Commerce Union Bancshares officials have announced shares of the company started traded on the Nasdaq today:
“We are pleased to announce that Commerce Union Bancshares’ stock will begin trading on The Nasdaq Stock Market effective July 7th,” stated William R. DeBerry, Chairman and Chief Executive Officer. “We believe the Nasdaq listing will provide increased visibility for our company with investors and increased marketability of our shares for our stockholders.”
Commenting on the listing, DeVan Ard, President of Commerce Union stated, “The Nasdaq listing represents an important milestone in our combination of Commerce Union and Reliant banks. The merger strengthened our capital base, increased our lending limits, expanded the reach of our combined banks and improved our operating synergies. We believe the Nasdaq listing highlights our continued progress to build long-term shareholder value by combining our resources.”
Trading as CUBN, shares opened at $14.50.
Pinnacle Financial Partners has received the go-ahead from federal and state regulators for its plans to merge with CapitalMark Bank & Trust in Chattanooga and Magna Bank in Memphis.
According to a release, if shareholders give their approval and other conditions are met, the Nashville-based financial company will have a presence in Tennessee’s four largest cities.
Shareholder meetings for CapitalMark and Magna are scheduled later this month and the mergers are expected to become effective during the third quarter of the year. Pinnacle announced Monday that both the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corp. have approved the move, which grows Pinnacle’s asset base to more than $8 billion.
"This is a significant milestone for all of us at Pinnacle," Terry Turner, Pinnacle president and chief executive officer, said in the release. "We believe all of our constituencies will benefit from these mergers — associates, clients, communities and shareholders."
Pinnacle is the largest bank holding company headquartered in Nashville, with 29 offices in eight Middle Tennessee counties and five offices in Knoxville.
CapitalMark is a full-service commercial bank with four private client offices in Chattanooga, Cleveland, Knoxville and Oak Ridge. Magna Bank is a community bank based in Memphis.
Auto insurer First Acceptance Corp. on Wednesday completed its acquisition of more than 80 stores marketing nonstandard policies in California from Nationwide Insurance. The Green Hills-based company (Ticker: FAC) paid $34.5 million in cash for the stores, $30 million of which came from an affiliate of its 53 percent shareholder, Gerald Ford, in the form of a loan. From the looks of the 10-year loan, Ford is a pretty good negotiator: First Acceptance is paying 8 percent interest.
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