We represented Pinnacle Financial Partners, Inc. (NASDAQ: PNFP) in its $1.9 billion merger with BNC Bancorp (NASDAQ: BNCN) pursuant to which BNC merged with and into Pinnacle. With the completion of the transaction, Pinnacle becomes a Top 50 U.S. Bank. The merger will create a four state footprint concentrated in 12 of the largest urban markets in the Southeast. Pinnacle’s new markets include Charlotte, Raleigh, Winston-Salem and Greensboro in North Carolina; Greenville-Spartanburg and Charleston in South Carolina; and Roanoke in Virginia. BNC’s offices in High Point, North Carolina will operate as the area headquarters.
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 agreement, including tax, employee benefits and litigation. Additional details about the merger can be found in the official news release posted on Pinnacle’s website.
The transaction was also covered by various media outlets, including:
- “What It Means for Nashville to Have Its First $20 Billion Bank in Decades,” Nashville Post (June 16, 2017)
- “Nashville Bank Completes $1.9 Billion Purchase of BNC Bancorp,” Winston-Salem Journal (June 16, 2017)
- “Bank Merger to Expand Nashville’s Pinnacle Into Carolinas and Virginia,” USA Today (January 23, 2017)
- “Pinnacle Financial to Merge With BNC Bancorp In $1.9B Deal,” Law360 (January 23, 2017)
BNC Bancorp (NASDAQ: BNCN) 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.
This transaction was named a winner in the “Corporate/Strategic Deal of the Year (over $1B)” category at the 16th Annual M&A Advisor Awards in 2017. It had been recognized as a Finalist, along with five other deals involving Bass, Berry & Sims, for the 2017 M&A Advisor Awards.