Pinnacle Receives National Community Reinvestment Award
The Federal Reserve Bank of San Francisco selected Pinnacle Financial Partners as a 2012 Community Reinvestment Award winner during its recent National Interagency Community Reinvestment Conference in Seattle.
Pinnacle was one of three banks across the country to receive the award, which recognizes and honors the work of financial institutions that are advancing innovative solutions to the challenges facing lower-income communities.
Pinnacle won for providing a $15 million community development investment in the form of a 0 percent line of credit as part of the initial capitalization of the Tennessee Energy Efficiency Loan Fund (TNEEF). TNEEF provides businesses with low-interest loans to implement energy efficiency projects, such as system upgrades, building retrofits and equipment replacement. It is a public-private collaboration between Pinnacle, the State of Tennessee, the Tennessee Valley Authority and Pathway Lending.
“Energy efficiency projects are economically beneficial but typically difficult to finance, particularly for small businesses in lower-income communities," said Hugh Queener, Pinnacle’s chief administrative officer. “Helping businesses make these improvements is one way Pinnacle contributes to the communities we serve, and it’s an honor to be recognized for our involvement.”
This year’s awards focused on innovations that strengthen small businesses, which act as major engines of economic growth and job creation. The winners were selected from 75 nominees and judged on three criteria: effective use of partnerships; flexibility and innovation; and how they meet the needs of small businesses.
Pinnacle Financial Partners provides a full range of banking, investment, mortgage and insurance products and services designed for small- to mid-sized businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. Comprehensive wealth management services, such as financial planning and trust, help clients increase, protect and distribute their assets.
The firm began operations in a single downtown Nashville location in October 2000 and has since grown to over $4.86 billion in assets at Dec. 31, 2011. In 2007, Pinnacle launched an expansion into Knoxville, Tenn. At Dec. 31, 2011, Pinnacle is the second-largest bank holding company headquartered in Tennessee, with 29 offices in eight Middle Tennessee counties and three offices in Knoxville. The firm was also added to Standard & Poor’s SmallCap 600 index in 2009. For more information, visit www.pnfp.com.