Avenue Financial Holdings to merge into Pinnacle Financial Partners

Jan 28, 2016 at 07:15 pm by bryan


Another bank merger is taking place with what started as a local company. Pinnacle Financial Partners and Avenue Financial Holdings jointly announced the signing of a definitive agreement for Avenue to merge into Pinnacle. The proposed merger of Avenue with and into Pinnacle has been approved unanimously by each company's Board of Directors and is expected to close either late in the second quarter or early in the third quarter of 2016.

You may recall Nashville based Pinnacle Financial Partners purchased Murfreesboro based Cavalry Banking in 2006. The acquisition was valued at $186 million in '06.

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As for the merger of Avenue Financial Holdings into Pinnacle, the transaction is subject to satisfaction of customary closing conditions, including the receipt of required regulatory approvals and the approval of Avenue's shareholders. Avenue's bank subsidiary, Avenue Bank, and Pinnacle Bank are expected to merge simultaneously with the merger of the respective parent companies.

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