First National Bank, Ames, Iowa, announced April 19 it has reached an agreement to acquire Clarke County State Bank in Osceola, Iowa, in an all stock purchase.
Clarke County State Bank has assets of approximately $111 million, including loans of roughly $78 million and deposit accounts of approximately $99 million. When the merger is complete, Clarke County State Bank offices in Osceola and Murray will become offices of First National Bank.
“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 CEO at Ames National Corporation. First National Bank of Ames is a subsidiary of 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. … 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 said, “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.”
David Selene, president at Clarke County State Bank, along with his management team, will continue to lead the offices in Osceola and Murray, Bauer announced in a press release. “They have built a successful organization, and we are looking forward to working together with their team,” Bauer said.
Pohlmann said Ames National Corporation is actively seeking growth opportunities. “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,” he said.
The transaction is expected to close in the third quarter of 2018, subject to regulatory approval and other standard closing conditions.