Pinnacle Financial Partners acquired Mid-America Bancshares, Inc. for approximately $206.2 million, a transaction completed in November 2007, structured as combination — 0.4655 Pinnacle shares plus $1.50 cash per Mid-America share.
Mid-America Bancshares, Inc. operates in Community banking — Nashville, TN (two-bank holding company), is based in Nashville, Tennessee, had revenue of about ~$1.25 billion in total assets at acquisition. Mid-America Bancshares was a two-bank holding company in Nashville that owned Bank of the South and PrimeTrust Bank, with roughly $1.25 billion in total assets at the acquisition date. Pinnacle paid about $206 million ($21.6 million in cash plus 6,676,580 common shares), extending its lead in Middle Tennessee.
Consistent with Pinnacle's strategy to keep acquiring high-growth Middle Tennessee institutions; management called Bank of the South and PrimeTrust among the fastest-growing banks in the nation.
Two high-growth Nashville franchises with strong performance and credit quality, no need for a new-market entry. Bank of the South and PrimeTrust Bank merged into Pinnacle National Bank
The acquisition is consistent with Pinnacle's strategy to continue to acquire high growth Middle Tennessee institutions. Along with Pinnacle, Bank of the South and PrimeTrust are among the fastest-growing banks in the nation. This acquisition will accelerate the rapid growth we had already projected for Pinnacle.M. Terry Turner, President and CEO, Pinnacle Financial Partners
Advisory firms were not disclosed for this transaction.