Pinnacle Financial Partners

Last updated
Pinnacle Financial Partners
Company type Public
Industry Finance
FoundedFebruary 20, 2000;23 years ago (2000-02-20)
FounderM. Terry Turner, Rob McCabe, Hugh Queener
Headquarters
The Pinnacle at Symphony Place
Nashville, Tennessee
,
U.S.
Number of locations
115 (2017)
Areas served
 Tennessee, North Carolina, South Carolina, Virginia
Key people
M. Terry Turner (CEO)
Services Financial services
RevenueIncrease2.svg US$ 01,147.587 million (2018) [1]
Increase2.svg US$ 0359.440 million (2018) [1]
Total assets Increase2.svg US$ 025,031.044 million (2018) [1]
Total equity Increase2.svg US$ 03,965.940 million (2018) [1]
Number of employees
2,297 (2018) [1]
Website pnfp.com

Pinnacle Financial Partners is an American bank headquartered in Nashville, Tennessee operating in Tennessee, as well as North Carolina, South Carolina, Virginia, Georgia, and Alabama. [2]

Contents

History

The company was founded on February 20, 2000, by twelve Nashville businessmen who wished to create a locally-owned financial firm. In May 2002 the company went public on the NASDAQ with the symbol PNFP. Pinnacle gained naming rights for a new skyscraper in Downtown Nashville, The Pinnacle at Symphony Place, and the company leased 65,000 square feet (6,000 m2) in the building, moving in during 2010. [3]

On January 22, 2017, Pinnacle announced it was acquiring BNC Bank of High Point, North Carolina, which has branches in North Carolina, South Carolina and Virginia. The deal, worth $1.9 billion and completed June 16, 2017, gives Pinnacle operations in four states. [4] [5]

Pinnacle Financial Partners currently (as of December 31, 2017) has approximately US$22.2 billion [6] in assets and has 115 offices. In 2020, Fortune magazine ranked Pinnacle Financial Partners at number 14 on their Fortune List of the Top 100 Companies to Work For in 2020, based on an employee survey of satisfaction. [7]

As of December 31, 2022, Pinnacle Financial Partners operated 114 offices, including 48 in Tennessee, 37 in North Carolina, 23 in South Carolina, 10 in Virginia, 3 in Georgia and 2 in Alabama. [8]

On June 17, 2021, Pinnacle announced its headquarters would move to four floors of a 34-story tower in Nashville Yards, and that the bank's name would appear on top of the building. [9]

Programs

Shared Equity Program

In 1996 the Housing Fund was created; they are a group which assists first time homebuyers in putting a down payment on their homes. [10] On July 21, 2021, Pinnacle Financial Partners gave a $10 million investment towards their Shared Equity Program. This program provides low income individuals and families with the opportunities and means to buy their first home; by increasing homeownership to previously underserved and marginalized communities, there is a positive push towards increasing the accessibility and affordability of houses. The program is split into three parts: the homebuyers must be able to pay 1% of the price of the home, the program pays for 35%, and the loan from Pinnacle supplies the last 74%. [11]  As time goes on, the homeowners can steadily pay off the loan. This was somewhat modeled off of the concept of limited equity in order to build up the wealth for lower income people, allowing them to obtain access to opportunities that would result in an increase in wealth and prosperity. [12]  

This program has many similarities to a typical community land trust. [13]  Additionally, this process disincentivizes gentrification and housing displacement, and creates a healthy foundation for affordable housing.

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References

  1. 1 2 3 4 5 "Pinnacle Financial Partners, Inc. 2018 Annual Report".
  2. ↑ Pinnacle Financial Partners | Corporate Fact Sheets
  3. ↑ Pinnacle Financial Partners | Milestones
  4. ↑ Gallagher, Ron (January 23, 2017). "Bank of North Carolina acquired by Tenn.-based Pinnacle Bank". News & Observer . Retrieved January 23, 2017.
  5. ↑ Craver, Richard (June 16, 2017). "Nashville bank completes $1.9 billion purchase of BNC Bancorp". Winston-Salem Journal . Retrieved June 29, 2017.
  6. ↑ "Pinnacle Financial Highlights" . Retrieved February 8, 2018.
  7. ↑ Jessica Snouwaert. "The 25 best companies to work for, based on employee satisfaction". Business Insider . Retrieved April 1, 2020.
  8. ↑ "Pinnacle Financial Partners(PNFP)". 美股之家. 2021-04-15.
  9. ↑ Mazza, Sandy (2021-06-17). "Pinnacle Bank claims prime spot next to Amazon in Nashville Yards". The Tennessean . Retrieved 2021-06-22.
  10. ↑ "The Housing Fund Receives $10 Million Investment from Pinnacle Financial Towards Shared Equity Program". The Housing Fund. Retrieved October 25, 2021.
  11. ↑ Francis, Erica (August 6, 2021). "$10 million committed to affordable housing crisis in Nashville". WKRN.COM. Retrieved October 23, 2021.
  12. ↑ Stephenson, Cassandra (July 28, 2021). "Pinnacle invests $10M in program supporting affordable homeownership through shared equity". The Tennessean. Retrieved October 24, 2021.
  13. ↑ Collaboration. "Informing the Development of Nashville's Shared Equity Housing Program: A Review of Case Studies" (PDF). Retrieved October 25, 2021.
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