GILROY, Calif., Feb. 1, 2017 /PRNewswire/ -- Pinnacle Bank (OTCQX:PBNK) announced today that its $3 million rights offering (the "Rights Offering"), which was announced December 5, 2016, has been oversubscribed. Subscriptions and oversubscriptions, for shares priced at $7.00 per share, were received totaling nearly $8.6 million. A total of 428,945 shares were sold and will be issued by our transfer agent in electronic book entry form in the coming days. Excess subscription payments received by the subscription agent will be returned, without interest, as soon as practicable. Shares outstanding after the offering total 3,947,808.
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. More information is available at www.pinnaclebankonline.com.
This release may contain forward-looking statements, such as, among others, statements about plans, expectations and goals concerning growth and improvement. Forward-looking statements are subject to risks and uncertainties. Such risks and uncertainties may include, but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, including the real estate market in our primary service area and more generally in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. Readers should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. Pinnacle Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
Contact: Jeffrey D. Payne, President & CEO at 408-762-7146
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SOURCE Pinnacle Bank