Dave Pankonin, President of Home State Bank, and Sid Dinsdale, Chairman of Pinnacle Bank, are pleased to announce the signing of an agreement for Pinnacle Bank to aquire Home State Bank, Louisville, Nebraska. Home State Bank has total assests of $82 million with one location in Louisville, Nebraska.
Home State Bank will become part of Pinnacle Bank's 68 branch network, including 12 regional branches in Omaha and the surrounding comunities. "We are pleased to add Home State Bank to the Pinnacle Bank family. We look forward to continuing the tradition of meeting local needs through our ownership of Home State Bank, " commented Sid Dinsdale.
Marc Hock, President of Pinnacle Bank, said "Home State Bank is a good fit for Pinnacle Bank because we both operate under the community banking model; Pinnacle Bank will maintain that philosophy through our heritage of local management and local control. The experienced staff of Home State Bank was also a key component of the acquisition."
Dave Pankonin said Pinnacle Bank is the right organization to continue our community presence. "Pinnacle Bank's commitment to customer service mirrors the foundation built by Home State Bank. In addition, their values of giving back to the communities where they are in business will be an asset to Louisville."
The transaction is anticipated to close in January of 2015, 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 $7.8 billon financial holding company operating 130 community banks in eight states. For more information, log onto pinnbank.com.
Bank President Dave Pankonin stated that the primary reason for the sale was that the bank's Board of Directors and shareowners were advancing in age to the point that it was an important responsibility to successfully transistion the bank for future service to its customers and the community. "The Pankonin family has been involved with the bank since it was founded in 1915 and my generation since 1977. Over these past 37 years we are thankful and pleased that with our director partners and valued employees we have been able to serve the Cass/Sarpy County market. Our directors have been key contributors with William Reinsch and James Nissen serving over 30 years while Roxanne Pankonin Nissen and R.J. Neary have served over nine years."
Pankonin went on to say, "During those 37 years the bank grew twentyfold in size and built two buildings that improved Louisville's business district. The 1979 Cherry Street building now is the U.S. Post Office facility and the current bank building became a Main Street landmark when it opened in 1998. We are excited that the Pinnacle organization is a great fit and they will continue to help our customers and the community prosper far into the future with the latest technology plus the same spirit of community banking that our customers appreciate. They have asked all of the bank employees to stay with the organization to continue the important relationships with our customers."