Ames National Corp. Announces 2024 Annual Shareholder Meeting Details

TL;DR

<b>Ames National Corporation is holding its 2024 Annual Shareholder Meeting on April 24, 2024, to elect directors and ratify auditors.</b>

AI Summary

AMES NATIONAL CORP (ATLO) filed a Proxy Statement (DEF 14A) with the SEC on March 12, 2024. Ames National Corporation will hold its 2024 Annual Meeting of Shareholders on April 24, 2024, at 4:30 p.m. local time in Ames, Iowa. Shareholders will vote on the election of four new directors to the Board, with two current directors not seeking re-election due to mandatory retirement age. The meeting agenda includes the ratification of FORVIS, LLP as the Company's independent registered public accounting firm for 2024. Proxy materials are being made available online starting March 12, 2024, with instructions for accessing them on the company's website. Shareholders are encouraged to vote by proxy via the internet or by returning a signed proxy card.

Why It Matters

For investors and stakeholders tracking AMES NATIONAL CORP, this filing contains several important signals. The election of four directors, including two new nominees, signifies a transition in the board's composition due to mandatory retirement policies. The ratification of FORVIS, LLP as the independent auditor is a standard but crucial step for financial transparency and regulatory compliance.

Risk Assessment

Risk Level: low — AMES NATIONAL CORP shows low risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational risks indicated.

Analyst Insight

Shareholders should review the director nominees and auditor ratification proposals before casting their votes.

Key Numbers

• 11 — Current Directors (The Board of Directors presently consists of eleven directors.)
• 4 — Directors to be Elected (Consequently, you will be asked to vote on the election of four members of the Board of Directors.)
• 2 — New Director Nominees (two nominees who have not previously served as directors have been nominated by the Board of Directors to stand for election)
• 2 — Retiring Directors (The two directors that will not stand for re-election have reached mandatory retirement age)

Key Players & Entities

• AMES NATIONAL CORP (company) — Registrant name
• April 24, 2024 (date) — Date of Annual Meeting
• FORVIS, LLP (company) — Independent registered public accounting firm
• March 12, 2024 (date) — Mailing date of proxy materials

FAQ

Risk Factors

• Compliance with SEC Regulations [low — regulatory]: The company must comply with all SEC regulations regarding proxy solicitations and annual meetings.
• Shareholder Participation [low — operational]: Ensuring adequate shareholder participation and voting is crucial for the legitimacy of the meeting's outcomes.

Industry Context

Ames National Corporation operates within the national commercial banking sector, subject to banking regulations and market conditions.

Regulatory Implications

The company is subject to the Securities Exchange Act of 1934 and related SEC rules governing proxy statements and shareholder meetings.

What Investors Should Do

1. Review the qualifications of the four director nominees.
2. Confirm the ratification of FORVIS, LLP as the independent auditor.
3. Submit proxy vote in advance of the April 24, 2024 meeting.

Key Dates

• 2024-04-24: 2024 Annual Meeting of Shareholders — Shareholders will vote on director elections and auditor ratification.
• 2024-03-12: Mailing of Proxy Materials — Notice of Internet Availability of Proxy Materials begins mailing to shareholders.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a definitive proxy statement, typically filed annually to provide shareholders with information for the annual meeting.

Filing Documents

• atlo20240304_def14a.htm (DEF 14A) — 389KB
• ameslogo01.jpg (GRAPHIC) — 11KB
• pxy01.jpg (GRAPHIC) — 203KB
• pxy02.jpg (GRAPHIC) — 145KB
• sig01.jpg (GRAPHIC) — 3KB
• sig02.jpg (GRAPHIC) — 5KB
• 0001437749-24-007444.txt (&nbsp;) — 895KB

SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS

SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN BENEFICIAL OWNERS 17 Directors and Named Executive Officers 17 Other Beneficial Owners 19 Delinquent Section 16(a) Reports 19 Policy on Hedging Transaction 20

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 20 Summary Compensation Table for 2023 and 2022 20 Narrative Discussion of Summary Compensation Table 21 Pay Versus Performance Table 25 LOANS TO DIRECTORS AND EXECUTIVE OFFICERS AND RELATED PARTY TRANSACTIONS 27 REPORT OF THE AUDIT COMMITTEE 27 RELATIONSHIP WITH INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 28 PROPOSALS BY SHAREHOLDERS 29 AVAILABILITY OF FORM 10-K REPORT 30 OTHER MATTERS 30 Table of Contents AMES NATIONAL CORPORATION 405 5th Street Ames, Iowa 50010 PROXY STATEMENT FOR ANNUAL MEETING OF SHAREHOLDERS To Be Held on April 24, 2024 This Proxy Statement is furnished to the shareholders of Ames National Corporation, an Iowa corporation (the "Company"), in connection with the solicitation of proxies by the Board of Directors of the Company (the "Board") for use at the Annual Meeting of Shareholders to be held Wednesday, April 24, 2024, at 4:30 p.m., local time, at Reiman Gardens, 1407 University Blvd., Ames, Iowa, and at any adjournment or postponement thereof (the "Meeting"). The Notice of Internet Availability of Proxy Materials ("Notice of Availability") and the Notice of Annual Meeting of Shareholders are being mailed to the shareholders on or about March 12, 2024. If you have requested to receive a paper copy of the proxy materials, those materials (including a proxy card and return envelope) will also be mailed on or about March 12, 2024. GENERAL INFORMATION ABOUT THE MEETING AND VOTING Why is the Company making these materials available to me? The Board is soliciting your proxy to vote at the Meeting because you were a shareholder of record of the Company at the close of business on February 28, 2024 (the "Record Date"). As a shareholder of record on the Record Date, you are entitled to vote at the Meeting. You are invited to attend the Meeting and vote your shares on the proposals described in this Proxy Statement, including the election of directors to the Board. What

View Full Filing

View this DEF 14A filing on SEC EDGAR