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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
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.