Pinnacle Financial Announces Acquisition of Memphis-Based Magna Bank
- May 04, 2015
Pinnacle Financial Partners Inc. announced it has entered a definitive agreement to acquire Memphis-based Magna Bank. The proposed merger, which has been approved by each company’s Board of Directors, is expected to close in Q4 2015.
According to an official press statement, Magna Bank operates five banking offices in Shelby County—two in East Memphis, two in Germantown and one in Cordova—and 14 mortgage lending offices scattered across Memphis and Middle Tennessee.
Pinnacle also announced last month its acquisition of CapitalMark Bank & Trust in Chattanooga, Tenn. When the two mergers go through, Pinnacle’s combined assets are projected to surpass $8 billion.
“We have long said that we plan to operate in each of Tennessee’s four urban markets. Memphis is the largest city and second-largest MSA in the state, and the Magna acquisition will complete our current geographic market expansion plans,” said Terry Turner, Pinnacle president & CEO. “We see ample opportunities in Memphis, where the competitive landscape is virtually identical to the markets where we historically have been successful – Nashville and Knoxville. This acquisition provides us an immediate footprint in Memphis from which to leverage our strategy of hiring the best bankers in the market and positions us to reach our goal of at least $2.5 billion in assets in the Memphis MSA”