Retirement Savings for Baby Boomers: Five Tips
to Catch Up
By Rick LaLance, Investment Consultant for Pinnacle Asset Management and Raymond James Financial Services, Inc.
If you haven't been saving enough for retirement, you're not alone.
Nearly one-third of baby boomers ages 51 to 61 are at risk of not having enough in savings to finance a comfortable retirement, according to a recent study by the Center for Retirement Research at Boston College. More than 30 percent are at risk for not being able to maintain their pre-retirement standard of living in retirement.
Additionally, many people have unrealistic expectations of withdrawal rates for retirement. At an inflation rate of 3 percent, your income will have to double every 20 years to keep up. Many are likely to run out of money in retirement because they have not planned for inflation. Click here for more.
You can reach Rick at (615) 849-2250 or by e-mail at rick.lalance@pnfp.com.
Any opinions are those of Rick LaLance and not necessarily those of RJFS. Securities and Investment Advisory Services offered through Raymond James Financial Services. Member FINRA/SPIC. Not FDIC Insured. Not guaranteed by Pinnacle National Bank. Subject to risk and may lose value.
Pinnacle Clients Dominate Top 50
Twelve of Pinnacle's clients have been selected as Music City Future 50 honorees for 2007. The Nashville Chamber of Commerce awards program recognizes the 50 fastest-growing companies in the Nashville area based on past and projected employment and revenue growth.
Congratulations to:
- ASE Technology **
- cabedge.com *
- Cardinal Construction **
- Counsel on Call ***
- Cybera ****
- LetterLogic ***
- MyOfficeProducts *
- Nashville Bun Company ****
- Nashville Commercial I Cushman & Wakefield Alliance **
- NationLink Wireless **
- NovaCopy, Inc. *
- Vaco **
* Denotes the number of previous wins
How hard is it to buy a house in the middle of the
current mortgage mess?
It depends largely on the type of mortgage product and amount of your loan. Generally, credit standards have tightened for almost all mortgage loans, but the higher the dollar amount the more difficult and expensive it will be to get a mortgage.
Most mortgage companies or divisions sell their mortgage loans to Fannie Mae and Freddie Mac, which are government sponsored entities that provide liquidity in the mortgage market. Consequently, loans must conform to standards established by these entities. Specifically, if your loan is more than $417,000, it is outside the limits for Fannie Mae and Freddie Mac, and there is not much of a secondary market for loans that high right now. The end result is that you will end up paying somewhere around an extra percentage point on the interest rate compared to terms you might have gotten a month ago. These general guidelines also apply to Jumbo loans, which are outside Fannie Mae and Freddie Mac standards. Given this scenario, it creates less of a market if you want to sell a home for $417,000 or more as well.
Fortunately, Pinnacle has always had very high credit standards and is diligent in ensuring that borrowers are using the right mortgage loan product for their personal situation. We are not and do not anticipate experiencing the problems being faced by others who are either under investigation or getting out of the mortgage business. We are continuing to make the same quality mortgage loans we always have.
Pinnacle Announces Acquisition of Mid-America
Bancshares *
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Earlier this month, Pinnacle announced the execution of a definitive agreement to acquire all of the common stock of Mid-America Bancshares Inc., the holding company for PrimeTrust Bank and Bank of the South.
Subject to receipt of shareholder and regulatory approval, the merger will expand Pinnacle's locations to 31 offices in nine counties, including several high-growth Middle Tennessee counties new to the Pinnacle footprint. The transaction is expected to close in late 2007 or early 2008.
Click here to see a map of the expanded footprint.
Associates at Work in the Community
Ed Loughry, Vice Chairman of Pinnacle, has been named a member of Leaders in Banking Excellence. The program recognizes an elite group representing Tennessee bankers past and present who have excelled in the area of banking, community service and civic involvement.
Pinnacle financial consultant, Jeff Fisher, has joined the board of The Mental Health Association of Middle Tennessee.
Brock Kidd, financial consultant, has been named a finalist for the Nashville Area Chamber of Commerce and the 20/20 Leadership Alliance's Nashville Emerging Leader Awards(NELA). This award honors professionals under the age of 40 who are chosen based on their professional accomplishments and community service.
Pinnacle financial advisor, Eric Kruse , has joined the board of Second Harvest.
Ed White, manager of Pinnacle's client advisory area, will serve as the 2007-2008 corporate membership chair for the Nashville Sports Council.
Pinnacle welcomes seven new associates who bring a combined 121 years of experience:
Vickie Crofts, 24 years, Client Services Center coordinator - Murfreesboro
Margo Cross, 13 years, service specialist - Nashville
Carol Fagg, 27 years, trust advisor assistant - Nashville
Barbara McCullough, 10 years, client service specialist - Murfreesboro
Judy McKay, 13 years, client service specialist - Murfreesboro
Martin Oblak, 12 years, financial analyst - Murfreesboro
Teresa Wright, 22 years, financial advisor assistant - Murfreesboro
Arthur Laffer at October 11 Forum
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Dr. Arthur Laffer of Laffer Associates, an economic research and consulting firm that provides global investment research services to institutional asset managers, pension funds, financial institutions and corporations, will speak at Pinnacle's October 11 forum.
