Oct. 2, 2009 (PR Newswire) --

DES MOINES, Iowa, Oct. 2 /PRNewswire-FirstCall/ -- Miles Capital Holdings, Inc. and West Bancorporation, Inc. (Nasdaq: WTBA) today announced a definitive agreement for Miles Capital Holdings, Inc. to acquire WB Capital Management Inc., ("WB Capital") a wholly-owned subsidiary of West Bancorporation, Inc.

The acquisition is subject to customary conditions, including approvals or consents from a requisite percentage of WB Capital clients, and is expected to close on or before December 31, 2009.

In making the announcement, David Miles, Managing Director of Miles Capital Holdings, Inc. said, "We are delighted to have this opportunity to once again serve the asset management needs of public agencies, insurance companies, banks and private individuals - many of whom have been clients of WB Capital and its predecessor companies for many years."

Mr. Miles joined Investors Management Group ("IMG") in 1987, acquiring controlling interest of the firm in 1991. Under his leadership, IMG grew to become Iowa's largest independent asset management firm before it was sold to AMCORE Financial in 1998. The firm was subsequently sold to West Bancorporation, Inc. in 2005, where it was combined with VMF Capital to form WB Capital.

"Throughout the firm's history, we have focused on sitting on the same side of the table with our clients," noted Miles. "And I am looking forward to meeting face-to-face with many old and new friends over the weeks and months to come."

WB Capital currently has 24 employees in its West Des Moines office. Assets under management exceed $4.6 billion. The firm will continue to manage investments for West Bank's trust department clients, as well as the bank's bond portfolio.

"We have great respect for David Miles and are delighted that our company and our state will benefit from having an independent asset management company headquartered in Iowa," said Jack Wahlig, Chairman of West Bancorporation, Inc. "To facilitate the transition, David Miles has been named president and chief executive officer of WB Capital, effective immediately."

The management team includes Amy Mitchell, chief administrative officer, Tom Myers, equity manager, and Laurie Mardis, fixed income manager. Vera Lichtenberger continues as chief compliance officer.

ABOUT MILES CAPITAL HOLDINGS, INC.

At the close of this transaction, Miles Capital Holdings, Inc. will operate Iowa's largest independent asset management firm, with more than $4.6 billion under management.