Pinnacle, Mid-America Investors OK Deal

Pinnacle Financial Partners Inc. said Tuesday its acquisition of Mid-America Bancshares Inc. has been approved by shareholders of both companies.

The transaction is expected to close Friday, increasing Pinnacle's assets to $3.7 billion with 33 offices in Middle Tennessee markets.

Mid-America shareholders will receive 0.47 Pinnacle shares and $1.50 in cash for each Mid-America share they hold.

The transaction, announced in August, will be paid 90 percent in shares and 10 percent in cash. Pinnacle expects Mid-America's banking brands, PrimeTrust and Bank of the South, to transition to the Pinnacle name and combine operations by March.

Pinnacle shares fell 23 cents to $27.69 in after-hours trading. Earlier, the stock advanced 60 cents, or 2.2 percent, to end the regular session at $27.92.