Pinnacle Bank of Oregon was a financial institution serving the portland area. The bank is going down in Oregon’s history books as the first bank to fail in the last 17 years. Pinnacle was a tiny bank with only $73 million in total assets and $64 million in deposits. The 8-year-old institution’s sole office at 8800 S.W. Nimbus Ave. in Beaverton is now a branch of Washington Trust Bank of Spokane.

Washington Trust bought the Pinnacle assets for $66.4 million and agreed to assume all deposits of Pinnacle. It also entered into a loss-sharing agreement with the Federal Deposit Insurance Corp. that limits the bank’s potential losses on the loans it is acquiring, said FDIC spokesman David Barr.

I have been watching this stock for quite some time now. For a while, this stock was at a dead standstill with little to no activity. This spike is a result of the 2 week company forecast that was released on July 17.