Midwest Holding Inc. was founded as a Nebraska holding company by Rick and Travis Meyer in October 2003. Through their efforts, more than $11 million was raised from 4,400 residents of Nebraska for the purpose of building and developing not only a successful holding company, but also to charter a life insurance company to serve residents of the state. Subsequent offerings and acquisitions have brought the Company's shareholder base to more than 11,800.
In September, 2009, Midwest capitalized American Life & Security Corp., the first life insurance company organized in the state of Nebraska in more than 30 years.
In June, 2010, American Life acquired Capital Reserve Life Insurance Company, for $1.9 million cash.
In 2011, we acquired Old Reliance Life Insurance Company, an Arizona-domiciled life insurance for $1.6 million in cash and 150,000 shares of common stock. We simultaneously merged American Life into Old Reliance and renamed the survivor "American Life & Security Corp." This acquisition expanded the number of states we could market in from 3 to 14.
In July, 2014 we acquired all of the outstanding shares of Great Plains Financial Corp and Security Capital Corp in a share exchange. We had previously acquired approximately 22% of Great Plains and 60% of Security Capital. Great Plains was a South Dakota holding company that owned a South Dakota Life insurance company, Great Plains Life Assurance Company. Security Capital was dormant.
In October, 2015, we acquired First Wyoming Capital Corporation in a share exchange. We had caused this company to be formed and owned 22% prior to the merger. FWCC owned a Wyoming Life insurer, First Wyoming Life Insurance Company.
Also, In October 2015 Rick Meyer, our founder, retired. Travis Meyer, our cofounder had resigned a year earlier to pursue outside business interests. Following Mr. Meyer's retirement, Mark A. Oliver, our CEO, was named chairman. Additionally, several new member were added to the Midwest Board.
In 2016, Northstar Financial Corp., a Minnesota holding company, voted to merge with Midwest. Northstar had been formed in 2014 to raise capital to form a Minnesota life insurance company and was not successful in accomplishing that goal. Northstar added approximately 1700 shareholders to Midwest.
Also in 2016, we re-domesticated American Life and First Wyoming Life to Nebraska and will be merging First Wyoming Life and Great Plains Life into American Life to streamline operations. Capital Reserve was sold to a third party in August 2016.
Midwest continues to aggressively pursue its long-term growth strategy of building a large, profitable financial services company. Management has added several key individuals to help guide the company towards the attainment of these objectives. Midwest intends to pursue mergers and acquisitions of other holding or life insurance companies as well as expand the writing of profitable life insurance policies in "Middle America".
Management realizes that liquidity is key to all shareholders and has worked hard on a strategy to provide liquidity for those individuals who want to buy or sell shares of the Company's common stock. Currently, the Company's stock is being traded on the OTCQB market.