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Gilroy, Calif.-based Pinnacle Bank rights offering oversubscribed

Pinnacle Bank received almost $8.6 million of subscriptions and oversubscriptions for shares priced at $7.00 apiece in its $3 million rights offering announced Dec. 5, 2016.

In the coming days, the Gilroy, Calif.-based company's transfer agent will issue in electronic book entry form the 428,945 shares sold in the offering.

There are 3,947,808 shares outstanding after the offering.