GILROY, Calif., Nov. 16, 2018 – — Pinnacle Bank (OTCQB: PBNK), headquartered in Gilroy, California, (“Pinnacle”), today announced the launch of a public offering of up to 714,000 shares of its common stock at offering price of $13.00 per share. Pinnacle also reserves the right to increase the maximum shares by up to an additional 10% (71,400 shares) if the offering is oversubscribed.
Pinnacle intends to use the net proceeds from the offering to strengthen its financial condition, increase its capital and lending limits, to support growth, and for general corporate purposes.
The proposed offering will be made only by means of an Offering Circular. Copies of the Offering Circular may be obtained from Bruce Kendall, EVP and CFO, at (408) 762-7142, or Pinnacle’s website, www.pinnaclebankonline.com, and clicking on the Investor Relations tab, on or about November 19, 2018. The shares are being offered to potential investors by our officers and directors.
The Offering Circular and related materials have been approved by the California Department of Business Oversight by way of a Stock Permit. The Stock Permit is permissive only and does not constitute a recommendation or endorsement by the California Department of Business Oversight of any of the securities to be sold in this Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Pinnacle Bank
Pinnacle Bank is a full-service business bank dedicated to providing quality depository and credit services in Santa Clara, San Benito and Monterey counties. The bank focuses on commercial banking services for businesses and nonprofit organizations, offering a variety of products and services that combine the best of personal touch with convenient technology-based delivery. Pinnacle Bank has locations in Morgan Hill, Gilroy and Salinas.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These forward-looking statements represent plans, estimates, objectives, goals, guidelines, expectations, intentions, projections and statements of our beliefs concerning future events, business plans, objectives, expected operating results and the assumptions upon which those statements are based. Forward-looking statements include without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and are typically identified with words such as ”may,” “could,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “aim,” “intend,” “plan,” or words or phases of similar meaning. We caution that the forward-looking statements are based largely on our expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise, except as required by law.
Jeffrey D. Payne, President & CEO
SOURCE Pinnacle Bank