{"id":1004118679,"date":"2015-05-04T13:20:06","date_gmt":"2015-05-04T21:20:06","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=344725"},"modified":"2025-02-19T00:18:06","modified_gmt":"2025-02-19T08:18:06","slug":"pinnacle-financial-announces-acquisition-of-memphis-based-magna-bank","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pinnacle-financial-announces-acquisition-of-memphis-based-magna-bank\/","title":{"rendered":"Pinnacle Financial Announces Acquisition of Memphis-Based Magna Bank"},"content":{"rendered":"

By Liviu Oltean, Associate Editor <\/em><\/p>\n

\"\"<\/a>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\u2019s Board of Directors, is expected to close in Q4 2015.<\/p>\n

According to an official press statement, Magna Bank operates five banking offices in Shelby County\u2014two in East Memphis, two in Germantown and one in Cordova\u2014and 14 mortgage lending offices scattered across Memphis and Middle Tennessee.<\/p>\n

Pinnacle also announced last month its acquisition of CapitalMark Bank & Trust in Chattanooga, Tenn. When the two mergers go through, Pinnacle\u2019s combined assets are projected to surpass $8 billion.<\/p>\n

\u201cWe have long said that we plan to operate in each of Tennessee\u2019s 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,\u201d said Terry Turner, Pinnacle president & CEO. \u201cWe see ample opportunities in Memphis, where the competitive landscape is virtually identical to the markets where we historically have been successful \u2013 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\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Pinnacle Financial Partners, Inc. recently announced that 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 sometime in Q4 2015.<\/p>\n","protected":false},"author":1158,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742],"tags":[],"class_list":["post-1004118679","post","type-post","status-publish","format-standard","hentry","category-latest"],"acf":[],"yoast_head":"\nPinnacle Financial Announces Acquisition of Memphis-Based Magna Bank - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pinnacle-financial-announces-acquisition-of-memphis-based-magna-bank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pinnacle Financial Announces Acquisition of Memphis-Based Magna Bank\" \/>\n<meta property=\"og:description\" content=\"Pinnacle Financial Partners, Inc. recently announced that it has entered a definitive agreement to acquire Memphis-based Magna Bank. 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