Nashville-based Pinnacle Financial Partners has applied to sell up to $95 million dollars in stock to the U.S. Treasury. The federal government has been buying stakes in banks in order to shore up the credit markets.
In a statement, Pinnacle officials say the firm is not doing so to stabilize its financial position, instead it plans to strengthen its lending capacity and create a, quote, “opportunity to seize other potential strategic options.”
Pinnacle is the fourth largest bank in the Nashville area.
On Air - 90.3 WPLN-FM