Pinnacle Financial Partners executives have filed an application to convert their main subsidiary from a national bank to a Tennessee state bank.
The proposed charter change would make the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corp. Pinnacle's primary regulators instead of the Office of the Comptroller of the Currency.
"My entire 35-year banking career has been spent in the national banking system, and I have always enjoyed a great relationship with the OCC," said Pinnacle President and CEO Terry Turner. "However, in this environment of fast-paced regulatory changes and all the uncertainty that surrounds it, I believe there is great value in being in close contact with regulatory decision makers who can meet face-to-face and who understand the nuances of our markets, Nashville and Knoxville."
The transition is expected to take effect in the third quarter and will result in Pinnacle National Bank changing its name to Pinnacle Bank. Turner said a big reason for the move has been the "outstanding" work by Tennessee banking commissioner Greg Gonzales.
"He has demonstrated the department’s commitment not only to the soundness of the state’s banking system, but also to the health of its economy," Turner said.