Peoples Bancorp, headquartered in Rock Valley, Iowa, and Pinnacle Bancorp (Iowa), headquartered in Sioux City, Iowa, have jointly announced the signing of an Agreement whereby Peoples Bancorp will acquire Pinnacle Bancorp (Iowa) and its wholly-owned subsidiary, Pinnacle Bank Sioux City. It is anticipated that following completion of the acquisition, Pinnacle Bank Sioux City will be merged into Peoples Bank, Rock Valley, Iowa, a wholly-owned subsidiary of Peoples Bancorp.
Terms of the transaction, which is subject to regulatory approval, were not disclosed. It is expected to be completed in the third quarter of 2018.
Both organizations believe that the acquisition will create a strong partnership, bringing together two compatible community banks.
“It’s a great opportunity for us, and we want our new customers to know we are committed to providing a smooth transition for them,” said Al Vermeer, CEO of Peoples Bank. “It’s important to us that they continue banking in an environment that they know and trust. We’re excited by the prospect of providing customers with access to a wide range of financial products and services.”
“Beyond benefitting our customers, this is a win-win for our staff and our community,” noted Pinnacle Bank Sioux City CEO Dillon Retzlaff. “Whether you’re talking about donations, making loans, or simply good corporate citizenship, Peoples Bank has an outstanding record of commitment to the communities it serves. We’re sure that this will continue to be the case here in Sioux City and Hinton.”
Peoples Bancorp. is a locally owned holding company for Peoples Bank. Peoples Bank, chartered in 1945, has approximately $500 million in assets, is headquartered in Rock Valley and also operates Iowa branches in Akron, Hawarden, Sioux Center, Sheldon, and Lester, as well as Jasper, Minnesota.
Pinnacle Bank Sioux City was organized in 1912. It serves individuals, families and businesses in the Sioux City trade area, with branches in Sioux City and Hinton, and has total assets of approximately $70 million.