Laffer is a founding member of the Congressional Policy Advisory Board, was a member of President Regan's Economic Policy Advisory Board for both of his two terms, and was Chief Economist at the Office of Management and Budget (OMB) under Secretary of the Treasury George Shultz.
The Forum will be from 4:30 - 5:30 p.m. at the Vanderbilt Marriott Hotel located at 2555 West End Ave., in Nashville. Cocktails will be served following Dr. Laffer's remarks.
For information or to RSVP contact Brenda Cameron at 744-3773, or via e-mail at brenda.cameron@pnfp.com.
Using QuickBooks with Pinnacle Online Banking
with Barry Hardwick, CPA, CPM
Pinnacle Green Hills
Thursday, September 6, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
RSVP or questions: Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
Recent Mortgage Industry Changes
with Mike Stapp, Pinnacle Mortgage Advisor
Pinnacle Franklin
Wednesday, September 12, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
RSVP or questions: Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
Mortgage Lending in Challenging Times
with John Ward, Pinnacle Mortgage Advisor
Pinnacle Murfreesboro (114 West College St.)
Thursday, September 13, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
RSVP or questions: Bethany Cole at 849-3349 or via e-mail at bethany.cole@pnfp.com
Fraud 101 for Non-Profit Organizations
with Karen Stephens, CPA, Audit Manager
Pinnacle Hendersonville
Tuesday, September 18, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
Pinnacle West End
Tuesday, September 25, 11:30 a.m. - 12:30 p.m. (workshop & box lunch)
RSVP or questions: Summer Yeiser at 620-1207 or via e-mail at summer.yeiser@pnfp.com
* Additional Information and Where to Find It
In connection with the proposed merger, Pinnacle Financial Partners, Inc. and Mid-America Bancshares, Inc. will file a joint proxy statement/prospectus with the Securities and Exchange Commission ("SEC").
INVESTORS AND SECURITY HOLDERS ARE ENCOURAGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PINNACLE, MID-AMERICA AND THE PROPOSED TRANSACTION.
Investors and security holders may obtain free copies of these documents once they are available through the website maintained by the SEC at http://www.sec.gov. Free copies of the joint proxy statement/prospectus also may be obtained by directing a request by telephone or mail to Pinnacle Financial Partners Inc., 211 Commerce Street, Suite 300, Nashville, TN 37201, Attention: Investor Relations (615) 744-3742 or Mid-America Bancshares, Inc., 7651 Highway 70, South, Nashville, TN 37221, Attention: Investor Relations (615) 662-6026.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Participants in the Solicitation
The directors and executive officers of Pinnacle and Mid-America may be deemed to be participants in the solicitation of proxies with respect to the proposed transaction. Information about Pinnacle's directors and executive officers is contained in the proxy statement filed by Pinnacle with the Securities and Exchange Commission on March 15, 2007, which is available on Pinnacle's web site (www.pnfp.com) and at the address provided above. Information about Mid-America's directors and executive officers is contained in the proxy statement filed by Mid-America with the Securities and Exchange Commission on April 2, 2007 which is available on Mid-America's website (www.mid-americabancsharesinc.com) and at the address provided above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests by security holding or otherwise, will be contained in the joint proxy statement/prospectus and other relevant material to be filed with the Securities and Exchange Commission when they become available. These documents will be available to investors free of charge on the Securities and Exchange Commission's website at the above address.
Forward-Looking Statements
All statements, other than statements of historical fact included in this release, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking including statements about the benefits of the merger to Pinnacle and Mid-America, Pinnacle's and Mid-America's future financial and operating results and Pinnacle's and Mid-America's plans, objectives and intentions. All forward-looking statements are subject to risks, uncertainties and other facts that may cause the actual results, performance or achievements of Pinnacle or Mid-America to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) the risk that the cost savings and any revenue synergies from the merger may not be realized or take longer than anticipated, (2) disruption from the merger with customers, suppliers or employee relationships, (3) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (4) the risk of successful integration of the two companies' businesses, (5) the failure of Mid-America's or Pinnacle's shareholders to approve the merger, (6) the amount of the costs, fees, expenses and charges related to the merger, and (7) the ability to obtain required governmental approvals of the proposed terms of the merger and anticipated schedule. Additional factors which could affect the forward looking statements can be found in the Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K of both Pinnacle and Mid-America filed with or furnished to the Securities and Exchange Commission and available on the Commission's website at http://www.sec.gov. Pinnacle and Mid-America disclaim any obligation to update or revise any forward-looking statements contained in this release which speak only as of the date hereof, whether as a result of new information, future events or otherwise.
