The largest bank based in Nashville this morning said it has asked to take part in the U.S. Treasury's program to shore up banks' capital.
Pinnacle Financial Partners President and CEO Terry Turner said his team has applied to sell up to $95 million of preferred stock and warrants to the government. Based on its size, Pinnacle is eligible to receive up to $105 million.
Turner said Pinnacle does not need the capital to meet regulatory requirements. But selling stock to the Treasury, he added, will enable the bank to step up its lending efforts and "provide us the opportunity to seize other potential strategic options."
Since the end of October, 30 banks have received capital injections from the Treasury. Among those with a large local presence to get cash are SunTrust Banks, Regions Financial and First Horizon National, the parent of First Tennessee Bank. To view the most recent list, click here.