Pinnacle Bank, a subsidiary of Pinnacle Bancorp Inc., agreed to acquire San Antonio-based Crockett National Bank, the San Angelo (Texas) Standard-Times reported July 1.

Completion of the deal is expected in the second half of 2022, according to the report, citing a news release. Financial terms of the acquisition were not disclosed.

S&P Global Market Intelligence valuations for bank and thrift targets in the Southwest region between July 1, 2021, and July 1, 2022, averaged 165.67% of book and 175.39% of tangible book and had a median of 14.14x last-12-months earnings, on an aggregate basis.

Following completion of the deal, Crockett National Bank's locations will become part of Pinnacle Bank's branch network in Texas. Crockett National Bank CEO Todd Huckabee will serve as a regional president of Pinnacle Bank.

With the completion of the deal, Pinnacle Bancorp will enter Bexar County, Texas, with two branches to be ranked No. 21 with a 20.09% share of approximately $160.38 billion in total market deposits, and Tom Green County, Texas, with two branches to be ranked fourth with a 9.68% share of about $3.04 billion in total market deposits. The company will also enter Brazos County, Texas, with one branch to be ranked No. 18 with a 0.25% share of about $7.32 billion in total market deposits, based on S&P Global Market Intelligence data.

Crockett National Bank, a subsidiary of Crockett County National Bancshares Inc., had $631.9 million in assets as of March 31, while Nebraska-based Pinnacle Bancorp had $17.83 billion in assets as of the same date, according to S&P Global Market Intelligence data.

Use S&P Capital IQ Pro's branch analytics tools to compare market overlap. To create custom maps, click here.