Pinnacle Close Merger with Avenue Financial

Jul 01, 2016 at 10:44 am by bryan


Pinnacle Financial Partners, Inc. completed its previously announced acquisition of Avenue Financial Holdings, Inc. In connection with the merger of Avenue with and into Pinnacle, Avenue Bank, Avenue's wholly owned bank subsidiary, merged with and into Pinnacle Bank, Pinnacle's wholly owned bank subsidiary.

The acquisition, which was announced on Jan. 28, 2016, was concluded following the receipt of approval from Avenue's shareholders and receipt of all required regulatory approvals. Based on financial information as of March 31, 2016, on a pro forma basis, the combined company has total assets of over $10.5 billion with offices in 14 Tennessee counties.

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"The completion of our legal merger with Avenue is an important step in our march to build Nashville's bank," said M. Terry Turner, president and CEO of Pinnacle Financial Partners. "Associates of both banks have worked incredibly hard to get us to this point and made it possible to close the acquisition only five months after the announcement."

Following closing, former Avenue directors Marty Dickens, former regional executive with AT&T; Joe Galante, former chairman of Sony Music, Nashville; and David Ingram, CEO of Ingram Entertainment, were appointed to Pinnacle's board.

"The culmination of this merger benefits shareholders and clients of both firms," said Ronald L. Samuels, Avenue's chairman and chief executive officer, who will serve as vice chairman of Pinnacle's board of directors and on Pinnacle's senior leadership team. "Our teams have the same passion for delivering outstanding client service and the same commitment to Nashville, and we'll be even better together."

Avenue Bank will operate as a division of Pinnacle Bank until September 2016 when both firms anticipate combining their operations. Avenue Bank clients should continue to bank with Avenue as they always have, using their existing checks, ATM/debit cards, payment coupons, etc. until the operational conversion in September 2016.

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