Pinnacle Bank of Rogers, Ark., and Central Bank of Little Rock have called off plans to merge.

The two privately held banks announced a deal in May but withdrew their application from the Arkansas Banking Department this month.

No reason was cited, and calls to the companies were not returned last week.

The $122 million-asset Pinnacle is a unit of Pinnacle Bancshares Inc. Shareholders of the $89 million-asset Central would have owned a 52% stake in the post-merger company under terms of the all-stock deal. The deal price was not disclosed.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.