-K names trust companies, securities brokerage houses and investment counseling firms among its competitors for wealth management services.[1] |
How do the AI and digital offerings of Nicolet's competitors compare?
Nicolet first, then each competitor. Use-case counts, index scores and latest moves are computed from our profiles of each company; "No profile" means this site has no page on it yet.
| Company | AI or digital offering | On the record (our profiles) | Latest dated AI move |
|---|---|---|---|
| Nicolet Bankshares (this page) | Not disclosed | Index 1.1 (#119); 5 use cases, 2 in production | MidWestOne scheduled to open as Nicolet National Bank (Aug 10, 2026)[15] |
| Associated Banc-Corp | 30 AI use cases in process and a head of AI for commercial banking (2026)[16][17] | Index 56.8 (#49); 11 use cases, 4 in production | Barclays conference: 30 AI use cases in process (Sep 15, 2026)[16] |
| Wintrust Financial | AI credit adjudication at Wintrust Specialty Finance (2026)[18] | Index 38.1 (#76); 9 use cases, 7 in production | Equipment-finance unit writes on financing the AI boom (Sep 8, 2026)[19] |
| Old National Bancorp | AI center of excellence; AI call-center automation; Abrigo AI loan review[20][21][22] | Index 66 (#40); 14 use cases, 10 in production | Q2 2026 10-Q has no AI language (Jul 29, 2026)[23][24][25] |
| Credit unions in the footprint | Not disclosed | No profile | Not disclosed |
| Associated Banc-Corp (commercial bank) | A senior director of AI for commercial banking, hired June 2026[17] | Index 56.8 (#49); 11 use cases, 4 in production | Barclays conference: 30 AI use cases in process (Sep 15, 2026)[16] |
| Out-of-market banks | Not disclosed | No profile | Not disclosed |
| Farm equipment finance companies and agricultural suppliers | Not disclosed | No profile | Not disclosed |
| Consumer finance and peer-to-peer lenders | Not disclosed | No profile | Not disclosed |
| JPMorgan Chase | Smart Cash AI cash tool in a targeted pilot (October 2026)[26] | Index 89 (#6); 15 use cases, 8 in production | Q3 2026 call: outside AI agents stay blocked; AI spend put near $700 million (Oct 13, 2026)[27][26][28] |
| Chime | AI handles roughly 70% of member-support interactions (January 2026)[29] | 8 use cases, 6 in production | Agreement to acquire Stride Bank (Sep 8, 2026)[30] |
| Money market and mutual funds | Not disclosed | No profile | Not disclosed |
| PayPal | Agentic commerce services and instant checkout in ChatGPT (October 2025)[31][32] | 9 use cases, 5 in production | PayPal adds support for Meta's Muse (Sep 23, 2026)[33] |
| Starbucks | Not disclosed | No profile | Not disclosed |
| AI robo-advisers | Not disclosed | No profile | Not disclosed |
| Wintrust Investments and Wintrust Wealth | Not disclosed | Index 38.1 (#76); 9 use cases, 7 in production | Equipment-finance unit writes on financing the AI boom (Sep 8, 2026)[19] |
| Securities brokerage and investment counseling firms | Not disclosed | No profile | Not disclosed |
Who should look beyond Nicolet, and where?
| If you are | Look at | Why |
|---|---|---|
| Customers who want an AI assistant in the banking app or on the phone | Busey (outside Nicolet's footprint) or a large national bank | Nicolet discloses no customer-facing AI. Busey's Glia virtual assistants handled 61.5% of calls in early 2026, and Old National says AI automation shortened call handling time.[1][34][21] |
| Commercial clients in Wisconsin who want a larger regional balance sheet | Associated Banc-Corp | Associated, headquartered in Green Bay like Nicolet, serves Wisconsin, Illinois, Minnesota and Missouri, has about $45.5 billion of assets and is expanding its commercial bank. Nicolet's 10-K says larger competitors may have greater financial resources and broader geographic presence.[3][10][11][1] |
| People who need branches outside the upper Midwest | JPMorgan Chase | Nicolet's 114 branches are principally in Wisconsin, Michigan, Minnesota and Iowa, and it sold MidWestOne's Denver branches to Sunwest Bank in July 2026. Chase reported 5,083 branches in 2025.[1][35][6] |
| Customers who want a branchless, app-only account | Chime | Nicolet competes on local decision-making and personal service through a branch network. Chime avoids branches, had 10.4 million active members at June 30, 2026, and runs AI on roughly 70% of member-support interactions.[1][7][29] |
| Investors who want low-cost, self-service investment management | Robo-advisers and online brokerages | Nicolet's wealth business offers trust, brokerage and investment management with personal advisers; its own 10-K says AI robo-advisers are low-cost, fast and especially attractive to younger and self-service clients.[1] |
What have Nicolet's direct competitors done with AI and digital banking?
