Pinnacle Financial Partners Inc. announced Thursday that it has received regulatory approval of its proposed acquisition of BNC Bancorp.
Additionally, the companies received approval to merge Bank of North Carolina, a subsidiary of BNC, with Pinnacle Bank, a subsidiary of Pinnacle.
The Federal Reserve Bank of Atlanta, the Tennessee Department of Financial Institutions and the North Carolina Office of the Commissioner of Banks each approved the proposals.
“We are very happy with the progress that’s been made so far in closing this transaction, and we look forward to taking the final steps to joining forces,” said Terry Turner, Pinnacle’s president and CEO in a statement. “BNC has so much to contribute, and with both teams fully integrated into one company, we believe our combined efforts will make us one of the premier financial services firms in the Southeast.”
On Jan. 22, Pinnacle and BNC announced the initial definitive agreement of a merger in an all-stock transaction valued at $1.9 billion.
Once the merger is completed, Pinnacle will combine the banks located in four Southeast states, adding significant presence in Charlotte, Raleigh, Greensboro, Winston-Salem, Greenville-Spartanburg and Charleston.
Pinnacle will operate the Carolina and Virginia region out of BNC’s existing corporate headquarters in High Point.
BNC’s President and CEO Richard Callicutt will be named chairman of the Carolinas and Virginia region and will be added to the board, along with three BNC directors.
BNC expects the merger will become effective late in the second quarter or early in the third quarter of 2017.
Bank of North Carolina and Pinnacle Bank are expected to merge immediately following the merger of the parent companies.
Pinnacle stock is trading at $62.80 per share, down 0.95 percent, early Friday. BNC stock is trading at $33.10, down 0.45 percent.
The filing can be found here.