Ames national corporation (nasdaqcm:atlo) completed the acquisition of iowa state savings bank from iowa community bancorp, inc. for approximately $22.3 million.

Ames national corporation (nasdaqcm:atlo) entered into a stock purchase agreement to acquire iowa state savings bank from iowa community bancorp, inc. for $22 million on july 29, 2019. under the transaction, 5000 shares of iowa state savings bank will be acquired. an amount of $2.2 million shall be deposited in an escrow account as a source of payment for indemnification obligations. the consideration is payable in cash and is subject to certain adjustments based on the financial condition of iowa state savings bank on the closing date. pursuant to the acquisition, iowa state savings bank will remain a separately chartered bank. under the agreement, iowa state savings bank will remain iowa state savings bank with local decisions, no name change, no account changes, and the current management team continuing to lead the bank. iowa state savings bank has assets of approximately $210 million and $19.5 million of stockholder’s equity at the end of the year. the transaction is subjected to regulatory approval, approval of shareholders of iowa community bancorp, third-party consents, execution of employment agreements, iowa state savings bank having completed the divestiture of its equity ownership interest in iowa community financial services, llc and other customary closing conditions. the transaction is expected to close in the end of october 2019. mark c. dickinson and willard l. boyd iii of nyemaster goode, p.c. acted as legal advisors for ames national corporation. robert a. gamble of davis brown law firm acted as legal advisor for iowa community bancorp, inc. while tim breitbach of eide bailly llp acted as accountant. ames national corporation (nasdaqcm:atlo) completed the acquisition of iowa state savings bank from iowa community bancorp, inc. for approximately $22.3 million on october 25, 2019.
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