November 05, 2009

Bank officials sought to clarify published reports that Ogden BancShares, Inc., a registered bank holding company that owns City State Bank here, Ames Community Bank, Community Bank of Boone and Vision Bank of Iowa, West Des Moines, and various nonbank subsidiaries, has entered into a written agreement with the Federal Reserve Bank of Chicago and the Iowa Division of Banking, Superintendent of Banking, designed "to correct certain deficiencies . . . relating to safety and soundness.

"The official document said, "It is the common goal of BancShares and the Federal Reserve Bank to maintain the financial soundness of BancShares so that BancShares may serve as a source of strength to the banks.A statement issued Monday by Ames Community Bank said any questions could be referred to Kurt Kuta, Ames Community Bank president and CEO, or Robert Grathwohl, Ogden BancShares, Inc./Ames Community Bank president and vice chairman.