Title: Ames National Corporation Announces the Acquisition of Iowa State Savings Bank (10/28/19)
AMES NATIONAL CORPORATION ANNOUNCES THE ACQUISITION IOWA STATE SAVINGS BANK
Ames National Corporation (the 'Company') today announced the completion of its previously announced acquisition of Iowa State Savings Bank ('ISSB') by the Company. ISSB is headquartered in Creston, Iowa with offices in Creston, Lenox, Corning and Diagonal, Iowa. The acquisition was structured as a purchase of all the outstanding stock of ISSB from its parent holding company for a cash payment of approximately $22.3 million.
ISSB has approximately $210 million in assets, $138 million in loans and $187 million in deposits as of October 25, 2019. The addition of ISSB brings a stable loan and deposit customer base, a talented team bankers and an expanded geographic footprint for the Company. The synergies between the ISSB and the Company's approach to customer service and community involvement are also key components in this strategic acquisition.
John P. Nelson, President & CEO of the Company, commented, 'We are pleased to welcome the ISSB organization to Ames National Corporation. Iowa State Savings Bank will remain a separately-chartered Bank with local decisions, no name change, no account changes and the current management team continuing to lead the bank. As the Company continues to actively seeking growth opportunities to enhance shareholder value, we believe this acquisition will be an excellent fit for our community banking model.'
About Ames National Corporation
Ames National Corporation is listed on the NASDAQ Capital Market under the ticker symbol, ATLO. The Corporation affiliate banks, all located in central Iowa, include: First National Bank, Ames; Boone Bank & Trust Co., Boone; Iowa State Savings Bank, Creston; State Bank & Trust Co., Nevada; Reliance State Bank, Story City; and United Bank & Trust, Marshalltown. Information regarding the process for purchasing stock can be obtained through Richard Nelson at First Point Wealth Management, (515) 663-3074.
For further information contact:
John P. Nelson, President and CEO
(515) 232-6251 or John.Nelson@amesnational.com