Pinnacle Bank CEO M. Terry Turner, left, and Capital Bank CEO R. Craig Holley talk about the merger of the two entities Wednesday, April 8, 2015, in the executive offices at 801 Broad St. Pinnacle Bank
Headquarters: Nashville Founded: 2000 Assets: $6 billion Offices: 34 in metro Nashville and Knoxville Staff: 800 employees Distinction: The second highest performing bank stock in the country since 2000 CapitalMark Headquarters: Chattanooga Founded: 2007 Assets: $968 million Offices: Four (Chattanooga, Cleveland, Oak Ridge and Knoxville) Staff: 115 employees Distinction: The largest locally owned bank in Chattanooga and one of the five most profitable of more than 130 bank startups in 2007.
True to its name, CapitalMark has put its mark on the banking scene as one of the nation’s fastest-growing and top-performing banks since its founding in 2007 just before the last recession hit.
In less than eight years — with only four bank offices — CapitalMark has grown into Chattanooga’s biggest locally based bank with assets of nearly $1 billion. Among more than 130 banks started in 2007, CapitalMark also has been one of the five most profitable in the entire country.
That growth and success attracted Nashville’s fastest-growing bank this week to offer $187 million to acquire CapitalMark to expand into the Chattanooga market. Pending approval of the purchase by regulators and shareholders, officials expect the bank merger to be completed by September.
Already on Wednesday as Pinnacle CEO M. Terry Turner arrived in Chattanooga to talk with the CapitalMark employees about the purchase agreement, he was preparing plans to add new branches to grow Pinnacle’s presence in Chattanooga beyond the CapitalMark footprint.