Magna Bank Takes Pinnacle Name

Final integration of systems and identity change complete

Magna Bank (“Magna”) changed its name and identity to Pinnacle Bank (Nasdaq/NGS: PNFP) today in client appreciation events at its five Memphis offices.

Magna was merged with Pinnacle on Sept. 1, 2015, giving the firm a presence in all four of Tennessee’s urban markets and combined assets of about $8.5 billion. Magna had continued to operate under its brand until the systems and operations of the companies were totally integrated with Pinnacle.  

Clients from both firms will enjoy more benefits as a result of the integration, including the convenience of accessing 42 offices in 13 counties across the state.

For the past month Pinnacle has communicated extensively with clients to explain the changes they will see in procedures, materials and the website, www.pnfp.com.

“Today is an important milestone in our history, and it was only possible because teams from both organizations have worked tirelessly to integrate client and internal systems and communicate with everyone affected,” said M. Terry Turner, president and CEO of Pinnacle Financial Partners. “When we founded Pinnacle in 2000 we dreamed about operating in the urban markets of Tennessee, and now it’s a reality.”

Community and business leaders, clients and friends joined Magna and Pinnacle associates at a sign unveiling celebration at the combined firm’s Oak Court office in Memphis.

“Our associates are excited about blending two cultures that are so focused on client service,” said Kirk P. Bailey, Magna’s former chairman, president and chief executive officer and now Pinnacle’s Memphis chairman. “We are also pleased to be part of one of the highest performing financial firms and one of the best places to work in the country.”

Pinnacle and Magna announced the intent to merge on April 28, 2015. The transaction closed just four months later on Sept. 1, 2015 when Magna Bank merged with Pinnacle Bank.

Pinnacle Financial Partners 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. Pinnacle’s focus begins in recruiting top financial professionals. Great Place to Work^® named Pinnacle one of the best workplaces in the United States on its 2014 Best Small & Medium Workplaces list published in FORTUNE magazine. The American Banker also recognized Pinnacle as the third best bank to work for in the country.

The firm began operations in a single downtown Nashville location in October 2000 and has since grown to more than $8.5 billion in assets at Sept. 30, 2015. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in the state’s four largest markets, Nashville, Memphis, Knoxville and Chattanooga, as well as several surrounding counties.

Additional information concerning Pinnacle, which is included in the NASDAQ Financial-100 Index, can be accessed at www.pnfp.com.

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