In separate meetings held Monday, shareholders of both BNC Bancorp and Pinnacle Financial Partners, Inc. voted to approve proposals submitted to each group related to the proposed merger of the two companies. Subject to the satisfaction of the remaining closing conditions contained in the merger agreement, the transaction is expected to close in the second quarter.
“This has been a very smooth process thus far, and I am extremely pleased with how quickly we’ve received the required regulatory and shareholder approvals,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “I am excited about the support our and BNC’s shareholders have shown for the transaction and am appreciative of the tireless work associates from both firms have done on transition planning. I look forward to the legal closure when we will become one company giving distinctive service and effective advice to clients in four states.”
BNC’s bank subsidiary, Bank of North Carolina, and Pinnacle Bank are expected to merge immediately following the closing of the merger of the two banks’ parent holding companies. A full brand change of all BNC offices and services is expected late in the third quarter of 2017, and BNC clients can expect clear communication about how the merger will affect them throughout the summer and fall.
“Pinnacle shares our commitment to client service, so we are anticipating a smooth transition for BNC clients,” said Rick Callicutt, BNC’s president and chief executive officer. “I am grateful for the support of our shareholders and the hard work of our associates who have worked long hours so that our clients may experience as seamless a transition experience as possible. By the time it’s finished, I believe we will be stronger together than we were apart.”
The combined companies will cover a four-state footprint with presence in 11 of the largest urban markets in the Southeast. All seven of BNC’s markets will be new territory for Pinnacle, including Charlotte, Raleigh, Winston-Salem and Greensboro in North Carolina; Greenville-Spartanburg and Charleston in South Carolina; and Roanoke in Virginia.
Once closed, Pinnacle is expected to be a top 50 public U.S. banking franchise by assets, on a pro-forma basis, with more than $20 billion in assets, $14 billion in loans and $15 billion in deposits. BNC’s existing corporate offices in High Point, N.C., will remain and serve as headquarters for the firm’s operations in the Carolinas and Virginia.