Pinnacle adds 17 bank officers since buying CapitalMark

PNFP In The News

PNFP In The News

Pinnacle adds 17 bank officers since buying CapitalMark

Chattanooga Times Free Press
March 24, 2017

Less than two years after entering the Chattanooga market by buying the former CapitalMark Bank, Pinnacle Bank has set its sight on being one of the local market leaders by more than doubling its size in the Chattanooga region.

Rob McCabe, a founder and chairman of the Nashville-based Pinnacle Financial Partners, said Thursday Pinnacle wants to grow in the Chattanooga market to be one of the three biggest banks in the market to eventually top $2.5 billion in local assets.

Although businesses often cut the staff of other businesses they buy, Pinnacle maintained the CapitalMark staff when it bought the Chattanooga bank in July 2015 and has since hired 17 additional bankers. Pinnacle plans to open another bank office on Shallowford Road by May.

"Chattanooga has been one of our better performing markets and we see a lot of opportunity here for more growth," McCabe said in an address to the Chattanooga Rotary Club. "We started targeting this area in 2013, and we were very fortunate the acquire CapitalMark with its great people and market knowledge."

Pinnacle had less than 6.6 percent of the deposits in the Chattanooga metropolitan market in the latest FDIC report for last year. But McCabe said by hiring experienced bankers — all of whom have at least 10 years of proven experience— Pinnacle has succeeded in growing market share. He boldly predicted Thursday that Pinnacle will eventually displace at least one of the three top regional banks in Chattanooga.

"Our goal is to be No. 1, 2 or 3 in each of the markets where we operate," McCabe said. "We will probably add about one office a year (in the Chattanooga market), but we will grow primarily by having great bankers focus on their customers."

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