Pinnacle Bank will acquire San Antonio-based Crockett National Bank and become part of a 22-branch network in Texas, officials from both banks announced late Thursday evening.
Crockett National Bank has five branches in central and southwest Texas, including San Antonio, San Angelo, Ozona, and College Station, plus two loan offices in San Antonio and New Braunfels.
The bank has $630 million assets under its direction.
The transaction is expected to close the second half of 2022, pending regulatory approval, officials say.
Financial details of the transaction were not disclosed.
“The people, hospitality and charm of the great state of Texas make it a wonderful place to do business,” says Sid Dinsdale, chairman of Pinnacle Bancorp, based in Omaha, Nebraska. “We appreciate this opportunity to welcome Crockett National Bank to the Pinnacle Bank family and expand our footprint in the state.”
Pinnacle officials say in a press release that all locations acquired will continue operation under a philosophy of local management and local control.
Founded in 1938, Pinnacle is a family-owned $17.7 billion financial holding company operating 161 community banks in eight states, including 22 across Texas.
Crockett CEO Todd Huckabee will become a regional president of Pinnacle Bank.
“Pinnacle Bank’s commitment to community and customer service aligns closely with the foundations that our banking philosophy has always been based on,” Huckabee says. “We are happy to enter this partnership and continue service to our local area.”