Pinnacle Bank Announces Senior Leadership Changes

GILROY, Calif.--(BUSINESS WIRE)--Pinnacle Bank (OTCQB: PBNK) – The Board of Directors of Pinnacle Bank, today announced the planned strategic evolution of its executive leadership team, promoting Cliff Dennett from Chief Credit Officer to President and Chief Executive Officer, and appointing him to the Board of Directors, effective February 1, 2027. He succeeds Jeffrey D. Payne who will transition to Chairman of the Board and Susan Black will become Vice Chairman of the Board.

“Jeff’s contributions to Pinnacle Bank have been profound, and his impact is woven into the very fabric of our organization,” said Susan K. Black, outgoing Chairman of the Board of Directors. “This transition represents the culmination of the Board’s long-term succession planning. It ensures absolute continuity as we advance the Bank’s mission, support our communities, optimize shareholder value and execute our strategic objectives. On behalf of the Board, I also want to thank Ed Rossi for his years of dedicated service as Vice Chairman and for his continued counsel to the Board and the Bank.”

“Leading Pinnacle Bank since 2017 has been the privilege of my career, and I am incredibly proud of everything our team has accomplished together,” stated Jeffrey D. Payne. “We have built a premier community bank, and Cliff Dennett has been a key architect of that success. Having worked alongside Cliff for nearly two decades, I know his deep credit expertise, local relationships, and strategic vision make him the perfect leader to pilot Pinnacle Bank past the $1 billion milestone. I want to thank Susan Black for her dedication to Pinnacle Bank as a founder, former President and CEO and current Chairman of the Board. Her decades of leadership have been instrumental in the success of the bank and our Pinnacle Bank team members. As I transition to Chairman, I look forward to supporting Cliff and the entire board of directors in this exciting next era of growth.”

Mr. Dennett brings nearly 30 years of banking experience, including a tenure at Pinnacle Bank marked by progressively senior leadership roles spanning relationship management, commercial lending, and credit administration, culminating in his appointment as Chief Credit Officer. His deep institutional knowledge, longstanding client relationships, and broad understanding of the Bank’s operations complement his executive leadership experience. Mr. Dennett holds an MBA from Santa Clara University’s Leavey School of Business and is a graduate of Pacific Coast Banking School.

Commenting on his appointment, Mr. Dennett stated:

“For almost two decades, I have had the privilege of witnessing firsthand what can be accomplished when talented people come together around a shared vision and a genuine commitment to their community. What we have built at Pinnacle Bank is a source of tremendous pride, not simply because of how far we have come as an organization, but because of the relationships we have established, the businesses and communities we have supported, and the trust we have earned along the way.”

“I am deeply honored by the Board’s confidence in me and grateful for the opportunity to lead this exceptional institution into its next chapter. Our accomplishments reflect the dedication of our remarkable team, the loyalty of our clients and shareholders, and the steadfast commitment of our Board. I am particularly grateful to Jeff Payne for his leadership, guidance, and partnership throughout our years working together, and I welcome the opportunity to continue that collaboration as he assumes the role of Chairman of the Board. Together, we will continue building upon the foundation established over the years while remaining true to the principles that have defined Pinnacle Bank from the beginning.”

About Pinnacle Bank

Pinnacle Bank is a full-service community business bank dedicated to providing quality depository and credit services in Santa Clara, San Benito, and Monterey counties. The bank focuses on commercial banking services for small to medium-sized businesses, offering a variety of products and services that combine the best of personal touch with convenient technology-based client service. Pinnacle Bank has locations in Morgan Hill, Gilroy, Salinas and Campbell. For more information, visit www.pinnacle.bank.