Ames National Corporation (NASDAQ: ATLO) is a multi-bank holding company established in 1975 and headquartered in Ames, Iowa. The company operates through six wholly-owned subsidiary banks: First National Bank, Boone Bank & Trust Co., Iowa State Savings Bank, State Bank & Trust Co., Reliance State Bank, and United Bank & Trust Co. These institutions collectively serve 11 communities from 18 banking offices across central, north-central, and south-central Iowa.
Ames National's business model is centered on traditional community banking. Its primary revenue source is net interest income generated from its loan and investment portfolios, supplemented by noninterest income from wealth management, trust services, and deposit fees. The company's lending activities encompass commercial, agricultural, real estate, and consumer loans, which are funded predominantly by local retail and commercial deposits. By maintaining decentralized, local decision-making at its affiliate banks while centralizing back-office operations, compliance, and risk management at the holding company level, Ames National effectively balances community-focused customer service with operational efficiency. The company's competitive position is rooted in its deep ties to the Iowa communities it serves, its conservative underwriting standards, and its relationship-based approach to lending and wealth management.
