Pinnacle Bancorp Inc. has agreed to acquire American National Bank of Fremont, the Nebraska companies announced Tuesday.
The $166 million-asset American National Bank has three branches, all in Fremont, which will be rebranded as branches of the $2.6 billion-asset Pinnacle Bank in Lincoln. The details of the transaction, which is expected to close in December, were not disclosed.
Pinnacle President Mark Hesser said in a press release that the Fremont banking franchise would continue to be operated under local management and local control. Scott Meister, the president of American National Bank, will serve as Pinnacle's Fremont market president.
"The experienced staff of American National Bank was a key component of the acquisition," he said.
Pinnacle Bank has 51 branches, 29 of which are within 60 miles of Fremont, the company said.