Pinnacle National Bank, a subsidiary of Pinnacle Financial Partners Inc. (PNFP: Quote), said Monday it has filed an application to convert from a national bank to a Tennessee state bank. The move primarily is intended to simplify communications with regulatory authorities, the company said.
As a national bank, Pinnacle's primary regulator is the Office of the Comptroller of the Currency in Washington D.C. As a Tennessee state bank, Pinnacle's regulators would be the Tennessee Department of Financial Institutions in Nashville and the Federal Deposit Insurance Corp.
While the proposed conversion requires regulatory approval, Pinnacle expects the new charter to become effective in the third quarter of 2012. The bank's legal name will change at that time from Pinnacle National Bank to Pinnacle Bank.
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by RTT Staff Writer
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