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VOL. 8 | NO. 32 | Saturday, August 1, 2015

Magna Shareholders Approve Merger with Pinnacle

By Andy Meek

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Another step towards the merger of Memphis-based Magna Bank with Nashville-based Pinnacle Bank has been checked off the list, with Magna shareholders voting Friday in favor of the transaction.

Pinnacle’s entry into the Memphis market via the Magna merger was announced in April, and the deal is expected to close late in the third quarter. Pinnacle said Friday, July 31, it expects Magna to start using the Pinnacle name in November.

Per a news release from Pinnacle, Magna shareholders voted “overwhelmingly in favor” of Magna’s merger with Pinnacle, which post-merger will have total assets of more than $8 billion and operate 42 offices in 13 counties, including all four of Tennessee’s key urban markets.

Pinnacle already has begun staffing up in Memphis, hiring bankers away from different local institutions, with more to come. And Pinnacle CEO Terry Turner’s plan is for the combined bank operation in Memphis to grow to at least $2.5 billion in assets.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 133 1,342
MORTGAGES 0 131 1,047
FORECLOSURE NOTICES 20 39 190
BUILDING PERMITS 0 305 3,056
BANKRUPTCIES 17 135 753
BUSINESS LICENSES 0 53 329
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0