Pinnacle Bank Completes IPO

Pinnacle Bank raised $27.5 million in its intial public offering with stocks trading at $10 a share. Of 2,750,000 shares sold, 95 percent of the stocks were purchased by local business owners and residents. Pinnacle Bank plans on opening a new branch in Morgan Hill some time this month, though an exact date could not be given because it is awaiting final approval from bank regulators. The bank plans on opening a new office in Gilroy by the end of the year.