Pinnacle Financial Partners in Nashville, Tenn., has fully acquired an commercial equipment leasing company.
The $39.4 billion-asset company said in a press release Tuesday that it bought the remaining equity of JB&B Capital in early March. Pinnacle paid an undisclosed cash amount for the 80% stake it did not previously own.
Pinnacle bought an initial 20% stake in the Knoxville, Tenn., company in 2017.
JB&B contributed 4 cents a share to Pinnacle’s first quarter earnings, including about $5.5 million of gains from remeasuring the previous investment, offset by a roughly $1 million loan-loss provision.
Pinnacle said that lease balances attributable to the acquisition totaled about $60.7 million on March 31.