Keefe Bruyette & Woods analyst Jefferson Harralson says investors should step back into Pinnacle Financial Partners after the stock's drop from its post-earnings July highs. The downtown-based company has set itself up with "two new rich playgrounds" in Memphis and Chattanooga, he says, and he has raised his rating back to 'outperform' from 'market perform' while keeping his price target at $54.
Shares of Pinnacle (Ticker: PNFP) were up 1.5 percent to about $48.50 in early Friday-afternoon trading. So far this year, they've risen more than 20 percent.
Franklin Synergy Bank has recruited Tiffany Martin to its team in Berry Farms as a vice president and commercial banker. Martin joins Franklin Synergy from Capital Bank, where she had been a branch manager for almost two years. Before that, she also ran a Bank of America branch.
“Tiffany has a great background in banking,” said Chairman and CEO Richard Herrington. “Our Berry Farms team is serving a community experiencing fast growth and Tiffany was just the right fit to serve that segment of our market.”
Franklin Synergy opened its office in Berry Farms, located off Interstate 65 at Goose Creek Bypass, in the fall of 2013. The company runs 11 branches in Williamson and Rutherford counties.
Birmingham-based Arlington Family Offices, which manages more than $10 billion in assets for high-net-worth families, has absorbed the operations of ETC Capital Management in downtown Franklin. In a release, Arlington's leaders say Tennessee is a very attractive spot for trust management and add that they have applied for regulatory permission to run an office of their private trust company here.
ETC founder Croley Graham, who is now a managing director of Arlington, is equally upbeat about the combined firms' capabilities: “Arlington’s experience, people, and systems are unmatched and will permit us to provide the absolute best in service to families, not only those in Tennessee but those moving their operations here because of Tennessee’s very favorable trust and tax environments.”
FirstBank announced today it has received regulatory approvals to acquire the six-branch Northwest Georgia Bank, a move expected to elevate the Nashville-based entity’s Chattanooga-area presence.
The transaction, a purchase price for which is not disclosed in a release, is expected to close by month’s end. NGB is based in in Ringgold, Georgia.
The annoucement follows FirstBank recently officially making Nashville its headquarters. The bank, which is Tennessee's third-largest by assets, had been based in Lexington.
The Federal Deposit Insurance Corp., the Tennessee Department of Financial Institutions and the Georgia Department of Banking and Finance have approved the transaction.
“Obtaining all required regulatory approvals is a major milestone towards completion of the merger,” FirstBank President and Chief Executive Officer Chris Holmes said in the release. “Our banks’ histories and cultures are so closely aligned that we believe the integration of the two banks will be rewarding and we’re looking forward to continued success as we consummate the merger.”
FirstBank entered the Chattanooga market in 2008 when it opened a main office on Chestnut Street and a branch operation on Hamilton Place Boulevard.
The pending acquisition of Northwest Georgia Bank will increase FirstBank’s assets to $2.8 billion, giving it four additional branches in Hamilton County, Tennessee, and two additional branches in Catoosa County, Georgia. It will also elevate FirstBank’s deposit market share from 22nd to 6th in the Chattanooga Metropolitan Statistical Area.
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