Pinnacle Bank and Hastings State Bank sign an Agreement

Larry Coffey, Chairman of Hastings State Bank, and Sid Dinsdale, Chairman of Pinnacle Bank, are pleased to announce the signing of an agreement for Pinnacle Bank to acquire Hastings State Bank, Hastings, Nebraska and add their seven locations to Pinnacle Bank.  Hastings State Bank has total assets of $139 million with two locations in Hastings, three in Lincoln, one in Fairfield and one in Roseland, Nebraska.

Hastings State Bank will become part of Pinnacle Bank’s 57 branch network. “We are pleased to add Hastings to the Pinnacle Bank family. We look forward to continuing the tradition of meeting local needs through our ownership of Hastings State Bank,” commented Sid Dinsdale.

Mark Hesser, President of Pinnacle Bank, said the Hastings banking franchise will continue to be operated under the Pinnacle Bank community banking philosophy of local management and local control. The experienced staff of Hastings State Bank was a key component of the acquisition. Pinnacle Bank will continue Hastings State Bank’s philosophy of giving back to the community of Hastings.”

Larry Coffey said Pinnacle Bank is the right organization to continue our community presence. “Pinnacle Bank’s commitment to customer service mirrors the foundation built by Hastings State Bank. In addition, Pinnacle Bank’s agricultural presence will be an asset to the vibrant agribusiness community.”

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.