Crockett National Bank Sold, So What’s Next for Customers?
It is always sad when a business that is so much a part of the fabric of a community sells out to a bigger out-of-town business. Yesterday, that happened here in San Angelo with Crockett National Bank.
How many San Angelo residents got their first auto loan or mortgage with Crockett National Bank? They have been a staple of life in our area for 39 years. Yesterday, they announced that they are selling to Pinnacle Bank.
The familiar name of Crockett National Bank will soon be gone as the branches become part of Pinnacle Bank's network of 161 banks in 8 states. So, what can long time Crocket National Bank's customers expect?
Immediately, nothing. There will be a period of approvals and paperwork. According to Bankrate.com, once the acquiring bank has assumed the contractual obligations of Crockett National Bank then the notices will start.
Sometimes, merger customers will get a welcome packets that promote their services, products and benefits they will get from the new bank. When this happens, it is nice. It doesn't always happen. Usually, customers receive just a long legal announcement.
If you are a customer of Crockett National Bank, read all the letters and notices you get from Pinnacle in the months ahead. That will give you an idea of what to expect. A lot will change. You will most likely get new account numbers and bank routing numbers. There will be different phone numbers and addresses or website addresses for making payments.
You may notice a change if fees, including for ATM use and other services, including minimum balance requirements. There may be new branch locations, different business hours and different interest rates.
In some cases, the merger means more services and a better experience. Often larger banks like Pinnacle have additional services and more convenient features. In their press release announcing the merger, Pinnacle says all the Crockett National Bank locations will continue operation under Pinnacle's "community banking philosophy of local management and local control."
If you're feeling upset over the merger, there are still local banking firms in the area. However, changing to one of them, could live you in exactly the same boat in a few months or year. The trend of larger banks buying smaller locally owned banks has accelerated in recent years.
My advice, since I've been through this a few times with my bank, just sit tight. There might just be things you really like from the new bank. Sadly, though, seeing a locally focused institution cease to exist is always a little sad. Change isn't always bad or good. It's just different. Judge that for yourself.