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Pinnacle Financial Partners prices common stock offering


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Pinnacle Financial Partners prices common stock offering

Pinnacle Financial Partners Inc. priced its underwritten public offering of 2.8 million common shares at $62.50 apiece for aggregate gross proceeds of $175 million.

The underwriters have been granted a 30-day option to buy up to an additional 420,000 common shares.

As previously disclosed, net proceeds will be used for general corporate purposes, including providing capital for Pinnacle Financial Partners unit Pinnacle Bank and for the pending acquisition of High Point, N.C.-based BNC Bancorp.

J.P. Morgan is acting as sole underwriter for the offering.