Ames National Corp., Ames, Iowa, completed the acquisition of Creston-based Iowa State Savings Bank at the end of October. The 1.4 billion holding company purchased all of the outstanding stock of the $210 million bank for a cash payment of $22.3 million.
“We are pleased to welcome the ISSB organization to Ames National Corporation,” said John P. Nelson, president and CEO.
“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,” Nelson said. “As the company continues to actively seek growth opportunities to enhance shareholder value, we believe this acquisition will be an excellent fit for our community banking model.”
With $138 million in loans and $187 million in deposits, the addition of ISSB brings a stable loan and deposit customer base, team bankers and an expanded geographic footprint for Ames National with new offices in Creston, Lenox, Corning and Diagonal, Iowa.
“We are looking forward to working with the Ames National Corp. team as we continue to serve south central and southwest Iowa,” said Iowa State Savings Bank CEO Adam Snodgrass in July when the merger was announced.
“Headquartered in Iowa, Ames National Corp. has a reputation of being financially strong, customer-centric and focused on maintaining community banking values,” Snodgrass said.
“It’s clear that Iowa State Savings Bank shares this same philosophy of delivering local, responsive service and serving the community,” Nelson said in July.