Pinnacle Financial Partners

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Pinnacle Financial Partners
ServicesFinancial services
RevenueIncrease US$ 01,147.587 million (2018)[1]
Increase US$ 0359.440 million (2018)[1]
Total assetsIncrease US$ 025,031.044 million (2018)[1]
Total equityIncrease US$ 03,965.940 million (2018)[1]
Number of employees
2,297 (2018)[1]
Websitepnfp.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]

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

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.

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.

References

  1. ^ a b c d e "Pinnacle Financial Partners, Inc. 2018 Annual Report".
  2. ^ Pinnacle Financial Partners | Corporate Fact Sheets
  3. ^ Pinnacle Financial Partners | Milestones
  4. 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.

External links

  • Official website
  • Business data for Pinnicle Financial Partners:
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