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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.