Pinnacle bank boosts income 19 percent after buying CapitalMark bank

In this file photo, the former Pioneer Bank building, which housed CapitalMark Bank and Trust and other offices in July 2015, at the southwest corner of Broad and Eighth Streets in Chattanooga, Tenn. Byron Defoor has acquired the building for $7 million.
In this file photo, the former Pioneer Bank building, which housed CapitalMark Bank and Trust and other offices in July 2015, at the southwest corner of Broad and Eighth Streets in Chattanooga, Tenn. Byron Defoor has acquired the building for $7 million.

Pinnacle Financial Partners, Inc., the Nashville-based banking firm that acquired CapitalMark Bank in Chattanooga this summer, boosted its third quarter earnings by 19.2 percent to 62 cents per share in the third quarter.

Pinnacle said today its net income per share was $1.86 for the nine months ended Sept. 30, 2015, compared to net income per diluted common share of $1.48 for the nine months ended Sept.

Pinnacle completed the acquisitions of the $1.2 billion-asset CapitalMark Bank on July 31 and $569.3 million-asset Magna Bank in Memphis on Sept. 1.

"The third quarter was an exceptional one for our firm in terms of ongoing execution of our growth plans, resulting in record earnings growth," said M. Terry Turner, Pinnacle's president and chief executive officer. "With the accelerated closing of both the CapitalMark and Magna mergers during the quarter, our associates are now focused on the successful completion of the upcoming technology conversions and the complete integration of these two very valuable franchises into our firm...We continue to see growth in bottom-line earnings during this extended rate cycle."

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