Date: 11/16/2023

Title: CHIEF FINANCIAL OFFICER RETIREMENT ANNOUNCED AND NEW OFFICER APPOINTMENTS MADE

AMES, IOWA – On Nov. 8, 2023, John L. Pierschbacher, currently serving as the Chief Financial Officer of Ames National Corporation (the “Company”), notified the Company of his intent to retire effective July 5, 2024.

Justin C. Clausen, who currently serves as Chief Accounting Officer of the Company, was appointed to the role of Chief Financial Officer effective July 5, 2024, and, in that capacity, to also serve as the principal financial and accounting officer of the Company. Clausen has been employed by the Company since March 2020, serving as Chief Accounting Officer since May 2023, and previously as Controller. Prior to joining the Company, Clausen served as a Senior Accounting Analyst with Principal Financial Group since September 2017, and prior to that in various financial positions with First National Bank of Omaha and a public accounting firm.

Mike Wilson, who previously served as Executive Vice President of Innovation & Corporate Services for the Company, was appointed as Executive Vice President and Chief Lending Officer effective Nov. 9, 2023. Wilson has been employed by the Company since September 2022. Previously, Wilson served as the Chief Lending Officer of Bankers Trust Company of Des Moines, Iowa, from April 2017 to February 2022, and served as a member of the leadership team for Metropolitan Life Insurance Company’s Agricultural Investments unit from April 2007 to April 2017.  Prior to 2007, Wilson served with the Norwest Bank/Wells Fargo family of companies in various ag and commercial lending and leadership roles in Wyoming, Nebraska, and Iowa for 16 years, including several years in the Des Moines metro market.   

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Ames National Corporation is listed on the NASDAQ Capital Market under the ticker symbol, ATLO. The Company’s affiliate banks include: First National Bank, Ames, Iowa; Boone Bank & Trust Co., Boone, Iowa; State Bank & Trust Co., Nevada, Iowa; Iowa State Savings Bank, Creston, Iowa; Reliance State Bank, Story City, Iowa; and United Bank & Trust Co., Marshalltown, Iowa. Additional information about the Company can be found at AmesNational.com.

Contact: John P. Nelson, President, 515-232-6251

Photos provided, credit Ames National Corporation: (First) Justin C. Clausen and (Second) Michael "Mike" A. Wilson