Pinnacle Bank and First State Bank of Joplin sign an Agreement
Alden Buerge, Chairman and CEO of First State Bank of Joplin, and Sid Dinsdale, Chairman of Pinnacle Bank, are pleased to announce the signing of an agreement for Pinnacle Bank to acquire First State Bank of Joplin, Joplin, Missouri and add their six locations to Pinnacle Bank. First State Bank has total assets of $183 million with four locations in Joplin; one in Sarcoxie and one in Webb City, Missouri.
First State Bank will become part of Pinnacle Bank’s 57 branch network. “We are pleased to add the Joplin area to the Pinnacle Bank family. We look forward to continuing the tradition of meeting local needs as the Buerge Family and First State Bank have been doing since 1925,” commented Sid Dinsdale.
Alden Buerge said, “The agreement with Pinnacle Bank seems like a natural fit. Both First State Bank and Pinnacle Bank have been and will be operated under a community banking model and both are big believers in giving back to the communities where we are in business. Pinnacle Bank’s commitment to customer service mirrors the foundation built by First State Bank in Joplin.”
Mark Hesser, President of Pinnacle Bank, said “The Joplin banking franchise will continue to be operated under the Pinnacle Bank community banking philosophy of local management and local control. The experienced staff of First State Bank of Joplin was a key component of the acquisition.”
The transaction is anticipated to close in December of 2012, pending regulatory approval. Financial details of the transaction were not disclosed.
About Pinnacle Bancorp, the subsidiary owner of Pinnacle Bank:
Family-owned since 1938, Nebraska-based Pinnacle Bancorp, Inc., is a $6.7 billion financial holding company operating 127 community banks in eight states.