Tennessee-based Pinnacle Financial Partners has secured the regulatory approval to merge with local rival Avenue Financial Holdings.
The Tennessee Department of Financial Institutions and the Federal Deposit Insurance have also given the go-ahead for the merger of the banks’ subsidiaries- Pinnacle Bank and Avenue Bank.
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The deal, valued at about $201.4m, will allow Avenue clients access to 44 additional offices in Tennessee’s four markets namely Nashville, Memphis, Knoxville and Chattanooga. Pinnacle clients will gain access to another location in Nashville following the merger.
The deal is expected to be completed late in the second quarter or early in the third quarter of 2016, subject to shareholders’ approval.
Pinnacle president and CEO M. Turner said: "We believe the associates, clients and shareholders of both firms will benefit greatly from this merger. We are pleased with the progress we’ve been making and the conversations that have taken place between the dedicated associates at both firms. We all look forward to satisfying the remaining closing conditions so we can join forces as Nashville’s strongest locally owned bank."
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