Leo Herrick, a longtime Marshalltown banker, has signed a definitive agreement on behalf of a group of local investors to acquire Pinnacle Bank in Marshalltown. The bank will remain locally owned and independently operated. Herrick will serve as the president of Pinnacle Capital Corp., which was formed to acquire the bank.

The acquisition agreement stems from an announcement Thursday by Pinnacle Bank’s current president, Bill Beohm, of his intent to retire.

“This proves to be a unique opportunity to pool together a group of experienced and committed banking and financial service individuals from Marshalltown and Des Moines,” Ed Boesen, a major investor in Pinnacle Capital Corp. and a Des Moines and Marshalltown businessman, said in a news release.

“Our main priority is providing a seamless transition for Pinnacle Bank customers,” said Herrick. “Customers will not be impacted as a result of the proposed transition.”

Jerry Young, Pinnacle Bank’s executive vice president, will become president once the acquisition is finalized. Rob Dickey, who has 10 years of banking experience as a business development officer, will join the bank.

“This is an opportunity to expand on what Pinnacle Bank is currently doing and grow it to become an even bigger player in the financial services market in Marshalltown and surrounding areas,” Herrick said.

Possible plans may include expanding the bank’s service offerings.

The acquisition is expected to be completed in late summer or early fall, pending both state and federal regulatory approval. No terms of the proposed acquisition were announced.