Pinnacle Bank buys Magna in Memphis

Pinnacle Bank CEO M. Terry Turner, left, and Capital Bank CEO R. Craig Holley talk about the merger of the two entities in the executive offices at 801 Broad St. on April 8, 2015.
Pinnacle Bank CEO M. Terry Turner, left, and Capital Bank CEO R. Craig Holley talk about the merger of the two entities in the executive offices at 801 Broad St. on April 8, 2015.

Three weeks after announcing a $187 million purchase of the Chattanooga-based CapitalMark Bank & Trust, Pinnacle Financial Partners Inc., agreed Tuesday to also acquire Magna Bank in Memphis for $83.4 million in cash and stock.

Magna reported $595 million in assets as of March 31 and currently operates five banking offices in Shelby County and 14 mortgage lending offices in Memphis and Middle Tennessee. CapitalMark has assets of nearly $1 billion with four offices in East Tennessee.

The purchases of CapitalMark and Magna by Pinnacle are expected to be completed within the next year and will fulfill Pinnacle's target of operating banks in all four of Tennessee's major markets.

"We see ample opportunities in Memphis, where the competitive landscape is virtually identical to the markets where we historically have been successful-Nashville and Knoxville," Pinnacle CEO M. Terry Turner said.

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