Iowa First Bancshares Corp. Achieves National Recognition

Business Wire,  June 27, 2007  

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MUSCATINE, Iowa -- Iowa First Bancshares Corp. (OTCBB:IOFB), the parent company of First National Bank in Fairfield, Iowa, and First National Bank of Muscatine, Iowa, has gained national recognition for financial performance. The banking industry magazine, USBANKER, named Iowa First Bancshares Corp. in its June 2007 issue as one of the top two hundred community banks in the country ranked by three-year average return on investment. All community banks with less than one billion dollars in assets were included in the analysis and ranking by USBANKER. The article noted that the most successful community banks are increasingly focused on a strategy of managing their capital base to increase return on equity. "We strive to maximize shareholder value by returning cash to our shareholders in the form of dividends and purchases of our own stock in the market," said D. Scott Ingstad, Chairman and Chief Executive Officer. "We are pleased to be recognized for our success expanding net income and earnings per share while deploying our equity capital in a prudent manner," added Mr. Ingstad.

This press release contains forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, and several factors could cause actual results to differ materially from those in the forward-looking statements. Forward-looking statements may relate to anticipated revenues, gross margins, earnings, and growth of the market for our services and products. The following factors, among others, could cause actual results to differ from those indicated in the forward-looking statements: uncertainties associated with market acceptance of and demand for the Company's services and products, impact of competitive products and pricing, dependence on third party suppliers, uncertainties associated with the development and deployment of technology, regulatory or other developments in the industry, and the emergence of future opportunities or threats.

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