New ETF Book by Larry Connors - Click here to read more
Pinnacle received preliminary approval of the Treasury Department for up to USD4.8m in funding under TARP's Capital Purchase Program on 6 March 2009, which is to provide more capital to healthy banks.
Robert B Nolen Jr, Pinnacle's president and CEO said that although appreciative of the preliminary approval by the Treasury Department, the board of directors and senior management believed that it is in the best interests of shareholders and customers to refuse the additional capital offered to healthy banks.
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