Pinnacle Financial Partners Inc. in Nashville, Tenn., has moved a step closer toward exiting the Troubled Asset Relief Program.
The $4.9 billion-asset company said Wednesday that it has repaid the Treasury $23.9 million, or one quarter of what it received from the program in December 2008. Pinnacle repaid the funds with existing cash balances.
As a result of the redemption, Pinnacle's quarterly preferred stock dividends will be reduced by roughly $297,000 beginning in the first quarter of 2012, the company said.
