AMES NATIONAL CORPORATION (NASDAQ:ATLO) Files An 8-K Other EventsItem 8.01 Other Events
On December 22, 2017, the Tax Cut and Jobs Act Bill (Tax Legislation) was enacted, which among other things, reduced the federal income tax rate for C corporations from 35% to 21% effective on January 1, 2018. Upon enactment, Ames National Corporation will write down the Company’s deferred tax asset, which will have the effect of reducing net income between approximately $1.0 million and $1.2 million.
The impact of the Tax Legislation may differ from this estimate, possibly materially, due to, among other things, changes in interpretations and assumptions the Company has made.
About AMES NATIONAL CORPORATION (NASDAQ:ATLO)
Ames National Corporation is a bank holding company for five community banks. The Company operates through banking segment. The Company owns approximately 100% of the stock of over five banking subsidiaries consisting of approximately two national banks and over three state-chartered banks. All of the Company’s operations are conducted in the State of Iowa and primarily within the central and north central Iowa counties of Boone, Hancock, Marshall, Polk and Story where the Company’s banking subsidiaries are located. The Banks offer a range of deposit services, including checking accounts, savings accounts and time deposits of various types, ranging from money market accounts to longer-term certificates of deposit. The Banks also offer retirement accounts, such as individual retirement accounts (IRAs). The Banks provide financial products, such as Internet banking and trust services for customers and communities.