Ames National Corporation Signs a Stock Purchase Agreement to Acquire Iowa State Savings Bank in Creston, Iowa (7/29/19)
AMES NATIONAL CORPORATION SIGNS A STOCK PURCHASE AGREEMENT TO ACQUIRE IOWA STATE SAVINGS BANK IN CRESTON, IOWA
Ames, Iowa. On July 29, 2019, Ames National Corporation entered into a Stock Purchase Agreement to acquire Iowa State Savings Bank in Creston, Iowa. The Agreement provides for the purchase of 100% of the outstanding stock of Iowa State Savings Bank, which has assets of approximately $207 million, including loans of roughly $141 million; deposit accounts of approximately $184 million and stockholder’s equity of $19.5 million. Following the stock acquisition, Iowa State Savings Bank will remain a separately chartered bank.
"We're excited about the synergy that this partnership will create,” said John P. Nelson, President and Chief Executive Officer at Ames National Corporation. “Community banking with local decisions is the basis of our banking philosophy. It’s clear that Iowa State Savings Bank shares this same philosophy of delivering local, responsive service and serving the community. This approach has served our banks and customers well over the past 44 years as Ames National Corporation has grown to over $1.4 billion in assets.”
Adam Snodgrass, CEO of Iowa State Savings Bank commented, “Joining Ames National Corporation as an independently chartered bank is a great opportunity that will provide benefits for our customers, communities and staff. This agreement means Iowa State Savings Bank will remain Iowa State Savings Bank with local decisions, no name change, no account changes, and the current management team continuing to lead the bank.” Snodgrass continued, “Headquartered in Iowa, Ames National Corporation has a reputation of being financially strong, customer-centric, and focused on maintaining community banking values. We are looking forward to working with the Ames National Corporation team as we continue to serve South Central and Southwest Iowa.”
Nelson noted, "With our strong capital position, Ames National Corporation is actively seeking growth opportunities to enhance shareholder value, and we believe the Iowa State Savings Bank will be an excellent fit for our community banking model.”
The transaction is expected to close in the fourth quarter of 2019, subject to regulatory approval and other customary closing conditions.
Click Here to view a Q&A about the transition.
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, 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.