• Mar. 4, 2016, 5:32 PM
    • Pinnacle Financial Partners (PNFP -0.9%) has wrapped a purchase of another 19% interest in Bankers Healthcare Group, for $114M in cash and stock.
    • The deal brings Pinnacle's stake in BHG to 49%. Along with its Pinnacle Bank subsidiary, it's funding the deal with 860,470 shares of PNFP common stock and $74.1M in cash.
    • The cash portion came from short-term borrowings that Pinnacle intends to repay by offering subordinated debt; yesterday Pinnacle Bank agreed to issue $70M of 4.875% subordinated notes at a discount.
    • The company says the new investment will be about 2% accretive to EPS this year and 4% accretive in 2017.
    • PNFP is flat in after-hours trading.
    Mar. 4, 2016, 5:32 PM
  • Jan. 29, 2016, 12:54 PM
    • In a merger of Nashville lenders, Pinnacle Financial Partners  (PNFP -4%) is buying Avenue Financial (AVNU +39.7%) for roughly $200M in stock and cash.
    • Avenue owners will receive 0.36 shares of PNFP and $2 in cash for each share of AVNU they hold, and will own about 8.1% of the combined company.
    • Assuming the deal closes late in Q3, expect a modestly accretive 2016 impact to Pinnacle's EPS and a 4.2% addition to 2017 earnings. Tangible book value will be diluted by 1%. Once the technology conversion takes place, about 40% of Avenue's expense base will be eliminated.
    Jan. 29, 2016, 12:54 PM