Pinnacle Bank has reached an agreement with Hastings State Bank to acquire all seven of the bank’s locations, officials from Pinnacle and HSB confirmed Wednesday afternoon.
Details of the acquisition were not disclosed, but the transaction is expected to close in December, pending regulatory approval.
Larry Coffey, chairman of Hastings State Bank, said Wednesday that customers can expect a seamless transition as the deal is completed. Coffey was part of the group that acquired HSB from Doug Clark in 1985. That group included William “Bud” Pauley, Jon Rose and Paul Powers.
“We bought the bank 27 years ago this coming Friday and had a great run with it, with a lot of great employees,” Coffey said. “It’s getting to a time in our life we decided it was time to retire and not work so hard.