Family-owned, Nebraska-based Pinnacle Bancorp Inc., the owner of subsidiary Pinnacle Bank Texas, said Sept. 24 it will acquire Woodhaven National Bank, the largest locally owned independent bank in Tarrant County operating under the same continuous ownership since its inception in 1983.
The transaction is expected to close in December 2015, pending regulatory approval. Financial details of the transaction were not disclosed.
Woodhaven National Bank, a subsidiary of Myers Bancshares Inc., has total assets of $485 million with eight operating locations including Woodhaven Bank in Fort Worth, Colleyville and Rhome, Ridglea Bank in Fort Worth, Mercantile Bank in Arlington, and Mansfield Community Bank in Mansfield. Each branch will maintain its existing name.
“We are excited to welcome Woodhaven National Bank to the Pinnacle Bank family,” said Pinnacle Bancorp Chairman Sid Dinsdale said. “We’ve been serving customers in Texas since 2002 and look forward to continuing to grow our relationships in the Fort Worth area.”
Pinnacle Bancorp is an $8.6 billion financial holding company operating 134 community banks in seven states including 13 locations in Texas. Pinnacle Bank currently has locations in seven states including Nebraska, Kansas, Missouri, Colorado, New Mexico and Wyoming, as well as Texas.
“Pinnacle Bank operates under the community banking model, and we’ll maintain that community-based philosophy for Woodhaven through local decision-making and strong customer relationships,” Pinnacle Bank Texas Chairman Marc Hock said. “We see Woodhaven’s staff as a valuable asset, and we look forward to them being a part of our team.”
Woodhaven National Bank Chairman and CEO Ron Casey said, “We have been impressed with Pinnacle Bank’s approach to its customers and communities. Pinnacle Bank is a great organization that will continue to support the development of the Fort Worth area.”
In Tarrant County, Woodhaven reported $356 million in deposits as of June 20, 2014, making it the 13th largest bank in terms of market share, while Pinnacle reported $258 million in Tarrant County deposits for the same period, making it the 17th largest bank in market share.