Ames National (ATLO) Director Adds Small Stake in Open-Market Buy

Rhea-AI Filing Summary

Director Michelle R. Cassabaum filed a Form 4 disclosing the open-market purchase of 164 Ames National Corp. (ATLO) common shares on 31-Jul-2025 at $18.29 per share. Her direct ownership rises to 8,591 shares; no derivative securities were reported. The transaction does not involve other insiders and was not executed under a 10b5-1 plan. Given the small size—adding roughly <0.1% to her holdings—the filing signals limited but positive personal conviction while carrying negligible impact on ATLO’s overall share float or valuation.

Insights

Portfolio Manager

TL;DR modest insider buy; limited market impact.

The purchase value is about $3,000, far below thresholds typically viewed as material. Nonetheless, insider buying—especially by a director—tends to be interpreted as a vote of confidence in future prospects. Because the trade neither alters insider ownership meaningfully nor coincides with earnings releases, I view the disclosure as neutral from a portfolio-allocation standpoint. Liquidity, credit profile and earnings outlook for ATLO remain the primary drivers of the stock.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Cassabaum Michelle R

(Last) (First) (Middle)

PO BOX 846

(Street)

AMES IA 50010

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AMES NATIONAL CORP [ ATLO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/31/2025		P		164	A	$18.29	8,591	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	John P Nelson by power of attorney	08/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many ATLO shares did Director Michelle Cassabaum purchase?

She bought 164 common shares.

What price did the ATLO insider pay per share?

The shares were purchased at $18.29 each.

What is Michelle Cassabaum’s total ATLO holding after the transaction?

Her direct ownership increased to 8,591 shares.

Did the Form 4 include any derivative securities?

No; only common stock was reported.

Was the trade executed under a Rule 10b5-1 plan?

The filing does not indicate a 10b5-1 trading plan.