Monday, November 14, 2016
Senior VP Marketing
PINNACLE FINANCIAL CORPORATION COMPLETES ACQUISITION OF
INDEPENDENCE BANK OF GEORGIA
Elberton, GA, November 14, 2016 — Pinnacle Financial Corporation (“Pinnacle”), the parent holding company of Pinnacle Bank, acquired Independence Bank of Georgia (“Independence”), effective November 10, 2016. Based upon each bank’s financial statements as of September 30, 2016, Pinnacle Bank has $871 million in assets, $599 million in loans, and $752 million in deposits following the acquisition.
Management of each bank agreed that the combined bank will achieve greater scale and diversity in markets, products and management compared to either bank as a standalone. The customers Pinnacle and Independence will benefit from the combined institution’s greater footprint of scale in the northeast Georgia communities it serves.
L. Jackson McConnell, Jr. will continue to serve as President and Chief Executive Officer of Pinnacle. Former Independence President Terry Evans along with Sid Chandler, a senior lending officer at Independence, will have leadership positions within Pinnacle, with the primary responsibility of overseeing the communities previously served by Independence.
Pinnacle was advised in the transaction by SunTrust Robinson Humphrey as financial advisor and Bryan Cave LLP as legal counsel. Independence was advised in the transaction by Banks Street Partners, LLC as financial advisor and Nelson Mullins Riley & Scarborough, LLP as legal counsel.
About Pinnacle Financial Corporation
Pinnacle Financial Corporation is a bank holding company headquartered in Elberton, Georgia. Chartered in 1934, Pinnacle Bank has offices in Clarke, Elbert, Franklin, Gwinnet, Hart, Jackson, Newton, Oglethorpe, and Walton counties, Georgia. Pinnacle is a locally owned, independent community bank and offers a wide range of financial services. Visit www.pinnaclebank.com for more information.