One line per rival on the AI or digital move it has put on the record, set against Nicolet's own. Dates are when the move was disclosed.
| Rival | AI or digital move on the record | Date | Nicolet's counterpart |
|---|---|---|---|
| Associated | 30 AI use cases in process; an internal AI build at $45,000 against an $800,000 purchase option; a chief digital officer hired from BMO to advance AI and omnichannel strategy | July and September 2026 | No AI use case disclosed; NCR Voyix digital banking since 2024[16][36][37] |
| Old National | AI center of excellence with a live AI inventory and acceptable-use policies; AI call-center automation; AI loan review | April to July 2026 | AI cybersecurity risks to be 'analyzed and addressed before implementation' (10-K)[20][21][22][1] |
| Wintrust | Vendor AI features switched on under a governance program; AI credit adjudication in equipment finance | March and August 2026 | No vendor AI feature disclosed[38][18][39] |
| Chime | AI handles roughly 70% of member-support interactions | January 2026 | No customer-facing AI disclosed[29][1] |
| PayPal | Agentic commerce services and instant checkout inside ChatGPT | October 2025 | Payments through Nicolet's digital banking; no AI feature disclosed[31][32][37] |
Which regional banks overlap Nicolet's markets?
Each rival's footprint as its own filing or reporting describes it, set against Nicolet's: 114 branches principally in Wisconsin, Michigan, Minnesota and Iowa after MidWestOne.
| Bank | Footprint on the record | Overlap with Nicolet | As of |
|---|---|---|---|
| Nicolet | 114 branches principally in Wisconsin, Michigan, Minnesota and Iowa; Denver branches sold July 2026 | - | February and July 2026[1][35] |
| Associated | Bank headquartered in Green Bay; four-state branch footprint of Wisconsin, Illinois, Minnesota and Missouri | Wisconsin (same home city), Minnesota | December 31, 2025[3] |
| Wintrust | Chicago area, southern Wisconsin, northwest Indiana and west Michigan; three new southern Wisconsin branches in 2025 | Wisconsin, Michigan | December 31, 2025[4] |
| Old National | Bremer added 70 branches in Minnesota, North Dakota and Wisconsin | Minnesota, Wisconsin | 2025[5] |
Who are Nicolet National Bank's biggest competitors?
Among regional banks, Associated Banc-Corp (also headquartered in Green Bay), Wintrust in southern Wisconsin and west Michigan, and Old National after its Bremer purchase in Minnesota and Wisconsin. Nicolet's 10-K also names credit unions, internet-based banks, out-of-market banks, trust companies, brokers, mortgage companies and insurers.[3][4][5][1]
Is Associated Bank a competitor of Nicolet?
Yes. Both banks are headquartered in Green Bay, Wisconsin. Associated serves a four-state footprint of Wisconsin, Illinois, Minnesota and Missouri and has about $45.5 billion of assets against Nicolet's $15.4 billion. On AI, Associated cited 30 use cases in September 2026; Nicolet discloses none.[3][10][16][1]
Who competes with Nicolet in Minnesota?
Old National, whose 2025 acquisition of Bremer added 70 branches in Minnesota, North Dakota and Wisconsin, and Associated, which counts Minnesota in its four-state footprint. Old National's Bremer conversion finished in October 2025, and it reported all $111 million of expected Bremer cost saves by the first quarter of 2026.[5][3][40][41]
Is PayPal a competitor of Nicolet?
Nicolet's own 10-K says so by name: 'Companies as disparate as PayPal and Starbucks provide payment and exchange services which compete directly with banks.' PayPal had 439 million active accounts and $1.79 trillion of payment volume in 2025.[1][13]
What changed in Nicolet's competition after the MidWestOne merger?
