March 28, 2019 —
Availa Bank and First American Bank enter into a Purchase and Assumption Agreement
Carroll, Iowa (March 29, 2019) – Availa Bank (“Availa”), Carroll, Iowa, and First American Bank, Fort Dodge,Iowa, announced today that they have entered into a purchase and assumption agreement. Availa will purchase three branch locations in western & central Iowa from First American Bank. The branch offices to be purchased include Ames, Ankeny, and Sioux City. The transaction is subject to regulatory approval and is expected to close in the second quarter 2019.
Availa President and CEO, Jeff Scharfenkamp, stated, “Availa is a longstanding Iowa bank with roots dating back to 1870. We are excited about the opportunity to expand our footprint and serve the communities of Ames, Ankeny & Sioux City. Availa is dedicated to providing comprehensive banking products with the highest level of service to our customers.” Scharfenkamp stated that at the close of the transaction all existing employees of the acquired branches are expected to join the Availa team, including David Hagen from the Ames office and Lawrence Jensen in Sioux City. “We look forward to fostering the relationships that David, Lawrence and their teams have formed within these communities and we are committed to providing them with the level of service and products they have come to know and expect.”
John A. Fisher, CEO and President of First American Bank commented, “First American Bank is proud to have served these communities. Availa has an extensive history of community banking in Iowa and we are confident that our Ames, Ankeny and Sioux City customers will benefit from their commitment to relationship banking.” Fisher added, “The sale of these branches allows First American Bank to focus on strategic initiatives including increasing shareholder value through operational efficiencies, increased earnings and strengthening the balance sheet.”
Hovde Group, LLC served as exclusive financial advisor to First American Bank.
General
Availa Bank’s roots date back to 1870 when it was originally chartered. Availa is the first three syllables of the word available, a word that defines the bank’s mission — to empower our team to inspire and enable our clients and the communities we serve to achieve financial success. Availa Bank locations are in the following communities: Ames, Ankeny, Carroll, Coon Rapids, Council Bluffs, Fort Dodge, Holstein, Jewell, Nevada, Omaha (LPO Only), Pocahontas, Sioux City and Webster City. For more information about Availa Bank, visit www.Availa.Bank. Member FDIC.