Pinnacle Bank Announces Q4 2009 Results

Pinnacle Bank (OTCBB: PBNK), headquartered in Gilroy, California, announced today its unaudited results for the three months and year ended December 31, 2009.

As of December 31, 2009, total assets increased to $144.6 million, a 3% increase over the $140.3 million at September 30, 2009. The December 31, 2009, total assets represent a 10% increase over the $131.0 million in total assets at December 31, 2008.

Loans were $117.0 million at December 31, 2009, compared to $114.4 million one year earlier, an increase of 2%. Loans declined $4.4 million from the September 30, 2009, balance of $121.3 million, a 4% decrease in the fourth quarter of 2009.

Deposits at December 31, 2009, grew to $127.4 million, a 15% increase over $110.5 million at December 31, 2008. During the fourth quarter of 2009, deposits increased by $2.9 million, or 2%, from $124.5 million at September 30, 2009.

“We are pleased by the new relationships added in 2009. This growth comes from our focus on building strong relationships with small to medium-sized businesses in our communities. 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, “Our approach is to build a bank using the tried and true way: providing value to our shareholders and clients by uniquely responding to the banking needs of our communities within the framework of safety and soundness and controlled growth. The ongoing support of our organizers, shareholders and clients is a key factor in our success.”

During the fourth quarter of 2009, the Bank charged off $600 thousand of loans compared to $95 thousand in the third quarter of 2009. The allowance for loan losses at December 31, 2009, was $2.9 million or 2.5% of loans.

Pinnacle Bank raised $1.9 million in capital during the fourth quarter of 2009 through a private placement. The bank’s capital position remains substantially above regulatory guidelines for well capitalized banks. At December 31, 2009, the Bank had a total risk based capital ratio of 13.4%.

For more information please go to www.pinnaclebankonline.com click on Investor Relations and December 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 12/31/09, go to www.pinnaclebankonline.com.

Pinnacle Bank (QB) (USOTC:PBNK)
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