First National Bank's Acquisition of Clarke County State Bank Complete
FIRST NATIONAL BANK, AMES, ACQUISTION OF CLARKE COUNTY STATE BANK FINALIZED
On Friday, September 14, 2018, First National Bank, Ames, Iowa, the Company’s largest affiliate
bank, announced the completion of the merger with Clarke County State Bank (CCSB). First National Bank now serves customers from ten office locations located in Ames, Ankeny, Johnston, Osceola, Murray and West Des Moines.
Dave Selene, former President of CCSB and now Market President of First National Bank, Osceola, commented, “After months of planning, we are excited that the transition is finalized. There’s a new name on the door, but the same friendly faces are here to provide the same great service our customers expect.”
In the merger, First National Bank acquired approximately $103 million in assets, approximately $77 million in loans and approximately $83 million in deposits as of September 14, 2018. The addition of CCSB to First National Bank brings a stable loan and deposit customer base, a quality group of bankers, and improved geographic footprint for the Company. The synergies between the CCSB and First National Bank’s approach to customer service and community involvement are also key components in this strategic acquisition.
Scott T. Bauer, President of First National Bank, commented, “We are pleased to welcome the CCSB family of customers and employees to First National Bank. It’s been a pleasure working with Dave Selene and his team over the last few months as we prepared to combine the experience and knowledge of two long-time community banks into one organization. Together, we look forward to our mutual commitment to providing a local, community banking experience, offering the latest in banking technology and building strong relationships.”
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.
For further information contact:
John P. Nelson, President and CEO
(515) 232-6251 or [email protected]