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Pinnacle Financial Partners posted strong fourth-quarter numbers thanks to loan growth centered around its Nashville and Knoxville markets in Tennessee.
January 22 -
The $6 billion-asset Pinnacle said in a press release Wednesday that it paid $75 million for a 30% stake in Bankers Healthcare Group in Southwest Ranches, Fla.
February 4 -
Pinnacle Financial recently bought a 30% stake in a firm that originates most of its loans to doctors online and then auctions them to community banks. The move promises higher fee income, but could also put Pinnacle at the forefront of banking's hottest trend.
February 20
Pinnacle Financial Partners in Nashville has agreed to buy CapitalMark Bank & Trust in Chattanooga, Tenn.
The $6 billion-asset Pinnacle will pay $187 million in cash and stock for the $968 million-asset CapitalMark. The deal is expected to close in the third or fourth quarter.
Pinnacle also plans to redeem $18.2 million in preferred stock issued by CapitalMark in connection with the Small Business Lending Fund.
CapitalMark operates in the eastern Tennessee cities of Cleveland, Knoxville, and Chattanooga.
Pinnacle's acquisition gives it a stronger presence in Knox County, where it already has five branches, while expanding into Chattanooga, Tennessee's fourth-largest market.
"This acquisition is consistent with Pinnacle's strategy to grow rapidly while operating in all of Tennessee's four urban markets. CapitalMark has built a very successful firm in Chattanooga and the surrounding areas," M. Terry Turner, Pinnacle's president and chief executive, said in a press release Tuesday. "In addition to accelerating the rapid growth we had already projected for Pinnacle, this acquisition brings together two institutions with strong records of performance, credit quality, client satisfaction and a highly complementary geographic footprint."
