First National Bank Signs a Stock Purchase and Subsequent Merger Agreement with Clarke County State Bank in Osceola (4/19/18)
First National Bank Signs a Stock Purchase and Subsequent Merger Agreement with Clarke County State Bank in Osceola
Ames, Iowa. On April 19, 2018, First National Bank, Ames, Iowa, a 100% owned subsidiary of Ames National Corporation, entered into a stock purchase and subsequent merger agreement to acquire Clarke County State Bank in Osceola, Iowa. The Agreement provides for the purchase of 100% of the outstanding stock of Clarke County State Bank, Which has assets of approximately $111 million, including loans of roughly $78 million and deposit accounts of approximately $99 million. The Clarke County State Bank offices in Osceola and Murray, Iowa will become offices of First National Bank through this merger.
"We're excited about the opportunity to grow our client base and expand our community banking model in the Osceola area,” said Thomas H. Pohlman, Chairman, President and Chief Executive Officer at Ames National Corporation. “Community banking with local decisions is the basis of our banking philosophy. This philosophy provides our Affiliate Banks the opportunity to customize products and services to meet customer and community needs in the unique markets they serve. Our Affiliate Banks are focused on providing personal, responsive service coupled with the latest in banking technology. This approach has served our Banks and customers well over the past 43 years as Ames National Corporation has grown to over $1.4 billion in assets.”
Scott T. Bauer, President of First National Bank commented, “Clarke County State Bank and First National Bank both have a long history of expertise in community banking. We are pleased to bring this experience and knowledge together into one organization.” Bauer continued, “David Selene, President at Clarke County State Bank, along with his management team, will continue to lead the Bank Offices in Osceola and Murray. They have built a successful organization, and we are looking forward to working together with their team.”
Pohlman noted, "With our strong capital position, Ames National Corporation is actively seeking growth opportunities to enhance shareholder value, and we believe the Clarke County State Bank offices will be an excellent fit for our community banking model. We will work closely with employees of Clarke County State Bank to ensure a smooth transition and continue to deliver an exceptional customer service experience and innovative products and services," Pohlman said.
The transaction is expected to close in the third quarter of 2018, subject to regulatory approval and other standard closing conditions.
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:
Thomas H. Pohlman, President and CEO
(515) 232-6251 or [email protected]