Nashville-based bank Pinnacle Financial Partners said Tuesday that it applied to sell $95 million worth of preferred stock to the U.S. Treasury as part of the federal government's program to inject capital into banks and provide more access to credit.
The amount was near the maximum $97.5 million it could apply for based on its assets. Pinnacle Financial said it would use the money to "strengthen our lending capacity" and "seize other potential strategic options,'' which Chief Financial Officer Harold Carpenter said could be entering new markets or buying branches of other banks.
The Nashville area's other biggest banks, Regions, SunTrust, Bank of America and First Horizon National Corp., the parent company of First Tennessee, all have applied or already received funding from the federal government. Birmingham, Ala.-based Regions said Tuesday it has sold $3.5 billion worth of preferred stock to the government.
Regional banks to sell maximum stock amount
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