The deal, closed February 13, 2026, added about $6 billion of assets, took the network to 114 branches and brought Nicolet into Iowa. It briefly added Denver, Colorado, but Nicolet sold those branches, about $402 million of loans and $388 million of deposits, to Sunwest Bank, completed on July 29, 2026.[9][1][42][35]
Who does Nicolet compete with in Iowa and the Twin Cities?
The markets came with MidWestOne, whose workforce was principally in Iowa, the Minneapolis-St. Paul area, southwest Wisconsin and Denver. Its last 10-K named commercial banks, thrifts, credit unions, finance arms of auto and farm-equipment makers, agricultural suppliers, other agriculture lenders, fintechs and digital-asset providers, some local and others statewide, regional or national.[8][9]
Does Nicolet compete with fintechs and robo-advisers?
Its 10-K says so. It names internet-based banks among its competitors, warns that online-only banks sustain heavy digital investment, names PayPal and Starbucks in payments and says AI-based applications and robo-advisers are beginning to compete in financial planning and wealth management.[1]
What are alternatives to Nicolet for business banking in Wisconsin?
Associated Banc-Corp, which is expanding its commercial bank and hired a head of AI for commercial banking in June 2026, and Wintrust, which opened new southern Wisconsin branches in 2025. Nicolet's own case, in its 10-K, is local decision-making on credit and relationship-focused service.[11][17][4][1]
- Nicolet Bankshares, Inc. Form 10-K for the fiscal year ended December 31, 2025
- Nicolet Bankshares, Inc. Completes Merger with MidWestOne Financial Group, Inc.
- Associated Banc-Corp Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Wintrust Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Acquisitive Old National eyes growth in Midwest, Southeast
- JPMorgan Chase & Co. Annual Report on Form 10-K for the year ended December 31, 2025
- Chime Reports Second Quarter 2026 Financial Results
- MidWestOne Financial Group, Inc. Form 10-K for the fiscal year ended December 31, 2024
- Nicolet Bankshares, Inc. Announces First Quarter 2026 Earnings
- Large Commercial Banks (data as of June 30, 2026)
- Associated Bank CEO wants to pave 'highway to private wealth'
- Chime Financial, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2025
- Who we are: history and facts
- PayPal Holdings, Inc. Annual Report (Form 10-K) for fiscal year 2025
- Nicolet National Bank and MidWestOne Bank: what customers should know
- Associated Banc-Corp at Barclays conference: growth, margins and AI (transcript)
- Associated Bank Hires Andy Miner as senior director, AI for Corporate & Commercial Banking
- AI driving funding growth via credit adjudication
- Financing the AI innovation roadmap
- Old National (ONB) Q1 2026 Earnings Transcript
- How CFOs Can Drive Real Returns From AI Investments
- Old National Bank increased loan review efficiency and capacity with Abrigo
- Old National Bancorp Quarterly Report on Form 10-Q for the quarter ended June 30, 2026
- Old National Bancorp Quarterly Report on Form 10-Q for the quarter ended March 31, 2026
- Old National Bancorp Reports Record Second Quarter 2026 Results; Announces Enhanced Executive Leadership Structure
- JPMorgan CEO Dimon warns customers of 'liability transfer' with AI
- JPMorgan Chase blocks outside AI agents like Muse, Instinct from directly accessing accounts
- JPMorgan warns of risks to consumers who rely on AI agents
- How Chime Is Using AI to Rewire Financial Services
- Chime Announces Agreement to Acquire Stride Bank
- PayPal Launches Agentic Commerce Services to Power AI-Driven Shopping
- OpenAI and PayPal Team Up to Power Instant Checkout and Agentic Commerce in ChatGPT
- PayPal partners with Meta's Muse AI assistant
- Building Relationships When Checking No Longer Confers Primacy
- Sunwest Bank Completes Acquisition of Former MidWestOne and Bank of Denver, Colorado Branches from Nicolet National Bank
- Associated Bank chief digital officer joins from BMO
- Nicolet National Bank Partners with NCR Voyix to Transform Digital Banking
- Strategic Growth and Stability (Wintrust at the RBC Capital Markets Global Financial Institutions Conference, transcript)
- Nicolet Bankshares, Inc. Form 10-Q for the quarter ended June 30, 2026
- Earnings call transcript: Old National Bancorp beats Q3 2025 forecasts
- Old National (ONB) Q1 2026 Earnings Call Transcript
- Nicolet Bankshares, Inc. Announces Second Quarter 2026 Earnings
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