This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Pinnacle Announces Intent To Convert To State Banking Charter

Pinnacle National Bank, a subsidiary of Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP), has filed an application to convert from a national bank to a Tennessee state bank.

As a national bank, Pinnacle’s primary regulator is the Office of the Comptroller of the Currency (OCC) in Washington, D.C. As a Tennessee state bank, Pinnacle’s regulators would be the Tennessee Department of Financial Institutions (TDFI) in Nashville and the Federal Deposit Insurance Corp. (FDIC).

“My entire 35-year banking career has been spent in the national banking system, and I have always enjoyed a great relationship with the OCC,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “However, in this environment of fast-paced regulatory changes and all the uncertainty that surrounds it, I believe there is great value in close contact with regulatory decision makers who can meet face-to-face and who understand the nuances of our markets, Nashville and Knoxville, Tennessee.”

The transition will not affect clients in any way, and they will continue to receive the same protection on deposits through the FDIC. While the proposed conversion requires regulatory approval, Pinnacle expects the new charter to become effective in the third quarter of 2012. The bank’s legal name will change at that time from Pinnacle National Bank to Pinnacle Bank.

The move primarily is intended to simplify communications with regulatory authorities.

“Tennessee’s banking commissioner Greg Gonzales has done an outstanding job of piloting Tennessee’s banks through the challenging economic environment we have faced since 2008,” Turner said. “He has demonstrated the department’s commitment not only to the soundness of the state’s banking system, but also to the health of its economy.”

More information about TDFI and Commissioner Gonzales’ approach to regulating banks is available at www.tn.gov/tdfi.

Pinnacle joins several other high-profile banks that have announced departures from the national banking system in favor of a state charter, such as Frost Bank in Texas, Commerce Bank in Missouri and South Carolina Bank and Trust.

Stock quotes in this article: PNFP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs