First National Bank Ames, a
subsidiary of Ames National Corp., has agreed to buy the assets and liabilities
of First Bank, which traces its roots in West Des Moines to 1900 and has been
owned for the last 75 years by the Messerschmidt family.
Tom Pohlman, chairman
of Ames National, said the deal could close by August. A purchase price was not
disclosed. According to a release, the agreement provides for the purchase of
substantially all of the assets, including loans of approximately $49 million,
and assumption of substantially all of the liabilities, including deposit
accounts of approximately $80 million.
First Bank struggled during the collapse
of the housing and development markets, with its capital levels and earnings
suffering serious declines. "We think this is an opportunity for us to
bring capital to the bank that is needed and help grow that business,"
Pohlman said. First National Bank Ames has a branch in Ankeny. Ames National
has assets of about $1.2 billion.