02.07.2008 18:00:00
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Pinnacle Acquires Beach & Gentry Insurance
Pinnacle Financial Partners Inc. (Nasdaq/NGS: PNFP) announced today its
acquisition of Murfreesboro, Tenn.-based Beach & Gentry Insurance LLC.
Terms were not disclosed.
Beach & Gentry will merge with Miller & Loughry Insurance & Services
Inc., a wholly-owned subsidiary of Pinnacle Financial Partners, also
located in Murfreesboro, immediately. The combined company will take the
name Miller Loughry Beach and will consolidate offices following
renovations to Pinnacle’s offices at 214 W.
College Street in Murfreesboro.
"Beach & Gentry shares our philosophy of
delivering distinctive service and effective advice,”
said Ken Halliburton, managing principal for Miller & Loughry. "The
merger brings together the two largest insurance brokerage firms in
Rutherford County, which will give our clients even greater access to
carriers.”
Ken Halliburton will be managing principal of Miller Loughry Beach.
Beach & Gentry Principal Clay Beach and Eddie Miller of Miller & Loughry
will have leadership roles. All insurance advisors will remain with the
combined company. Advisors include Mike Gentry, Jeff Adrian, Hank
Coppedge, Gary Garner and Chase Sinquefield from Beach & Gentry; and
Rusty Dallas, Bobby Mason, Susan McIndoo, Tim Morrell and Karl Welch
from Miller & Loughry.
"This partnership is an ideal cultural fit,”
said Clay Beach, Beach & Gentry principal. "We
have long admired Miller & Loughry, and combining our talents will allow
us to be a more valuable resource to our clients. We look forward to
leveraging the strengths of our combined firm.” "Both firms are highly regarded and well
known in Nashville and Rutherford County. We are excited to gain such a
dominant position in this important part of Pinnacle’s
financial services offerings,” said Bill
Jones, Pinnacle’s Rutherford County area
executive.
Beach & Gentry, founded in 1972, has 18 associates and 4,000 clients.
Miller & Loughry, the oldest independent insurance agency in
Murfreesboro, was founded in 1949 and has 22 associates and 6,300
clients.
"Insurance services are a critical component
of our clients' financial services needs,”
said Pinnacle Chairman Rob McCabe. "At a time
when many financial services companies are shedding business lines and
are focused on internal issues, we are continuing our strategy of
acquiring likeminded financial services firms in high growth Tennessee
areas.”
Pinnacle Financial Partners provides a full range of banking,
investment, mortgage and insurance products and services designed for
small- to mid-sized businesses and their owners, real estate
professionals and individuals interested in a comprehensive relationship
with their financial institution. Comprehensive wealth management
services, such as financial planning and trust, help clients increase,
protect and distribute their assets. The firm also has a
well-established expertise in commercial real estate.
Pinnacle began operations in a single downtown Nashville location in
October 2000 and has since grown to $3.9 billion in assets at March 31,
2008. The firm is the second-largest bank holding company headquartered
in Tennessee, with 31 offices in eight Middle Tennessee counties and two
in Knoxville.
Additional information concerning Pinnacle can be accessed at www.pnfp.com.
Certain of the statements in this release may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. The words "expect," "anticipate," "intend," "plan,"
"believe," "seek," "estimate" and similar expressions are intended to
identify such forward-looking statements, but other statements not based
on historical information may also be considered forward-looking. All
forward-looking statements are subject to risks, uncertainties and other
facts that may cause the actual results, performance or achievements of
Pinnacle to differ materially from any results expressed or implied by
such forward-looking statements. Such factors include, without
limitation those set forth in the reports that Pinnacle files with the
Securities and Exchange Commission as well as, (i) unanticipated
deterioration in the financial condition of borrowers resulting in
significant increases in loan losses and provisions for those losses,
(ii) the inability of Pinnacle to continue to grow its loan portfolio at
historic rates in the Nashville-Davidson-Murfreesboro-Franklin MSA and
the Knoxville MSA, (iii) increased competition with other financial
institutions, (iv) lack of sustained growth in the economy in the
Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, (v)
rapid fluctuations or unanticipated changes in interest rates, (vi) the
inability of Pinnacle to satisfy regulatory requirements for its
expansion plans, (vii) the inability of Pinnacle to execute its
expansion plans and (viii) changes in state and Federal legislation or
regulations applicable to financial services providers, including banks.
Additionally, risk factors exist in connection with Pinnacle’s
merger with Mid-America including, among others, (1) the risk that the
cost savings and any revenue synergies from the merger may not be
realized or take longer than anticipated, (2) disruption from the merger
with customers, suppliers or employee relationships, and (3) the risk of
successful integration of the two companies’
businesses. Many of such factors are beyond Pinnacle's ability to
control or predict, and readers are cautioned not to put undue reliance
on such forward-looking statements. Pinnacle disclaims any obligation to
update or revise any forward-looking statements contained in this
release, whether as a result of new information, future events or
otherwise.
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