Carroll-based Availa Bank announced today (Thursday) they have entered into an agreement to acquire three western and central Iowa branches. Under the arrangement, Availa Bank will be purchasing the Ames, Ankeny and Sioux City locations operated by First American Bank out of Fort Dodge. “Availa is a longstanding Iowa bank with roots dating back to 1870. We are excited about the opportunity to expand our footprint and serve these communities,” says President and CEO, Jeff Scharfenkamp. Existing bank employees at these locations are expected to become a part of the Availa team during the transition. John Fisher, First American Bank president and CEO, says, “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.” He adds the sale of these locations will allow First American to focus on strategic initiatives, such as increasing shareholder value through operational efficiencies, increased earning and strengthening the balance sheet. The transaction is subject to regulatory approval and is expected to close sometime in the second quarter of 2019.
