Pinnacle Bank is acquiring Hastings State Bank.
Larry Coffey, chairman of Hastings State Bank, and Sid Dinsdale, chairman of Pinnacle Bank, announced Wednesday the signing of an agreement for Pinnacle Bank to acquire Hastings State Bank and its seven locations.
Hastings State Bank has total assets of $139 million with two locations in Hastings, three in Lincoln, one in Fairfield and one in Roseland. Hastings State Bank will become part of Pinnacle Bank's 57-branch network.
"We are pleased to add Hastings to the Pinnacle Bank family. We look forward to continuing the tradition of meeting local needs through our ownership of Hastings State Bank," Dinsdale said in a news release.
Mark Hesser, president of Pinnacle Bank, said the Hastings banking franchise will continue to be operated under the Pinnacle Bank community banking philosophy of local management and local control.
Coffey said Pinnacle Bank is the right organization to continue the community presence.
"Pinnacle Bank's commitment to customer service mirrors the foundation built by Hastings State Bank," he said. "In addition, Pinnacle Bank's agricultural presence will be an asset to the vibrant agribusiness community."
The transaction is anticipated to close in December 2012, pending regulatory approval. Financial details of the transaction were not disclosed.