Pinnacle Bancshares, Inc. Odd Lot Tender Offer to Expire
January 17 2008 - 4:01PM
Business Wire
Pinnacle Bancshares, Inc. (AMEX: PLE) today announced that its
tender offer for the purchase of all shares of its common stock
held by persons owning 99 or fewer shares will expire at the close
of business on January 18, 2008, at 5:00 p.m., Central Time.
Pinnacle noted that approximately 70 shareholders of record had
tendered approximately 1,836 shares as of January 17, 2008. As a
result of the shareholders who have tendered their stock, the
Company has met its goals of reducing servicing costs for small
accounts and to reduce the number of shareholders of record to
fewer than 300. Shareholders who tendered their shares under the
odd lot tender offer will be paid $16.25 per share and an incentive
payment of $50 per shareholder. Pinnacle Bancshares expects to
issue checks to shareholders who properly tendered their shares on
or about January 24, 2008. About Pinnacle Bancshares Pinnacle
Bancshares, Inc. is a bank holding company headquartered in Jasper,
Alabama. Its wholly-owned subsidiary, Pinnacle Bank, has
approximately $240 million in assets and operates seven offices in
central and northwest Alabama.
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