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In this issue from
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Health Savings Accounts Offer Triple Tax Savings
By Bobby Mason, Life & Health Advisor, Miller & Loughry Insurance and Services, Inc.
Health Savings Accounts (HSAs) are designed to help individuals save for qualified medical expenses on a tax-free basis.
The Tax Relief and Health Care Act of 2006, signed into law Dec. 20, 2006, infused HSAs with new taxpayer-friendly changes designed to make the accounts more attractive.
Click here for more.
You can reach Bobby at (615) 494-9626 or by e-mail at bobby.mason@millerloughry.com.
Senator Corker Discusses Top Priorities
U.S. Senator Bob Corker (TN), guest speaker at the quarterly Pinnacle Forum on April 4, shared perspectives on his first three months in Washington and his top three priorities: Iraq, energy security and small business needs.
- Iraq. As a member of the Foreign Relations Committee, Corker has spent a great amount of time learning about and assessing the situation in Iraq. He has visited the country and had in-depth conversations with General David Petraeus, who is now in charge of our Iraqi operations. Senator Corker's view is that the country should give General Petraeus the support and resources he needs at the present and see how much he is able to turn around there by this summer.
- Energy security. By energy security, Corker means ensuring that the U.S. has access to the energy it requires long-term. This involves taking full advantage of our own facilities, especially nuclear power, supporting energy conversation and development of alternative sources. He cited numerous examples of Tennessee's leadership in this area.
- Small business needs. Corker's primary focus for small business is ensuring creative solutions to fund health insurance without significantly handicapping the ability of small businesses to prosper.
Mixed Outlook for U.S. Economy
Most Wall Street economists agree that the economy will return to 3%+ GDP growth in the second half of 2007, but these same economists are highly divided on when the Federal Open Market Committee will begin to cut interest rates.
Click here for Pinnacle Advisory Services’ view on when rates will be cut and what it means for the economy.
Why am I asked for certain pieces of identification
when I open a new account?
Among other things, the USA PATRIOT Act (enacted after 9/11) added provisions to the Bank Secrecy Act (BSA) intended to facilitate the prevention, detection, and prosecution of international money laundering and the financing of terrorism. One of these new BSA provisions requires each bank to develop and implement a Customer Identification Program (CIP).
Under Section 326 of the Act, beginning no later than October 1, 2003, each bank had to have in place procedures designed to ensure that it is able to form a reasonable belief that it knows the true identity of each customer within a reasonable period of time of account opening.
What this means for you: When you open a new account, at a minimum, Pinnacle will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
Pinnacle reported strong performance and total assets of $2.193 billion, up $365 million or 20.0 percent from the $1.828 billion reported at the same time last year.
1Q07 Earnings Highlights:
- Net income for the first quarter of 2007 of $5.60 million, up 114 percent from the prior year's $2.61 million
- Diluted earnings per share for the first quarter were $0.34, up 42 percent from the same quarter last year
- Revenue for the quarter amounted to $22.11 million, compared to $11.56 million for the same quarter of last year, an increase of 91 percent
The following chart demonstrates the continued growth in Pinnacle's net income.
The chart below shows Pinnacle's stock-price performance versus the largest regional and national institutions in the Middle Tennessee market.
Click here for more on Pinnacle's first quarter performance, and click here for the NASDAQ/NGS listing: PNFP.
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Photo L to R: Mike DiStefano, Terry Turner and Nathan Hunter |
Long-term Knoxville financial professionals Nathan Hunter and Mike DiStefano have joined forces to lead Nashville-based Pinnacle Financial Partners expansion to Knoxville. Nathan will be Pinnacle's Knoxville president and Mike will head the client advisory group. Pinnacle Knoxville expects to have 26 associates by the end of the year.
Pinnacle's main office will be located at the Landmark Center at 1111 Northshore Dr. in west Knoxville. A loan production office in north Knoxville will be operational by late summer. The firm expects to have a total of five full-service offices in Knoxville by the end of 2010.
Gina Scott, a 27-year financial services veteran, joins Pinnacle as a financial advisor in the firm's medical specialty area. Gina comes most recently from Sumner Bank and Trust where she served as vice president of business development.
Pinnacle also welcomes four additional associates:
Mary Atcheson, 13 years experience, consumer loan underwriter support
Jeri Bass, 27 years experience, loan quality control support
Dan Bowman, 20 years experience, credit analyst - Murfreesboro
Linda Secrest, 13 years experience, service specialist - Murfreesboro
I-9 Process and Immigration
with Elliott Ozment, Immigration Attorney (Mr. Ozment's law organization provides a full range of legal services in U.S. immigration and naturalization law, business law and family law)
Pinnacle West End
Thursday, May 17, 11:30 a.m. - 12:30 p.m. (workshop and box lunch)
RSVP or questions: Mary Hall at 690-4061 or via e-mail at mary.hall@pnfp.com
Your Financial Legacy
with Scott McPherson, CTFA, Investment Consultant for Pinnacle Asset Management and Raymond James Financial Services, Inc.
Pinnacle Downtown Nashville
Thursday, June 21, 11:30 a.m. - 12:30 p.m. (workshop and box lunch)
RSVP or questions: Mary Hall at 690-4061 or via e-mail at mary.hall@pnfp.com, or Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
Health Savings Accounts and Consumer Driven Healthcare
with Larry Whisenant of Pinnacle's Medical Specialty area, and Karl Welch, Bobby Mason and Susan McIndoo of Miller & Loughry Insurance and Services, Inc.
Pinnacle Donelson
Thursday, July 19, 11:30 a.m. - 12:30 p.m. (workshop and box lunch)
RSVP or questions: Mary Hall at 690-4061 or via e-mail at mary.hall@pnfp.com, or Mary Smith at 743-6010 or via e-mail at mary.smith@pnfp.com
