The acquisition, which was first announced on April 7, 2015, was concluded following the receipt of shareholder approval from CapitalMark’s shareholders and receipt of all required regulatory approvals. Based on financial information as of June 30, 2015, on a pro forma basis, the combined company has total assets of $7.6 billion with 37 offices in 12 Tennessee counties.
"We are pleased to announce the completion of the legal merger, uniting two high performing Tennessee banking franchises," said M. Terry Turner, president and CEO of Pinnacle Financial Partners. "We look forward to our continued participation in the high growth that Chattanooga is enjoying."
Upon closing, CapitalMark director Charles E. Brock, president and CEO of Launch Tennessee, was appointed to Pinnacle’s board.
"The culmination of this merger is a win for stockholders and clients of both institutions," said Craig Holley, who will serve as the Chattanooga chairman of the combined firm. "Our strategies are virtually identical and our teams have blended together very well. Both are highly committed to our ongoing success in the Chattanooga market."
CapitalMark will operate as a division of Pinnacle Bank until March 2016 when both firms anticipate combining their operations. CapitalMark clients should continue to bank with CapitalMark as they always have, using their existing checks, ATM/debit cards, payment coupons, etc. until the operational conversion in March 2016.
