WEST DES MOINES, Iowa, Oct. 1 /PRNewswire-FirstCall/ -- West
Bancorporation, Inc., (Nasdaq: WTBA) today announced it closed on the purchase
of substantially all of the assets of VMF Capital, LLC, on Wednesday,
October 1.
VMF Capital -- the largest independent investment advisor in Iowa -- has
25 employees in its Cedar Rapids and Clive, Iowa, offices and assets under
management of approximately $370M.
"We've been pleased with VMF Capital's people and performance during our
two-year alliance," said Thomas E. Stanberry, Chairman, President and Chief
Executive Officer of West Bancorporation. "We now have the ability to provide
the asset management services important to our customers, and we look forward
to growing this line of business."
"This is a great day for our individual and institutional clients," said
Donald E. Flynn, Managing Partner and CEO of VMF Capital. "West Bancorporation
has the strength to help continue the growth of VMF Capital."
The information contained in this Press Release and other financial
reports may contain forward-looking statements about the Company's growth and
acquisition strategies, new products and services, and future financial
performance, including earnings and dividends per share, return on average
assets, return on average equity, efficiency ratio and capital ratio. Certain
statements in this news release constitute "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995. Such
forward-looking information is based upon certain underlying assumptions,
risks and uncertainties. Because of the possibility of change in the
underlying assumptions, actual results could differ materially from these
forward-looking statements. Risks and uncertainties that may affect future
results include: competitive pressures, pricing pressures on loans and
deposits, actions of bank and non-bank competitors, changes in local and
national economic conditions, changes in regulatory requirements, actions of
the Securities and Exchange Commission and/or the Federal Reserve Board, and
customer's acceptance of the Company's products and services. The Company
undertakes no obligation to revise or update such statements to reflect
current events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
ABOUT WEST BANCORPORATION
West Bancorporation, Inc. is headquartered in West Des Moines, Iowa and is
the parent company of West Bank. West Bank focuses on lending, deposit
services and trust services for consumers and small to medium sized
businesses. The Bank has eight full-service offices in the greater Des Moines
area and two full-service offices in Iowa City. Visit
http://www.westbankiowa.com/ for more information.
SOURCE West Bancorporation, Inc.
-0- 10/01/2003
/CONTACT: Doug Gulling, Chief Financial Officer of West Bancorporation,
Inc., +1-515-222-2309/
/Web site: http://www.westbankiowa.com /
(WTBA)
CO: West Bancorporation, Inc.; VMF Capital, LLC
ST: Iowa
IN: FIN
SU: TNM
SH-AM
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5312 10/01/200317:28 EDThttp://www.prnewswire.com