Plans underway for four additional offices across the city in the near term
MEMPHIS – October 30, 2017 – Pinnacle Financial Partners’ growth in the Memphis market continues with the opening of its new main office in the Ridgeway Center at 949 South Shady Grove Road. This location, which houses a full banking office and drive-thru, as well as nearly 100 financial advisors, market leaders, and support staff, replaces the previous main office on Quail Hollow Road.
This opening kicks off a coming period of office growth for Pinnacle in Memphis. In addition to Shady Grove, the firm plans to open two new loan production offices, a new mortgage office and a full-service banking office in disparate areas of the city, giving it significant presence from east to west and north to south.
“Between our new home at Shady Grove and the other offices we have in the pipeline, we’re prepared to serve more of our city and do it better than ever before,” said Kirk Bailey, Pinnacle’s Memphis chairman. “Shady Grove is much more convenient for clients. Our new loan offices and the Midtown retail location are in areas we haven’t been able to reach yet. This is about building better connections with the communities we serve. We want to be part of the fabric of Memphis and the surrounding communities.”
This physical growth complements the strong financial growth Pinnacle’s local team has accomplished in both deposits and the loan portfolio. A recent FDIC report shows Pinnacle increased deposits by 67 percent between 2016 and 2017, entering the top 10 in market share for the first time at No. 7. Shortly after, third quarter earnings results showed loan growth of 44 percent since the same period in 2016 and 115 percent since the end of 2015, the year the merger between Pinnacle and Magna Bank officially closed.
The firm’s new office in Shady Grove spreads out over nearly 35,000 square feet, a significant increase over the former main office and with additional room to grow. It was designed by Hastings Architecture in Nashville and built by Memphis contractors Linkous Construction Co. Boyle Investment Company developed and owns the building. The office follows Pinnacle’s standard design aesthetics, including light blond woods, modern metal and glass fixtures and a great deal of natural light. It includes a Learning Center with video conferencing technology for client, associate and community events and is also filled with dozens of pieces of colorful, modern artwork locally sourced from Memphis artists.
Moving forward, construction is underway on two loan production offices, one in Whitehaven on Elvis Presley Boulevard and another in Raleigh on Whitten Road. Pinnacle’s mortgage team is part of a project that broke ground on Getwell Road earlier this month, and planning is underway for the Midtown office on Union Avenue.
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm earned a place on Fortune’s 2017 list of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as the sixth-best bank to work for in 2017.
Pinnacle has served Memphis since 2015 when it acquired Magna Bank. Since then Pinnacle has become the official bank of the Memphis Grizzlies and FedExForum and was named a “Top 10 Company to Watch in 2017” by the Greater Memphis Chamber.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $21.8 billion in assets as of September 30, 2017. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.
Additional information concerning Pinnacle, which is included in the NASDAQ Financial-100 Index, can be accessed at www.pnfp.com.
SOURCE: Pinnacle Financial Partners