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EXHIBIT 20.  REPORT FURNISHED TO SECURITIES HOLDERS.

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May 12, 1999



Dear Shareholder:

Pinnacle Banc Group, Inc. reported net income of $2,021,000, or $0.27 per 
diluted share for the first quarter of 1999, compared to net income of 
$3,850,000, or $0.51 per share earned in the first quarter of 1998, a per 
share decrease of 47%. The decrease in earnings was primarily the result of 
expenses related to Pinnacle's pending merger. On March 19, 1999, Pinnacle 
announced a definitive agreement for the merger of Pinnacle into Old Kent 
Financial Corporation.

Total assets at March 31, 1999 were $1.045 billion, up 1% from the same 
quarter end of one year ago. Total loans amounted to $551 million, an 8% 
increase, and total deposits were $872 million, approximately the same level 
as one year earlier. Stockholders' equity was $109 million at March 31.

Excluding the effect of expenses related to the merger announcement, earnings 
for the first quarter of 1999 were approximately the same as the comparable 
quarter of the previous year. Net interest income increased 8% as the result 
of a 9% increase in average earning assets, which was partially offset by a 4 
basis point decline in the net interest margin to 3.49% for the first three 
months of 1999. Other operating income declined 7% with a lower level of fees 
on banking services contributing to the decrease. Other operating expense 
increased 18% as a result of the effect of expenses related to the proposed 
merger which included legal, accounting and investment banking fees. Without 
these items, other expense increased approximately 6%. Pinnacle's tax 
provision for the quarter was significantly higher than the comparable period 
of the previous year. Pinnacle established a valuation allowance associated 
with certain deferred state tax assets which may not be realized.

Net gains recorded on the sale of securities were $2,582,000 in the first 
quarter of 1999, down 11% from the same period of 1998. The net gains 
recorded included $1.8 million of gains recorded on the sale of equity 
securities as part of Pinnacle's equity investment program in other financial 
institutions, and $800,000 in gains booked on the sale of U.S. Treasury 
securities as part of Pinnacle's term portfolio program. At March 31, 1999, 
Pinnacle had $3.1 million in unrealized appreciation in the equity portfolio 
and $2.6 million of unrealized appreciation in the term portfolio.

Non-performing assets totaled $4,962,000 at March 31, 1999, a decrease of 
$972,000, or 16% from the amount at the previous year end. The allowance for 
loan losses was $7,179,000, or 1.30% of loans at quarter end. Non-performing 
assets at March 31, 1999 were 0.90% of total loans plus other real estate 
owned, and amounted to 0.47% of total assets.

The definitive agreement for the merger of Pinnacle into Old Kent calls for 
the shareholders of Pinnacle to receive a fixed exchange ratio of 0.717 
shares of Old Kent common stock for each Pinnacle share held. The merger is 
subject to the customary approvals by Pinnacle shareholders and by regulatory 
authorities. The transaction is expected to be consummated in the third 
quarter of 1999.

At the Board of Directors' meeting on April 20, 1999, the Board declared a 
dividend of $0.25 per share payable on May 13 to shareholders of record as of 
May 3.

Very truly yours,

/s/ JOHN J. GLEASON, JR.

John J. Gleason, Jr.
Vice Chairman and
Chief Executive Officer


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<TABLE>
<CAPTION>
                            PINNACLE BANC GROUP, INC.
                              FINANCIAL HIGHLIGHTS
                                   (UNAUDITED)

                                                                   QUARTER ENDED MARCH 31
                                                    --------------------------------------------
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)          1999             1998           % CHANGE
                                                    ----------       ----------        ---------
<S>                                                 <C>              <C>               <C>
INCOME STATEMENT
   Net interest income                              $    8,564       $    7,912            8%
   Provision for loan losses                                 0                0            0
   Net securities gains                                  2,582            2,897          (11)
   Non-interest income                                   1,984            2,273          (13)
   Non-interest expense                                  8,633            7,314           18
   Provision for income taxes                            2,476            1,918           29
   Net income                                            2,021            3,850          (48)

BALANCE SHEET (END OF PERIOD)
   Total assets                                     $1,044,645       $1,032,834            1
   Loans                                               550,938          508,083            8
   Portfolio funds                                     411,063          441,556           (7)
   Deposits                                            872,007          871,448            0
   Debt                                                 24,250           21,775           11
   Stockholders' equity                                108,928          116,794           (7)

PER SHARE DATA
   Earnings per share - diluted                     $     0.27       $     0.51          (47)
   Book value                                            14.72            15.56           (5)
   Dividends                                              0.25             0.23            9
   Cash earnings per share                                0.35             0.59          (41)
   Tangible book value                                   12.01            12.56           (4)

RATIOS
   Return on average equity                                7.7%            15.5%
   Return on average assets                               0.74             1.54
   Net interest margin                                    3.49             3.53
   Non-performing assets / total assets                   0.47             0.69

MARKET DATA
  Stock price range (DURING THE QUARTER) :
      High                                          $    29.94       $    35.50
      Low                                                26.75            26.25
      Close                                              29.25            34.31          (15)
   Annual dividend rate                                   1.00             0.92            9
</TABLE>