EXHIBIT 99.1
| NYSE: | OK |
| FOR RELEASE: | 8:00 a.m. |
| DATE: | September 7, 1999 |
| CONTACTS: | Old Kent Financial Corporation |
| Albert T. Potas (Analyst) | 616-771-1931 | |
| Tanya Berg (Media) | 616-771-4364 |
Old Kent Financial Corporation, announced that effective Friday, September 3, 1999, Old Kent
completed its acquisition of Pinnacle Banc Group, Inc. and today opened all offices serving
customers as Old Kent Bank. Over the weekend, upon the closing of the transaction, all
customer, financial and personnel information systems were converted to Old Kent's. This is the
second simultaneous closing and conversion by the Corporation in two months, enabling Old
Kent to achieve the planned cost savings within 30 days. These acquisitions, both announced in
the first quarter, highlight the Corporation's ability to quickly integrate newly acquired
companies into Old Kent.
Mr. Wagner stated, "We welcome Pinnacle customers to Old Kent and look forward to
offering them a wide range of valuable products and even more comprehensive financial
relationships. This acquisition expands Old Kent's growing presence in Chicagoland, making it
more convenient for new and existing customers to do business with us. Old Kent now has the
5th largest deposit share in the Chicago area."
Cicero, Chicago, Oak Park, Harvey, Berwyn, North Riverside, LaGrange Park, Westmont, Niles
Batavia, Elburn and Warrenville. Pinnacle also had three locations in the Quad-Cities area of
western Illinois. At June 30, 1999, Pinnacle had assets of $1,005 million and deposits of
$861 million. Pinnacle shareholders received .75285 of a share of Old Kent common stock for
each outstanding share of Pinnacle Banc Group, Inc., for a total of approximately 5.7 million
shares.
Old Kent also noted that its recently announced 3 million share buy-back program would
be unaffected by the acquisition. Under this program, shares intended for anticipated future
stock dividends are reacquired ratably on a quarterly basis. Also, shares intended for reissue in
connection with dividend reinvestment and employee stock plans are reacquired quarterly as
needed to maintain shares reserved for those purposes at a level consistent with anticipated
permissible needs.
Old Kent Financial Corporation is a financial services company headquartered in
Grand Rapids, Michigan, with a 40 year history of consecutive increases in annual per share
earnings and dividends. It operates more than 260 full service offices in Michigan, Illinois and
Indiana, and more than 160 mortgage lending sites throughout the United States. Effective with
the acquisition, Old Kent has total assets of approximately $18 billion.
