Pinnacle Financial Partners reveals 2Q charge

Pinnacle Financial Partners Inc. said Saturday it will take a charge of $21.6 million in the second quarter to account for a loan to a bank holding company whose banking unit has been placed in receivership.

The name of the entity put in receivership by the Office of the Comptroller of the Currency was not identified in a news release. However, in the company's first-quarter report issued April 20, Pinnacle said it was monitoring "a $21.5 million loan to a financial institution which originated at PrimeTrust Bank and was acquired by Pinnacle in the Mid-America Bancshares Inc. merger in 2007."

Pinnacle said it has no other loans outstanding with the financial institution.

"This event will have a minimal impact on our capital ratios," M. Terry Turner, Pinnacle chief executive, said in a statement released by the company.

"Our capital position remains strong and above that of all of our major competitors, and we do not believe this event will limit the growth opportunity we continue to have."

Shares of Pinnacle closed down $1.46, or 8.2 percent, to $16.38 on Friday. In the last 52 weeks the stock has ranged from $13.32 to $36.57.