WCF Bancorp : Financial Bank Acquires Land; Announces Plans to Build New Branch in Tama, Iowa

WCF BANCORP, INC.

401 Fair Meadow Drive

Webster City, IA 50595

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Timothy R. Kluender, President/CEO

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PRESS RELEASE: WCF Financial Bank Acquires Land; Announces Plans to Build New Branch in Tama, Iowa

FOR IMMEDIATE RELEASE - December 23, 2022

WCF Bancorp, Inc. (OTC Pink: WCFB) ("WCFB" or the "company"), the holding company for WCF Financial Bank (the "bank"), announces the bank's acquisition of a 2.35 acre parcel of land in Tama, Iowa. The land will be utilized to construct a new branch office in the community. Groundbreaking is anticipated to take place in the spring of 2023, with building completion by year-end. The new property is adjacent to the south of the bank's current location at 2000 McClellan Street in Tama, which the bank has leased since entering the Tama market in 2020.

The new facility will include a 4,500 square foot single-story building offering full-service banking, a multi-lanedrive-up, along with night depository and ATM services. The building will feature a prairie-style architectural design that lends itself to the heavily wooded lot. The bank intends to replace all trees displaced by the construction with new plantings. The building's interior will incorporate a vaulted lobby with modern aesthetics to create a welcoming and superior experience for customers and employees alike.

The bank has chosen Kirk Gross Company of nearby Waterloo, Iowa, as the general contractor. Kirk Gross Company has 85 years of experience in planning, designing, building, and furnishing commercial construction projects for banks in Iowa and throughout the nation.

"Acquisition of this building lot, along with execution of a Letter of Understanding with Kirk Gross Company, signifies a milestone in our bank's history," said Tim Kluender, President/CEO of the bank and company. "The Tama/Toledo community has been extremely receptive to us during the last three years, and this new investment signals our intention to continue serving this market as a full-service community bank."

"I'm very excited to move ahead with the construction of a new branch in Tama," said Kelly Smith, Senior Vice President/Tama Market President. "Our staff looks forward to the construction project taking place next door, which will allow us to continue to grow and serve our current and future customers in the Tama/Toledo community."

About Us

WCF Bancorp, Inc. is a bank holding company headquartered in Webster City, Iowa. The company provides a wide range of banking and financial services to businesses, farmers, and individuals through its wholly-owned subsidiary bank, WCF Financial Bank, which maintains offices in Webster City, Independence, and Tama, Iowa.

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