Nashville-based Pinnacle National Bank wants to convert its charter to become a state bank instead. That would change which government agencies have regulatory oversight of the bank.
Right now, the bank answers to the US Office of the Comptroller of the Currency. State banks are regulated instead by the Tennessee Department of Financial Institutions and the Federal Deposit Insurance Corporation, or FDIC.
A written announcement from the bank says the change is intended to simply communications with authorities. Pinnacle CEO Terry Turner says he thinks the bank would benefit from working with regulators who know the local markets very well, and to be able to meet with them in person.
The move comes less than a week after the bank’s holding company, Pinnacle Financial, finished buying back the 95 million dollars worth of bonds it issued as part of the federal government’s bank bailout program known as TARP.
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