CapitalMark Bank & Trust shareholders have given approval to the proposed merger of CapitalMark with Pinnacle Bank.
The deal, subject to remaining closing conditions, is scheduled to close on 31 July of this year.
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Pinnacle, a wholly owned subsidiary of Pinnacle Financial Partners, will then have total assets of over $7.5bn and operate with 37 offices across 12 counties, including three new counties.
CapitalMark is expected to trade using the Pinnacle name next March after the operations of the companies are merged.
In the interim, clients will likely continue to bank with CapitalMark using their existing checks, ATM/debit cards, payment coupons till the operations of the two parties are combined.
Pinnacle president and CEO M Terry Turner said: "Our strategy has been to grow rapidly while operating in all of Tennessee’s four urban markets, so this is a significant milestone for all of us at Pinnacle.
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By GlobalData"CapitalMark has built a very successful franchise in Chattanooga and the surrounding areas, and we are excited to continue that momentum as one firm."
