VOL. 130 | NO. 170 | Tuesday, September 1, 2015
Pinnacle Closes on Magna Bank Acquisition
By Andy Meek
Pinnacle Financial Partners has closed on its merger with Magna Bank, right on schedule.
Pinnacle had said the deal, first announced at the end of April, was headed for a late third quarter completion.
Pinnacle president and CEO Terry Turner, in a statement about the closing, said wrapping up the acquisition only four months after first making the announcement was a result of the “diligent work of our and Magna’s associates” as well as the bank’s relationship with regulators and its community reputation.
Based on financial information as of June 30, the combined company has total assets of nearly $8.2 billion and 42 offices in 13 Tennessee counties.
Upon closing, Magna director Thomas C. Farnsworth III of Farnsworth Holding Co. in Memphis was appointed to Pinnacle’s board.
For Magna customers, things still won’t change much until November. That’s when the operational conversion of both banks will begin to be felt. Until then, Magna will operate as a division of Pinnacle Bank, and Magna customers can for now keep using their existing checks, ATM/debit cards and payment coupons.
Magna chairman, president and CEO Kirk Bailey will serve as Memphis chairman of the combined firm.
“Both firms’ shareholders and clients will benefit from this merger,” he said. “Our teams have been working together very well, and we are all highly committed to continuing our rapid growth in the Memphis market.”