The banking unit of Pinnacle Financial Partners (PNFP) in Nashville, Tenn., has filed an application to convert from a national charter to a state one to "simplify communications with regulatory authorities."
The new charter would become effective in the third quarter, the $4.8 billion-asset company said Monday. At that time, the bank's name will change from Pinnacle National Bank to Pinnacle Bank.
A slew of banks and thrifts have either converted or are in the process of changing over from being supervised by the Office of Comptroller of the Currency to being overseen by state regulators. Most cite the reduced regulatory costs and a desire to work with regulators with local ties as the reasons for the switch.
Because of "this environment of fast-paced regulatory changes and all the uncertainty that surrounds it, I believe there is great value in close contact with regulatory decision makers who can meet face-to-face and who understand the nuances of our markets," M. Terry Turner, Pinnacle's president and chief executive, said in a news release.
As a state-chartered bank, Pinnacle's regulators would be the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corp.