Pinnacle Financial Partners executives plan to issue $60 million in debt to help fund their planned acquisitions of CapitalMark Bank & Trust and Magna Bank and redeem their loan with US Bank. The notes, which were priced this morning in a combo fixed-variable setup, will mature in 10 years.
Prominent regional business executive Gaylon Lawrence has agreed to buy F&M Bank in Clarksville, which has about $860 million in assets and last year produced $5.3 million in profits. Click here to read more at The Leaf-Chronicle courtesy of Jimmy Settle, who talked to an upbeat F&M President and CEO Sammy Stuard.
“Through this merger the bank stays fully intact in Clarksville, Tenn. There are going to be no changes in employment or anything,” Stuard said. “Actually, nothing changes except the owner. Our existing board of directors also stays intact, although there may be some additions to the board over time.
Lawrence also is a backer of Tennessee Bank & Trust in Williamson County and is helping John Eakin build his 1201 Demonbreun office tower in The Gulch.
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.
Acadia Healthcare has expanded its United Kingdom portfolio with the acquisition of a 15-bed residential rehabilitation facility in Southampton, England. The Manor Clinic center focused on addiction treatments, a sector of the British health services market in which Acadia was not yet active.
"As in the U.S., the addictions treatment market in the United Kingdom is large, growing and highly fragmented," said Chairman and CEO Joey Jacobs. "We believe The Manor Clinic is a wonderful opportunity through which to launch our presence in addictions treatment in the U.K., a market that we are confident represents a significant long-term growth opportunity for the Company."
Franklin-based Acadia also has completed its purchase of Belmont Behavioral Health in the Philadelphia market. Shares of the company (Ticker: ACHC) are up about 1 percent Wednesday to about $79.15. So far this year, they're up almost 30 percent.
Milt Capps has checked in with veteran local payment processing entrepreneur Greg Daily, who is building what was Charge Payment and now is i3 Verticals into a broader financial technologies play. Daily and his team last month acquired RentShare.com, a New York-based mobile payment platform focused on the apartment sector, and has since wrapped up two other deals. There's more to come, Capps writes, including a possible IPO.
While maintaining its presence in Retail, the company's acquisitions and other growth efforts are concentrated on expanding into Education, Government/Public Sector, Healthcare, Utilities and Nonprofit/Fundraising sectors. Daily described those sectors as populated by enterprises that "don't go out of business." The company's current offerings span payments processing, metrics-reporting tools, point-of-sale technologies, gift and loyalty programs, merchant financing and security support.
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