We represented Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) in its definitive agreement to acquire BNC Bancorp pursuant to which BNC will merge with and into Pinnacle in an all-stock transaction. The merger will create a four state footprint concentrated in 12 of the largest urban markets in the Southeast. On a pro forma basis, Pinnacle is expected to be a top 50 public U.S. banking franchise by assets, with $20 billion in assets, $14 billion in loans and $15 billion in deposits. In connection with the definitive agreement, we also represented Pinnacle in an offering of 3,220,000 shares of common stock with gross proceeds of $201,250,000.
Bass, Berry & Sims has served Pinnacle as primary corporate and securities counsel for more than 15 years and served as counsel on the transaction. Attorneys were involved in all aspects related to the definitive agreement, including tax, employee benefits and litigation. Additional details about the definitive acquisition agreement can be found in the official news release posted on Pinnacle's website.
The transaction was also covered by various media outlets, including:
BNC Bancorp is the parent company of Bank of North Carolina, a commercial bank with total assets of $7.4 billion.
Pinnacle Financial Partners (NASDAQ: PNFP) provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution.