Pinnacle Financial Partners is an American

bank A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets. Because ...

headquartered in

Nashville, Tennessee Nashville is the capital city of the U.S. state of Tennessee and the county seat, seat of Davidson County, Tennessee, Davidson County. With a population of 689,447 at the 2020 United States census, 2020 U.S. census, Nashville is the List of muni ...

operating in

Tennessee Tennessee ( , ), officially the State of Tennessee, is a landlocked state in the Southeastern region of the United States. Tennessee is the 36th-largest by area and the 15th-most populous of the 50 states. It is bordered by Kentucky to th ...

, as well as

North Carolina North Carolina () is a state in the Southeastern region of the United States. The state is the 28th largest and 9th-most populous of the United States. It is bordered by Virginia to the north, the Atlantic Ocean to the east, Georgia and So ...

South Carolina )''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no) , anthem = " Carolina";" South Carolina On My Mind" , Former = Province of South Carolina , seat = Columbia , LargestCity = Charleston , LargestMetro = ...

Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth ar ...

Georgia Georgia most commonly refers to: * Georgia (country), a country in the Caucasus region of Eurasia * Georgia (U.S. state), a state in the Southeast United States Georgia may also refer to: Places Historical states and entities * Related to the ...

, and

Alabama (We dare defend our rights) , anthem = "Alabama (state song), Alabama" , image_map = Alabama in United States.svg , seat = Montgomery, Alabama, Montgomery , LargestCity = Huntsville, Alabama, Huntsville , LargestCounty = Baldwin County, Al ...

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 In public relations and communication science, publics are groups of individual people, and the public (a.k.a. the general public) is the totality of such groupings. This is a different concept to the sociological concept of the ''Öffentlichkei ...

on the

NASDAQ The Nasdaq Stock Market () (National Association of Securities Dealers Automated Quotations Stock Market) is an American stock exchange based in New York City. It is the most active stock trading venue in the US by volume, and ranked second ...

with the symbol PNFP. Pinnacle gained naming rights for a new

skyscraper A skyscraper is a tall continuously habitable building having multiple floors. Modern sources currently define skyscrapers as being at least or in height, though there is no universally accepted definition. Skyscrapers are very tall high-ris ...

in Downtown Nashville,

The Pinnacle at Symphony Place The Pinnacle at Symphony Place is a 29-story, office and retail skyscraper located in Nashville, Tennessee, in the city's SoBro (South of Broadway) district. Located adjacent to the Schermerhorn Symphony Center, the building officially opened on Fe ...

, and the company leased in the building, moving in during 2010.Pinnacle Financial Partners , Milestones
/ref> On January 22, 2017, Pinnacle announced it was acquiring

BNC Bank BNC Bank was a bank based in High Point, North Carolina, United States. In 2014 its parent company BNC Bancorp () had $4.05 billion in assets, 38 branches in North Carolina and 13 in South Carolina. Its latest acquisition gave BNC $6.8 billion in ...

High Point, North Carolina High Point is a city in the Piedmont Triad region of the United States, U.S. state of North Carolina. Most of the city is in Guilford County, North Carolina, Guilford County, with parts extending into Randolph County, North Carolina, Randolph, ...

, which has branches in

and

. The deal, worth $1.9 billion and completed June 16, 2017, gives Pinnacle operations in four states. Pinnacle Financial Partners currently (as of December 31, 2017) has approximately US$22.2 billion in assets and has 115 offices. In 2020, ''

Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (1931 film) ...

'' 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. 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. On June 17, 2021, Pinnacle announced its headquarters would move to four floors of a 34-story tower in

Nashville Yards Nashville is the capital city of the U.S. state In the United States, a state is a constituent political entity, of which there are 50. Bound together in a political union, each state holds governmental jurisdiction over a separate and d ...

, and that the bank's name would appear on top of the building.

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. 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%. 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. This program has many similarities to a typical

community land trust A community land trust (CLT) is a nonprofit corporation that holds land on behalf of a place-based community, while serving as the long-term steward for affordable housing, community gardens, civic buildings, commercial spaces and other community ...

. Additionally, this process disincentivizes

gentrification Gentrification is the process of changing the character of a neighborhood through the influx of more Wealth, affluent residents and businesses. It is a common and controversial topic in urban politics and urban planning, planning. Gentrification ...

and housing displacement, and creates a healthy foundation for

affordable housing Affordable housing is housing which is deemed affordable to those with a household income at or below the median as rated by the national government or a local government by a recognized housing affordability index. Most of the literature on affo ...

References

External links

* Economy of the Southeastern United States Companies based in Nashville, Tennessee Banks based in Tennessee American companies established in 2000 Banks established in 2000 Companies listed on the Nasdaq 2000 establishments in Tennessee 2002 initial public offerings {{US-bank-stub