May 4, 2009 (FinancialWire) — Pinnacle Financial Partners Inc. (NASDAQ: PNFP) has charged off a $21.55 million loan to a bank holding company after learning that the banking subsidiary of the borrower had been placed in receivership by the Office of the Comptroller of the Currency.

The charge-off will approximate $0.53 per fully diluted share and will negatively impact Pinnacle’s second quarter 2009 results of operations, according to the company.

Pinnacle CEO M. Terry Turner said that the loan was to a financial institution holding company “that was experiencing regulatory pressure with respect to its capital position and was not a borrower typical of our client mix in that it was our only loan to a financial institution.”

He added that the borrower was unable to satisfy regulatory concerns with respect to its capital position.

Nashville, Tennessee-based Pinnacle Financial Partners provides a range of banking, investment, mortgage and insurance products and services.

The company operates 31 offices in eight Middle Tennessee counties and two in Knoxville, Tennessee.

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