Pinnacle Bank Announces Q1 2008 Results
April 29 2008 - 7:01PM
Business Wire
Pinnacle Bank (OTCBB:PBNK), headquartered in Gilroy, California,
announced today its unaudited results for the quarter ended March
31, 2008. As of March 31, 2008 total assets increased to $82.6
million, a 59% increase over the $51.9 million at March 31, 2007.
The March 31, 2008 total assets represent a 14% increase over the
$72.3 million in total assets at December 31, 2007. Loans were
$67.3 million at March 31, 2008 compared to $29.5 million one year
earlier, an increase of 128%. Loans grew $9.6 million from the
December 31, 2007 balance of $57.7 million, a 16.6% increase in the
quarter. Deposits at March 31, 2008 grew to $59.7 million, a 119.5%
increase over $27.2 million at March 31, 2007. During the first
quarter of 2008, deposits increased by $11.0 million, or 22.6%,
from $48.7 million at December 31, 2007. �Many challenges have
already confronted the banking industry in 2008, so we are pleased
by our first quarter progress. Pinnacle Bank, unlike international
banks and investment banks, does not own mortgage-backed securities
such as the sub-prime mortgages that have seen large declines in
value nor do we make mortgage loans. We are steadfast in our
commitment to building a bank that provides value to our
shareholders by uniquely responding to our communities banking
needs within the framework of soundness, safety and controlled
growth. The on-going support of our organizers, shareholders and
clients is a key factor in our success. As a community bank, we
contribute to our local economy by reinvesting dollars on deposit
back into our communities through loans to businesses, individuals
and community organizations,� said Susan K. Black, President &
CEO. Ms. Black added, �With our strong capital base, seasoned
employees and full array of banking products, we are well
positioned to extend our growth into the coming year and to be the
community bank of choice in our market.� 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 small to medium-sized businesses, offering a
variety of products and services that combine the best of personal
touch with convenient technology-based client service. Pinnacle
Bank has locations in Morgan Hill, Gilroy and Salinas.
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