Profile: Pinnacle Financial Partners Inc (PNFP.OQ)
23 Sep 2016
Pinnacle Financial Partners, Inc. (Pinnacle), incorporated on February 28, 2000, is a bank holding company. Pinnacle operates through its subsidiary, Pinnacle Bank. The Company operates as a community bank primarily in the urban markets of Nashville and Knoxville, Tennessee. As an urban community bank, Pinnacle provides the personalized service associated with small community banks, while seeking to offer the products and services, such as investments and treasury management, offered by large regional and national banks. Pinnacle Bank offers an array of convenience-centered products and services, including round the clock telephone and Internet banking, mobile banking, debit and credit cards, direct deposit, remote deposit and cash management services for small- to medium-sized businesses. In addition, Pinnacle Bank is associated with a network of automated teller machines of other financial institutions that its clients are able to use throughout Tennessee and other regions across the nation.
The Company offers over five types of loans, which include commercial and industrial, commercial real estate mortgage, construction and land development, consumer and other and consumer real estate mortgage. Pinnacle Bank's loan approval policies provide for various levels of officer lending authority. Pinnacle Bank's lending activities are subject to a variety of lending limits imposed by federal and state law. Pinnacle Bank makes a variety of commercial real estate loans, including both investment properties and business loans secured by real estate. Pinnacle Bank also makes a variety of loans to individuals for personal, family, investment and household purposes, including secured and unsecured installment and term loans, residential first mortgage loans, home equity loans, home equity lines of credit and credit card loans.
Pinnacle Bank has investments primarily in United States agency securities, mortgage-backed securities, and state and municipal securities. Pinnacle Bank offers and sells various securities and other financial products to the public from Pinnacle Bank's locations. Pinnacle Bank offers insured investment products in order to assist Pinnacle Bank's clients in achieving their financial objectives consistent with their risk tolerances. Pinnacle Bank also maintains a trust department, which provides fiduciary and investment management services for individual and commercial clients. Account types include personal trust, endowments, foundations, individual retirement accounts, pensions and custody. Pinnacle Advisory Services, Inc., an investment advisor, provides investment advisory services to its clients. In addition, Miller Loughry Beach Insurance Services, Inc., an insurance agency subsidiary of Pinnacle Bank, provides insurance products, particularly in the property and casualty area, to its clients.
Sources of Funds
The Company's deposits consist of non-interest and interest-bearing demand accounts, savings accounts, money market accounts and time deposits. The primary sources of deposits are individuals and businesses located in the Nashville and Knoxville MSAs. Pinnacle Bank also offers its targeted commercial clients an array of treasury management services, as well as remote deposit services, which allow electronic deposits to be made from the client's place of business. The Company has classified its funding as core funding or non-core funding. Core funding consists of all deposits other than time deposits issued in denominations of over $250,000. Non-core is further segmented between relationship-based non-core funding and wholesale funding. Its total deposits are approximately $6.971 billion.
The Company competes with Regions Financial, Bank of America, SunTrust and First Horizon.
Pinnacle Financial Partners Inc
150 3rd Ave S Ste 900
NASHVILLE TN 37201-2034