On July 1, the San Angelo Standard-Times reported that Fort Worth-based Pinnacle Bank, a subsidiary of Omaha, Nebraska-based Pinnacle Bancorp Inc., has agreed to acquire San Antonio-based Crockett National Bank. Completion of the transaction is expected in the second half of 2022.
Following completion of the deal, Crockett National Bank’s locations will become part of Pinnacle Bank’s branch network in Texas. According to the Standard-Times, Todd Huckabee, Crockett National Bank CEO, will serve as a regional president of Pinnacle Bank.
According to S&P Global Market Intelligence, with this acquisition Pinnacle Bancorp will enter Bexar County with two branches to be ranked No. 21 with a 20.09 percent share of approximately $160.38 billion in total market deposits, and Tom Green County, with two branches to be ranked fourth with a 9.68 percent share of about $3.04 billion in total market deposits. The company will also enter Brazos County with one branch to be ranked No. 18 with a 0.25 percent share of about $7.32 billion in total market deposits, based on S&P Global Market Intelligence data.
Crockett National Bank, a subsidiary of Crockett County National Bancshares Inc., had $631.9 million in assets as of March 31, while Pinnacle Bancorp had $17.83 billion in assets, according to S&P Global Market Intelligence data.
Established in 1970, Pinnacle Bank operates more than 20 branches in Texas. Established in 1983, Crockett National Bank operates in San Antonio, San Angelo, College Station, New Braunfels and Ozona.