Ames National : Announces the Acquisition of Iowa State Savings Bank (10/28/19)
October 29, 2019 at 02:37 am IST
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Date: 10/28/2019
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
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Ames National Corporation published this content on 28 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2019 21:06:06 UTC
Ames National Corp is a bank holding company for its banking subsidiaries, First National Bank, Ames, Iowa (FNB); State Bank & Trust Co., Nevada, Iowa (SBT); Boone Bank & Trust Co., Boone, Iowa (BBT); Reliance State Bank, Story City, Iowa (RSB); United Bank & Trust Co., Marshalltown, Iowa (UBT), and Iowa State Savings Bank, Creston, Iowa (ISSB). The Bankâs lending activities consist primarily of short-term and medium-term commercial and agricultural real estate loans, residential real estate loans, agricultural and business operating loans and lines of credit, equipment loans, vehicle loans, personal loans and lines of credit, home improvement loans and origination of mortgage loans for sale into the secondary market. It provides a variety of checking, savings and time deposits, cash management services, merchant credit card processing, safe deposit boxes, wire transfers, direct deposit, and automated/video teller machine access and automatic drafts (ACH) for various accounts.