Pinnacle Bank Announces Q2 2009 Results

Pinnacle Bank (OTCBB:PBNK), headquartered in Gilroy, California, announced today its unaudited results for the three months ended June 30, 2009. As of June 30, 2009, total assets increased to $139.0 million, a 34% increase over the $103.7 million at June 30, 2008. The June 30, 2009, total assets represent a 4% increase over the $134.1 million in total assets at March 31, 2009.

Loans were $123.9 million at June 30, 2009, compared to $88.3 million one year earlier, an increase of 40%. Loans grew $2.7 million from the March 31, 2009, balance of $121.2 million, a 2% increase in the second quarter of 2009.

Deposits at June 30, 2009, grew to $123.1 million, a 56% increase over $78.7 million at June 30, 2008. During the second quarter of 2009, deposits increased by $11.4 million, or 10%, from $111.7 million at March 31, 2009.

“Our focus remains on building strong relationships with small to medium-sized businesses in our communities and we are pleased by the new relationships added in 2009. Our growth, despite these challenging economic times, is a result of clients valuing relationships with community bankers and choosing our brand of banking over other offerings in the market,” said Susan K. Black, President & CEO. Ms. Black further stated, “We continue to support our communities by providing credit to local businesses, individuals and nonprofit organizations.”

Ms. Black added, “Far from Wall Street, we remain steadfast in our commitment to building a bank the old-fashioned way: providing value to our shareholders and clients by uniquely responding to the banking needs of our communities within the framework of soundness, safety and controlled growth. The ongoing support of our organizers, shareholders and clients is a key factor in our success.”

During the second quarter of 2009, the Bank charged off $2.0 million on nonaccrual loans. The allowance for loan losses at June 30, 2009, was increased to $3.0 million or 2.42% of loans in response to the economic downturn and its impact upon real estate in the Banks operating areas. During the second quarter, the Bank also posted an extraordinary expense of $63,000 in payment of a special FDIC assessment to rebuild the Deposit Insurance Fund.

Pinnacle Bank’s capital position remains substantially above regulatory guidelines for well capitalized banks. At June 30, 2009, the Bank had a total risk based capital ratio of 12.66%.

For more information please go to www.pinnaclebankonline.com click on Investor Relations and June 2009 call report.

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. For more detailed financial information for the period ended 6/30/09, go to www.pinnaclebankonline.com.

Pinnacle Bank (QB) (USOTC:PBNK)
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