The leaders of Pinnacle Financial Partners expect to issue $50 million in debt to help finance the acquisitions of CapitalMark Bank & Trust in Chattanooga and Magna Bank in Memphis as well as pay off its loan with U.S. Bank. That number is down from two weeks ago, when bank execs said they had started talks about issuing up to $60 million in subordinated debt.
Also of note from Pinnacle's latest filing: President and CEO Terry Turner first talked about a deal with CapitalMark boss Craig Holley way back in February of last year. But it took until early this year — starting with word that CapitalMark's 2014's profits would fall short of previous estimates — for the conversation to get down to terms and price. (Search for "February 10" to follow the timeline.)
First Advantage Bank has added to its ranks a senior vice president in the form of Kyle Luther, a veteran business lender who had been at Planters Bank for a dozen years. Luther specializes in commercial real estate and construction lending. Read more about his move here.
Shares of Avenue Financial Holdings, which began trading on the Nasdaq in February, are in line for a bit of a liquidity and visibility boost. They have been added to the ABA Nasdaq Community Bank Index, a composite of about 370 bank and thrift stocks that was launched in 2003. Avenue shares (Ticker: AVNU) ended Monday at $11.90, flat from where they ended their first day of trading. Daily volume averaged about 16,000 shares in May, but on only three trading days — including a monster volume session May 11 — did more than 10,000 shares change hands on a single day.
The board of First Freedom Bank in Lebanon has voted to pay shareholders an annual dividend of 20 cents, up from 15 cents last year and the 10 cents it paid when launching a dividend in 2013. The nine-year-old, $300 million bank led by President and CEO John Lancaster grew its profits by nearly half last year.
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