Pinnacle Financial Services Inc. Approves Cash Dividend, Elects New Board Members

Strategic Insights -

The board of directors of Pinnacle Financial Services Inc. has approved the payment of a regular cash dividend of 19 cents per share to all shareholders of record on December 22, 1995, with a payment date of January 2, 1996. As a result of the public stock offering to finance Pinnacle's purchase of MACO Bancorp, the total shares outstanding now equal approximately 5,800,000. The company also elected new board members and made top officer appointments at First Federal Savings Bank of Indiana, which was acquired by Pinnacle.

Key Takeaways:

  • The board of directors of Pinnacle Financial Services Inc. approved the payment of a regular cash dividend of 19 cents per share to all shareholders of record on December 22, 1995, with a payment date of January 2, 1996.
  • The total shares outstanding now equal approximately 5,800,000 as a result of the public stock offering to finance Pinnacle's purchase of MACO Bancorp.
  • Richard L. Schanze, Chairman of the Board, Chairman and CEO of Pinnacle Financial Services Inc. and Peoples State Bank, has been elected to the board of First Federal Savings Bank of Indiana.
  • Garry J. Aloia, President and COO of First Federal Savings Bank of Indiana, has been elected to the board of First Federal Savings Bank of Indiana and appointed President and COO.
  • Other new board members elected include Terrence A. Friedman, President of Yale - South Haven Inc.; Arnold L. Weaver, President and COO of Pinnacle Financial Services Inc. and Peoples State Bank; and Alton C. Wendzel, President of Coloma Frozen Foods Inc. and Greg Orchards and Produce Inc.
  • The company's stock is traded on the NASDAQ under the symbol PNFI.