Brian Love, Head of Banking & Fintech at Travillian, sits down with Mike Daniels, Chairman, President and CEO of Nicolet Bank, to talk about how a Green Bay de novo grew into a $15 billion franchise. Mike co-founded Nicolet in 2000 with Bob Atwell, raising $18.5 million and opening with 20 people and zero revenue. Since then, Nicolet has completed more than ten acquisitions, most recently its merger with MidWestOne, which closed in February 2026.
Mike explains why he believes bank M&A is about buying promises, and why the math can’t be the only reason for a deal. He shares how Nicolet decides who to keep after an acquisition, how roles change as a bank scales past $10 billion, and why he asks 1,500+ employees to get a little better each day instead of being great. He also covers what he looks for in new hires, how the industry proved its resilience in 2023 and where consolidation goes from here.
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Episode Breakdown: Nicolet Bank’s Path from De Novo to $15 Billion
00:00 – Welcome and Introductions
Brian welcomes Mike Daniels, Chairman, President and CEO of Nicolet Bankshares. He recaps the bank’s story: a de novo co-founded in 2000 with Bob Atwell in Green Bay, now roughly $15 billion in assets. Along the way, Nicolet has completed more than ten acquisitions, including its combination with MidWestOne. The two also trade a little Green Bay quarterback humor.
02:27 – A 24-Year-Old Commercial Banker
Mike joined the credit training program at Kellogg Citizens National Bank, now Associated Bank, in 1987. His future co-founder Bob Atwell was hired the same day. When the bank bought and integrated a bank ten minutes away, Mike suddenly found himself a 24-year-old commercial banker. He says a business degree, college football and a knack for talking to anyone carried him from there.
04:08 – Going All In on a De Novo
After 13 years running one of Associated’s two commercial lending groups, Mike says he had more relationship equity than actual equity. He believes you don’t plan your next move while someone else is paying you. He and Bob started talking in early February 2000 and quit by mid-March. They took a line of credit, a second mortgage and a personal guarantee, which he says makes things real in a heartbeat.
04:55 – Why Nicolet Bank Opened Its Doors
Brian points to Tim Schneider, who started County Bancorp’s Investors Community Bank when agricultural lending left the area, and asks if Nicolet had a similar reason. Mike says his old bank was chasing bright, shiny things in markets where it had no share. Nicolet started with a white sheet of paper, raised $18.5 million and opened on November 1, 2000, with 20 people and zero revenue.
06:27 – Three Circles of Shared Success
Nicolet’s vision hasn’t changed: matter to customers, matter to the community and be better to one another. Mike calls it three circles of shared success, covering shareholders, customers and employees inside a bigger circle of community. He describes an owner-managed, entrepreneurial culture. He also jokes he probably wasn’t smart enough to be hired as a bank CEO anywhere else, so he had to start his own.
07:37 – From Founder-Centric to Followership
Every startup begins centered on its founders, but Mike says growing a company is about leading, not managing. Today, 1,550 people choose to follow Nicolet, and he sees himself at the bottom of an inverted pyramid. Decisions can’t all be made in Green Bay, so local people have to matter in their communities. He shares the story of a VP commercial banker who started as a 16-year-old intern and says the message hasn’t changed in 18 years.
10:39 – A Little Bit Better Each Day
Mike’s mantras are “we do common things uncommonly well” and “get comfortable being uncomfortable.” He says asking people to be great makes them freeze. Instead, he asks everyone to get a little better each day and lets that compound across 1,550 people. In Green Bay terms, you show up to win Super Bowls, not play for Pro Bowls, and you develop talent through the draft.
13:11 – Bank M&A Is Buying Promises
Brian asks how Nicolet keeps people after a deal. Mike says a seller is investing its company into yours, and what you’re really buying is relationships. Nicolet Bank’s $11 billion in deposits and $10 billion in loans are promises, and only people keep promises. The math matters for a public company, but it can’t be the reason, so the first job is finding who is closest to the revenue.
15:03 – Cultural Intentionality, Not Cultural Sameness
Systems can be combined easily, but Mike says two cultures are never the same. Nicolet spends its time on cultural intentionality: how it goes to market, what yes looks like and how much latitude bankers get. In diligence, the first thing he looks at is whether a bank leads local and truly matters in its markets.
16:31 – The MidWestOne Deal
The MidWestOne merger was Nicolet’s biggest yet. Mike says his conviction started with the leadership, including CEO Chip Reeves, whom he describes as genuine and transparent. He asked them who was closest to the revenue, then started with the leaders of those teams. The continuity of MidWestOne’s commercial banking teams has gone very well, and he reminds Brian it’s a people business.
17:48 – Scaling Past $10 Billion
Brian brings up SouthState CEO John Corbett and how talent needs change with size. Mike says Nicolet planned for crossing $10 billion early, since it was a matter of when, not if. As a bank grows, roles get narrower but more demanding, so you hire a controller who can scale. Most of that change happens in the back office, and big-bank hires can need six to eight months of unlearning.
20:26 – When an Acquired Bank Brings Better Talent
Mike says Nicolet keeps quality talent from acquired banks, as long as they are noticeably better. Many people have grown into bigger roles, like an operations manager who became a regional retail leader. Back-office talent now sits across Iowa City, the Fox Valley, central Wisconsin and Minnesota. MidWestOne’s former chief risk officer is now Nicolet’s enterprise risk manager.
22:27 – Developing the Next Generation
Brian mentions Bridgewater Bank in Minnesota, where the median employee age was once 33. Mike says nobody grows up wanting to be a community banker, so Nicolet works to bring in young talent across every line of the bank and show them a clear path. Early on, trainees hired in Green Bay didn’t want to move to Wausau or Marquette. He says career growth is a two-way street, and people should ask what they are doing to earn what’s next.
24:59 – What Mike Hires For
Brian shares John Corbett’s two hiring traits, humility and hustle. Mike looks for teamwork, passion and people who got out of their comfort zone. He admits a bias for athletes because they understand time management, hard work, winning and losing. You can teach the job, but not work ethic, and no one is bigger than the brand.
26:12 – Showing Up After a Loss
Brian shares that his son’s soccer team didn’t win a game this season, yet the kids still loved going to practice. Mike says life isn’t linear, and what matters is showing up the next day after a loss and getting a little better. Brian adds that it builds character.
27:24 – Where the Industry Goes Next
Mike says Nicolet Bank expects to deliver top-decile performance after the MidWestOne integration, noting the deal was announced a year ago this week. He points to 2023, when pundits predicted a dozen banks would be left, as proof the industry is resilient. He expects continued consolidation, but not down to 1,000 banks. Results are the rearview mirror, he says, and the reason has to be people who matter in their communities.
31:33 – Favorite Movie
Brian closes with his signature question. Mike loves anything with Will Ferrell, from Step Brothers to Talladega Nights. Brian says the Step Brothers interview scene gets quoted at Travillian all the time. They sign off with “Go Brewers, go Packers.”
Get in Touch with Brian!
Want to talk leadership hiring, building your team through M&A or preparing for your next stage of growth? Reach out to Brian directly:
📧: blove@travilliangroup.com 📞: (484) 680-6950
