December 22, 2016 —

Carroll County State Bank (now Availa Bank) and First American Bank enter into a Purchase and Assumption Agreement

Carroll, Iowa (December 22, 2016) - Carroll County State Bank (“CCSB”), Carroll, Iowa, and First American Bank, Fort Dodge, Iowa, announced today that they have entered into a purchase and assumption agreement. CCSB will purchase three branch locations in central Iowa from First American Bank. The branch offices to be purchased include Webster City, Jewell, and Roland. The transaction is subject to regulatory approval and is expected to close in the first quarter 2017.

CCSB President and CEO, Jeff Scharfenkamp, stated, “CCSB is a longstanding Iowa bank with roots dating back to 1870. We are excited for the opportunity to expand our footprint and serve the communities of Webster City, Jewell, and Roland. CCSB 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 will join the CCSB team and Scott Bargfrede will continue to serve as the Market President, “We look forward to fostering the relationships that Scott Bargfrede and his team 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 the communities of Webster City, Jewell, and Roland. CCSB has an extensive history of community banking in Iowa and we are confident that our Webster City, Jewell, and Roland 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.”