Pinnacle Financial Partners acquired Cavalry Bancorp, Inc. for approximately $172.3 million, a transaction completed in March 2006, structured as all stock (0.95 Pinnacle shares per Cavalry share).
Cavalry Bancorp, Inc. operates in Community banking — Murfreesboro / Rutherford County, TN, is based in Murfreesboro, Tennessee (Rutherford County). Cavalry Bancorp was a one-bank holding company in Murfreesboro, Tennessee with roughly $672 million in assets at closing. The deal pushed Pinnacle into the fast-growing Rutherford County market several years ahead of its de novo plans and made the combined firm the second-largest bank holding company headquartered in Tennessee, with projected assets above $1.6 billion and 17 offices across the Nashville-Davidson-Murfreesboro MSA.
Entering one of the nation's fastest-growing counties with an established ~22 percent deposit market share, accelerating Pinnacle's Middle Tennessee growth plans while adding revenue diversification through insurance, investment management, trust and treasury services.
No branch overlap, 22% deposit share in a high-growth county, and a modest, low-risk integration plan. Merged into Pinnacle National Bank
This combination affords one of the fastest growing banks in the nation an opportunity to enter one of the fastest growing counties in the nation with an established deposit market share of 22 percent. Pinnacle already had plans to enter the Rutherford County market on a de novo basis at the end of this year, and this transaction puts us several years ahead of our growth plans in the Murfreesboro/Rutherford County market.M. Terry Turner, President and CEO, Pinnacle Financial Partners
Advisory firms were not disclosed for this transaction.