Pinnacle files application to convert to state bank charter
Jun 26, 2012 (Menafn - M2 EQUITYBITES via COMTEX) --Subsidiary of Pinnacle Financial Partners Inc (nasdaq/ngs:PNFP), Pinnacle National Bank filed an application to convert from a national bank to a Tennessee state bank to simplify communications with regulatory authorities, it revealed on Monday.
Pursuant to the above move, Pinnacle's primary regulators would be the Tennessee Department of Financial Institutions (TDFI) in Nashville and the Federal Deposit Insurance Corp (FDIC) while its present regulator is the Office of the Comptroller of the Currency (OCC) in Washington DC, it added that the transition will not affect its clients in any way.
Also, the proposed conversion requires regulatory approval and the bank expects the new charter to become effective in the third quarter of 2012 and its legal name will change to Pinnacle Bank at that time.
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