Pinnacle Financial Partners reveals 2Q charge
pNASHVILLE, Tenn. (AP) — Pinnacle Financial Partners Inc. said Saturday it will take a charge of $21.6 million in the second quarter to account for a loan to a bank holding company whose banking unit has been placed in receivership./p pThe name of the entity put in receivership by the Office of the Comptroller of the Currency was not identified in a news release. However, in the company’s first-quarter report issued April 20, Pinnacle said it was monitoring a $21.5 million loan to a financial institution which originated at PrimeTrust Bank and was acquired by Pinnacle in the Mid-America Bancshares Inc. merger in 2007./p pPinnacle said it has no other loans outstanding with the financial institution./p pThis event will have a minimal impact on our capital ratios, M. Terry Turner, Pinnacle chief executive, said in a statement released by the company./p pOur capital position remains strong and above that of all of our major competitors, and we do not believe this event will limit the growth opportunity we continue to have./p pShares of Pinnacle closed down $1.46, or 8.2 percent, to $16.38 on Friday. In the last 52 weeks the stock has ranged from $13.32 to $36.57./p
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