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VOL. 131 | NO. 151 | Friday, July 29, 2016

Pinnacle Keeps Ramping Up in Memphis

By Andy Meek

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Pinnacle Financial Partners has been steadily ramping up its presence in Memphis since entering the market last year via its acquisition of Memphis-based Magna Bank.

A little more than one year on, the Nashville-based bank has made almost two dozen additions to the team in Memphis – new hires that include revenue producers like trust and mortgage advisers.

And the bank said this week it’s starting construction at a new $20 million office development, part of which will serve as its new Memphis headquarters and will open in the fall of 2017.

The bank is relocating from its current Memphis headquarters on Quail Hollow to Boyle Investment Co.’s new Class A office building at 949 Shady Grove Road. Pinnacle has signage rights and is the construction lender for the six-story, 155,000-square-foot building, which a bank spokesman said was necessary because Pinnacle “needed to find a space that would give us some room to grow.”

Once it’s complete, Pinnacle will still have the same number of offices – five – that it does now in Memphis. Meanwhile, the bank keeps hiring in the Memphis area.

Brenda McNeil and Paula Potts both joined the bank’s mortgage team for the area about a week ago.

“As we continue to hire the best bankers and grow our operations in Memphis, we need more space to serve clients and the community,” said Pinnacle’s Memphis chairman Kirk Bailey, about the new headquarters.

The bank, he added, is “excited to put our mark on a first-class building in a highly desirable location.”

The building on Shady Grove is the first new multi-tenant Class A office building to be developed in Memphis since 2008. It will be constructed on 7 acres across from the FedEx headquarters and Boyle’s upscale Regalia shopping center in East Memphis.

Plans for the Pinnacle space call for two remote drive-through banking lanes, a drive-up ATM, conference rooms and signature Pinnacle design elements, including a Learning Center for meetings, workshops and use by community groups.

Pinnacle is a $9.7 billion bank that’s the second-largest based in Tennessee, after Memphis-based First Horizon National Corp., the parent company of First Tennessee Bank.

As befitting its size, Pinnacle operates in all four of the state’s biggest markets – Nashville, Memphis, Knoxville and Chattanooga – as well as several surrounding counties. And its entry into Memphis was the final piece in the statewide strategy the bank had set out for itself years ago.

Pinnacle announced the news of its purchase of Magna last year the day before the annual meeting in Memphis of First Horizon. It’s been building up its presence and integrating itself into the community since then, an effort that’s included making grants to local organizations like United Housing Inc.

Pinnacle CEO Terry Turner let it be known that his plan is for the combined bank operation in Memphis to grow to at least $2.5 billion in assets.

He also told The Daily News after the acquisition was announced that Bailey and his team from Magna would keep hiring more bankers, something they’ve continued to do over the last 12 months at a steady clip. And he cautioned that while a big expansion of Magna’s real estate wasn’t in the cards, Turner said selective expansion of the bank’s footprint in Memphis is part of Pinnacle’s plan “to increase physical distribution.”

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 23 23 1,365
MORTGAGES 21 21 1,068
FORECLOSURE NOTICES 0 0 190
BUILDING PERMITS 117 117 3,173
BANKRUPTCIES 42 42 795
BUSINESS LICENSES 2 2 331
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0