Tennessee-based Avenue Financial Holdings has announced that its shareholders approved the proposed merger with Pinnacle Financial Partners.

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The combined entity will manage over $10.5bn in total assets and $8bn in total deposits.

The deal, currently valued at about $205.8m, also includes the merger of the banks’ subsidiaries- Pinnacle Bank and Avenue Bank.

The deal was announced in January 2016 and secured the regulatory nod in May 2016. It is slated to be concluded on or about 1 July 2016, subject to the satisfaction of the remaining closing conditions.

Avenue Financial Holdings chairman and CEO Ronald Samuels said: "We believe this transaction brings together Nashville’s two best locally owned banks. We are very appreciative of the great team we have at Avenue Financial and look forward to working with them at Pinnacle.

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"Since our founding in 2006, we have focused on delivering sophisticated banking services to our clients with a personal touch. By partnering with Pinnacle, we expect to deliver the same outstanding service, creativity and passion for client service, and commitment to Nashville that our clients have come to expect from our team at Avenue Financial."

Avenue Financial Holdings, which was formed as a single-bank holding company in 2006, mainly operates through its subsidiary Avenue Bank. The company’s operations are concentrated in the Nashville MSA.

Pinnacle has 44 offices in and around Nashville, Knoxville, Memphis and Chattanooga. As of 31 March 2016, the company managed total assets of $9.3bn and total deposits of about $7bn.