Pinnacle Bancorp announces acquisition of AmFirst Bank
The purchase of means growth of community banking in Nebraska and Colorado
Pinnacle Bancorp Chairman Sid Dinsdale announced the signing of an agreement for Pinnacle Bancorp to acquire AmFirst Bank, located in Nebraska and Colorado, a wholly owned subsidiary of AmFirst Financial Services Inc.
AmFirst Bank has total assets of $260 million with three operating locations in Nebraska and two in Colorado, including Greenwood Village and Longmont. Pinnacle Bancorp has a total of 61 locations in Nebraska as Pinnacle Bank and 39 locations in Colorado as Bank of Colorado. Family-owned since 1938, Nebraska-based Pinnacle Bancork Inc. is a $9.7 billion financial holding company operating more than 140 community banks in seven states.
"We are excited to welcome AmFirst Bank to the Pinnacle Bancorp family," Dinsdale said. "We look forward to continuing to grow our relationships in Nebraska and Colorado."
Operating under a community banking model, that philosophy will maintain through the acquisition transition.
"We see AmFirst Bank's staff as a valuable asset, and we look forward to them being a part of our team," said Bank of Colorado President Shawn Osthoff.
The transaction is expected to close in July 2017 pending regulatory approval. Financial details of the transaction were undisclosed.
"We have been impressed with Pinnacle Bank's and Bank of Colorado's approach to their customers and communities," AmFirst Bank Chairman and CEO Van Korell said. "Pinnacle Bancorp is a great organization that will continue to support the development of our communities."