Nashville, Tenn.-based Pinnacle Financial Partners Inc. cut 185 positions at BNC Bancorp following the former's acquisition of the High Point, N.C.-based lender, Charlotte Business Journal reported Jan. 31.
The job cuts are part of Pinnacle's move to try and lower BNC's expense base by 25%, according to the report. Pinnacle CFO Harold Carpenter said 40 of said job cuts are still pending, and company spokesman Joe Bass said 109 BNC employees who were initially slated to be cut were retained, the publication wrote.
Meanwhile, Pinnacle made way for new hires as it adjusts to its expanded footprint, having hired 27 bankers in the Carolinas and Virginia since the merger was announced, Charlotte Business Journal cited CEO Terry Turner as saying. These bankers are expected to boost Pinnacle's commercial and industrial lending in the legacy BNC footprint for a more diversified loan mix.
The acquisition was announced in January 2017, with the deal reportedly valued then at $1.9 billion. When the deal was announced, BNC had 1,075 full-time employees, according to the report.
