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Pinnacle Financial Partners begins $175M public offering

Nashville, Tenn.-based Pinnacle Financial Partners Inc. began an underwritten public offering of $175 million of its common stock.

J.P. Morgan is the sole underwriter for the transaction. The company will allow underwriters to purchase up to an additional 15% of the common shares it sells in the offering.

Net proceeds will be used for general corporate purposes, including to pay fees and expenses, to provide capital for unit Pinnacle Bank, and for the pending merger with High Point, N.C.-based BNC Bancorp.