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Pinnacle Financial Partners Obtains Regulatory Approvals to Acquire Avenue Financial Holdings

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Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) ("Pinnacle") announced today that it has received approvals of its applications to merge with Avenue Financial Holdings, Inc. (Nasdaq/NGS: AVNU) ("Avenue") from both the Tennessee Department of Financial Institutions ("TDFI") and the Federal Deposit Insurance Corporation ("FDIC"). The TDFI and FDIC have also approved the proposed merger of Pinnacle Bank and Avenue Bank. With receipt of these approvals, all regulatory approvals required for consummation of the proposed mergers have been received.

Subject to approval by Avenue's shareholders, as well as satisfaction of other closing conditions, Pinnacle anticipates that the merger of the holding companies and banks should become effective late in the second quarter or early in the third quarter of 2016. Avenue's shareholder meeting is scheduled to occur on June 21, 2016. Avenue's bank subsidiary, Avenue Bank, and Pinnacle Bank are expected to merge simultaneously with the merger of the respective parent companies.

"We believe the associates, clients and shareholders of both firms will benefit greatly from this merger," said M. Terry Turner, Pinnacle's president and chief executive officer. "We are pleased with the progress we've been making and the conversations that have taken place between the dedicated associates at both firms. We all look forward to satisfying the remaining closing conditions so we can join forces as Nashville's strongest locally owned bank."

When the operations of the institutions are combined, Pinnacle's existing clients will gain the convenience of another location in Nashville. Avenue clients will be able to access a wider array of wealth management services, including trust, brokerage, investment advisory and insurance, as well as 44 additional offices in the state's four urban markets.

 

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