Pinnacle Bank Place
250 West Lancaster Ave.
Fort Worth 76102
Pinnacle Bank Texas keeps reaching higher.
The subsidiary of family-owned, Nebraska-based Pinnacle Bancorp. Inc. celebrated a number of successes in the past two years alone, from the unveiling of its new logo to its parent company’s acquisition of the largest locally owned independent bank in Tarrant County, Woodhaven National Bank. But there’s one more accomplishment Pinnacle has yet to celebrate – the construction of Pinnacle Bank Place, set to finish later this year.
“Pinnacle Bank Place is a major project for the redevelopment of the Lancaster corridor downtown,” said Peter Bennis, president and CEO of Pinnacle Bank Texas. “Pinnacle Bank along with other stakeholders are hoping to see this area become the renewed southern gateway to the Fort Worth central business district.”
In January 2015, Pinnacle agreed to lend the City of Fort Worth’s Local Development Corporation (LDC) $16.5 million to build the $19.7 million Pinnacle Bank Place on West Lancaster Avenue. The five-story, 160,000-square-foot mixed-use facility will be built between Jennings and Throckmorton streets, just across from the U.S. Post Office and T&P Station. Pinnacle Bank will occupy 8,500 square feet on the west end of the ground floor. The rest of the space will be used for retail and apartments. Leasing for the apartments is expected to begin in the summer.
Pinnacle Bank’s side of the building will house its corporate office and full-service bank. The back of the building will have a parking garage and two drive-thru teller machines.
Fort Worth City Councilman Jungus Jordan, a long-time proponent of Lancaster Avenue development, said the project “shapes the vision” for the corridor, as Pinnacle Bank Place will be similar in scale to the Post Office across the street and give passersby the feeling of driving down an urban boulevard.
“We’re always anxious to see new businesses come into Fort Worth and what better one than a business that’s doing the banking industry and having them in a walkable community,” he said. “That’s one of the things that Lancaster is, going from a state highway to a walkable boulevard where people live, work and play. This not only is a place to work, but a place to do business.”
Pinnacle Bank Place will be the first Texas location to sport the company’s new logo on the exterior. In 2017, all eight Woodhaven banks will become Pinnacle banks and also take on the new logo as part of the merger.
Once the two banks come together, Pinnacle will have 20 locations in all. Bennis said Pinnacle Bank Texas’ average assets of $710 million and Woodhaven’s average assets of $558 million will combine for more than $1 billion total assets.
“Pinnacle Bank and Woodhaven Bank are working together toward growing their market presence and eventually combining strengths,” he said.
Pinnacle isn’t done yet. Bennis said the bank plans to acquire other banks not just in North Texas but in the rest of the state as well.
But no matter how far – or high – Pinnacle reaches, Bennis says, the bank is still committed to serving Fort Worth.
“Pinnacle’s plans are to continue to reinvest and serve the community of Fort Worth for decades,” Bennis said. “For many reasons, Fort Worth is simply the place to be.”