Pinnacle Closes Merger With Avenue Bank

Screen Shot 2016-01-28 at 5.42.01 PMPinnacle Financial Partners completed its previously announced acquisition of Avenue Bank on July 1.

“The completion of our legal merger with Avenue is an important step in our march to build Nashville’s bank,” said M. Terry Turner, president and CEO of Pinnacle Financial Partners. “Associates of both banks have worked incredibly hard to get us to this point and made it possible to close the acquisition only five months after the announcement.”

Joe Galante, former chairman of Sony Music, Nashville, David Ingram, CEO of Ingram Entertainment, and Marty Dickens, former regional executive with AT&T, were appointed to Pinnacle’s board. Additionally, Avenue’s music and entertainment team of Andy Moats, Ron Cox and Cooper Samuels will continue in their roles servicing clients under the new merger.

“The culmination of this merger benefits shareholders and clients of both firms,” said Ronald L. Samuels, Avenue’s chairman and chief executive officer, who will serve as vice chairman of Pinnacle’s board of directors and on Pinnacle’s senior leadership team. “Our teams have the same passion for delivering outstanding client service and the same commitment to Nashville, and we’ll be even better together.”

Based on financial information as of March 31, 2016, on a pro forma basis, the combined company has total assets of over $10.5 billion with offices in 14 Tennessee counties.

Avenue Bank will operate as a division of Pinnacle Bank until September of this year when both firms anticipate combining their operations and the brand converting to Pinnacle. Avenue Bank clients should continue to bank with Avenue as they always have, using their existing checks, ATM/debit cards, payment coupons, etc. until the operational conversion in the fall.

 

Comments

Powered by Facebook Comments

Follow MusicRow on Twitter

Category: Featured, Financial/Legal

About the Author

Sherod Robertson is President and Owner of MusicRow Enterprises. He oversees all operations and develops strategic initiatives for MusicRow magazine, RowFax, and MusicRow's CountryBreakout chart. Robertson previously served as Director of Finance of Arista Records after beginning his career as Vice President of Finance and CFO at Reunion Records.

View Author Profile