March 28, 2019
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.
Availa Bank locations are in the following communities: Carroll, Ames, Ankeny, Arcadia, Coon Rapids, Council Bluffs, Fort Dodge, Holstein, Jewell, Nevada, Roland, Sioux City, Pocahontas, and Webster City. For more information about Availa Bank, visit the website at www.Availa.Bank and follow them on Facebook. Member FDIC.