NEWS RELEASE
FOR MORE INFORMTION
CONTACT
Robert B. Nolen, Jr.
President and Chief Executive Officer
(205) 221-4111
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FOR IMMEDIATE RELEASE
August 3, 2000
PINNACLE BANCSHARES, INC.
ANNOUNCES STOCK REPURCHASE PROGRAM
Jasper, Alabama . . . Pinnacle Bancshares, Inc. (AMEX:PLE), the holding company
for Pinnacle Bank, Jasper Alabama, announced today that it is commencing a stock
repurchase program to acquire up to 120,000 shares of common stock, or
approximately 6.7% of the Company's currently outstanding shares. The repurchase
program will be dependent upon market conditions, and there is no guarantee as
to the exact number of shares to be repurchased by the Company.
Robert B. Nolen, Jr., President and Chief Executive Officer of the Company,
stated that the Board of Directors considers the Company's common stock to be an
attractive investment.
According to Mr. Nolen, stock repurchases by the Company generally would be
effected through open market purchases, although he did not rule out the
possibility of unsolicited negotiated transactions or other types of
repurchases. It is expected that a reduction in the amount of the Company's
outstanding common stock would have the effect increasing the Company's per
share earnings and book value.
At June 30, 2000, the Company had total assets of $230.0 million and
stockholders' equity of $18.2 million. Pinnacle Bank operates five offices
located in central and northern Alabama.
