Pinnacle in Nebraska to buy Southern Bancshares in Texas
Pinnacle Bancorp in Omaha, Neb., has agreed to buy Southern Bancshares in Moulton, Texas.
The $20.9 billion-asset Pinnacle did not disclose how much it will pay for the parent of the $1.4 billion-asset SouthStar Bank. The deal is expected to close early next year.
SouthStar has 17 branches, $1 billion of loans, and $1.1 billion of deposits.
David Kapavik, SouthStar’s president and CEO, wrote in a letter to clients and employees that he will retain those titles and the management team will not change.
SouthStar “will continue to operate with local management, local decision-making, local teams, and local control, reflecting both organizations’ shared commitment to community banking,” Kapavik said, attributing the comment to Pinnacle’s Matt Dinsdale. “Our heritage and values will continue to build on SouthStar Bank’s strong established foundation for its employees, customers, and communities.”