North Central Bancshares, Inc. Announces Repurchase of Warrants from U.S. Treasury

North Central Bancshares, Inc. Announces Repurchase of Warrants from U.S. Treasury

Fort Dodge, Iowa - January 11, 2012

North Central Bancshares, Inc. (the "Company") (NASDAQ: FFFD), the holding company for First Federal Savings Bank of Iowa (the "Bank") announced today that, on January 11, 2012, it completed the repurchase of the warrant to purchase the Company's common stock ("Warrant") held by the U.S. Department of the Treasury ("Treasury") as part of the Treasury's Troubled Asset Relief Program's Capital Purchase Program ("CPP").  The Warrant entitled Treasury to purchase 99,157 shares of the Company's common stock at an exercise price of $15.43 per share.  The Company paid $600,000 to the Treasury to repurchase the Warrant. 

With this transaction complete, the Treasury no longer holds any investment in North Central Bancshares, Inc. under the CPP. "With the prior redemption of the CPP Preferred Stock and now the repurchase of the Warrant that had been issued to Treasury under the CPP, we are very pleased to have fully repaid our obligation and conclude our participation in Treasury's Capital Purchase Program," said David M. Bradley, Chairman, President and Chief Executive Officer of the Company. 

North Central Bancshares, Inc. Background

), with up to $452.3 million in assets as of December 31, 2010, is the holding company for First Federal Iowa, a state-chartered commercial bank. Established in 1954, First Federal is a community-oriented institution that is proud to serve Iowa through 11 full-service locations in Fort Dodge, Nevada, Ames, Ankeny, Perry, Clive, West Des Moines, Burlington and Mt. Pleasant. First Federal Iowa's deposits are insured by the Federal Deposit Insurance Corporation. For more information, visit First Federal Iowa's website, .

For more information, contact:
Dave Bradley
President and CEO
North Central Bancshares, Inc.
West Des Moines, Iowa 50266
515.226.0800