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Pinnacle Bancshares plans 5% buyback.

BANKING AND CREDIT NEWS-October 2, 2014--Pinnacle Bancshares plans 5% buyback

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2 October 2014 -- Alabama US-based bank holding company Pinnacle Bancshares Inc (OTCBB: PCLB) said it plans to repurchase up to 60,000 shares of the company's common stock.

The repurchase program is equal to approximately 5% of total shares outstanding.

At June 30, 2014, the company had total assets of USD 225.6m and total stockholders' equity of USD 24.0m.

Pinnacle said it intends to repurchase its shares from time to time at then prevailing prices in the open market, in block transactions, in unsolicited privately negotiated transactions, or in such other manner as will comply with applicable laws and regulations.

The repurchase programme will be dependent upon market conditions, and there is no guarantee as to the exact number of shares to be repurchased by the company. The repurchase program will occur over a period of up to 12 months beginning October 15, 2014, as a means of further enhancing stockholder value.

Pinnacle Bancshares is the bank holding company for Pinnacle Bank, an Alabama-chartered commercial bank with seven offices in central and northwest Alabama.

1 USD = .62 GBP

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Publication:M2 Banking & Credit News (BCN)
Geographic Code:1U6AL
Date:Oct 2, 2014
Words:209
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