Tennessee-based Pinnacle Financial Partners, the parent of Pinnacle Bank, has obtained the nod from the Federal Reserve Bank of Atlanta, the Tennessee Department of Financial Institutions, and the North Carolina Office of the Commissioner of Banks to acquire and its subsequent merger with North Carolina-based BNC Bancorp, the parent of Bank of North Carolina.
The regulators have also given the go-ahead to the proposed merger of Pinnacle Bank and Bank of North Carolina.
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The combined group will have over $20bn in assets, over $14bn in loans and over $15bn in deposits, and a four-state presence in 12 of the largest urban markets in the Southeast.
Pinnacle will operate the Carolinas and Virginia regions from the existing High Point, North Carolina headquarters of BNC.
The merger of the parent firms and banks is expected to be completed late in the second quarter of 2017 or early in the third quarter of 2017, subject to shareholders’ approval. The all-stock deal, valued at $1.9bn, was announced in January 2017.
Pinnacle president and CEO Terry Turner said: “We are very happy with the progress that’s been made so far in closing this transaction, and we look forward to taking the final steps to joining forces.
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By GlobalData“BNC has so much to contribute, and with both teams fully integrated into one company, we believe our combined efforts will make us one of the premier financial services firms in the Southeast.”
