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Pinnacle Financial Partners has struck its first deal in nearly eight years, and it has the capacity to do more as it seeks to double its assets in Tennessee. But CEO Terry Turner says it is more likely to grow organically because there aren't many banks left in the state that he would want to buy.
April 9 -
Pinnacle Financial Partners in Nashville, Tenn., has agreed to buy Magna Bank in Memphis, Tenn.
April 29 -
Pinnacle Financial Partners in Nashville has agreed to buy CapitalMark Bank & Trust in Chattanooga, Tenn.
April 8
Pinnacle Financial Partners in Nashville, Tenn., plans to raise $60 million in subordinated debt in a private placement.
The $6.2 billion-asset Pinnacle will use the proceeds for merger-related expenses associated with its proposed acquisitions of the $968 million-asset
Pinnacle will issue notes carrying a fixed rate of 4.875% until July 30, 2020. Then the rate will switch to a floating rate equal to Libor plus 3.128% until 2025. Pinnacle did not identify the institutional investors involved with the debt sale.
