Pinnacle Financial Partners Recruits High-Performing Team for Expansion Into North Florida

Rhea-AI Summary

Pinnacle Financial Partners has entered the North Florida region with the addition of five veteran financial services professionals to build the firm's presence from their homebase in Jacksonville. Scott Keith will serve as Pinnacle's regional president for North Florida, with Debbie Buckland and Bryan Taylor by his side as area managers. Financial Advisor Vaughn Winmond and Credit Analyst Fatima Bowen round out the initial team, which is expected to grow rapidly as more associates come on board to offer a full suite of financial services for business and personal needs. Pinnacle's president, CEO, and co-founder, M. Terry Turner, expressed confidence in the team, highlighting their deep local roots and the potential to offer something new to the market. Keith brings over 34 years of local experience in financial services, with a history of leadership at Truist, and a strong commitment to community involvement. Buckland and Taylor also bring extensive experience and leadership from Truist, adding to the strength of the team. Pinnacle aims to build on its success in the Southeast and bring its model of workplace culture and client service to the North Florida region, targeting the vulnerability of megabanks in the area. The press release emphasizes the team's commitment to offering exclusive service and advice consistently, with an entrepreneurial spirit at a founder-led firm, representing a once-in-a-lifetime opportunity for the team.

Insights

Market Research Analyst

The strategic expansion of Pinnacle Financial Partners into the North Florida region represents a notable development in the banking sector, particularly for the competitive landscape of regional banking. The recruitment of a high-caliber team with deep local roots suggests a targeted approach to market penetration, leveraging existing networks and expertise to establish a foothold.

From a market dynamics perspective, the entry of Pinnacle disrupts the status quo, challenging the dominance of megabanks in the area. This could potentially lead to increased competition, which may benefit consumers through better service offerings and rates. For investors, the move signals Pinnacle's growth aspirations and could be a precursor to increased market share and revenue growth in a new region, though such expansions also carry execution risk and initial capital outlays that could affect short-term profitability.

Financial Analyst

Examining the financial implications of Pinnacle Financial Partners' expansion requires a look at the potential for revenue diversification and risk management. The addition of experienced professionals like Scott Keith, who has a proven track record in the region, positions the firm to potentially capture significant market share from existing banks. Investors should monitor the bank's quarterly financials for indicators of successful integration and growth in the North Florida market, such as increases in loan origination, deposit accumulation and fee-based income from wealth management and advisory services.

It is also crucial to consider the costs associated with such an expansion, including hiring expenses, marketing and the establishment of physical or digital infrastructure. These costs will likely impact short-term earnings, but if managed effectively, could lead to long-term profitability and enhanced shareholder value.

Economist

The economic impact of Pinnacle's expansion into North Florida can be multifaceted. On a regional level, the introduction of a new financial institution can stimulate the local economy by providing additional financing options for businesses and consumers, which could encourage investment and consumption. Moreover, job creation not only within the bank but also indirectly through increased economic activity could contribute positively to the local economy.

However, it's important to consider the broader economic context in which this expansion is occurring. Factors such as interest rate trends, regulatory changes and economic cycles will influence Pinnacle's ability to succeed in a new market. The bank's ability to adapt to these macroeconomic conditions will be a critical determinant of its performance in the North Florida region.

Former Truist Regional President Scott Keith leads the team from Jacksonville

JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Pinnacle Financial Partners has entered the North Florida region with the addition of five veteran financial services professionals to build the firm’s presence from their homebase in Jacksonville. Scott Keith will serve as Pinnacle’s regional president for North Florida, with Debbie Buckland and Bryan Taylor by his side as area managers. Financial Advisor Vaughn Winmond and Credit Analyst Fatima Bowen round out the initial team, which is expected to grow rapidly as more associates come on board to offer a full suite of financial services for business and personal needs.

(Photo: Business Wire)

“This is a dream team of financial professionals with deep local roots who will build Pinnacle as a new bank offering something brand new to the market,” said M. Terry Turner, Pinnacle’s president, CEO and co-founder. “Our model of an unbeatable workplace culture and unmatched client service has proven successful across the Southeast. That’s the kind of bank Jacksonville and North Florida deserve. The area is very similar in makeup and growth to many of the other communities we serve, and it’s dominated by the same megabanks who are vulnerable to a challenger brand like ours. It’s a perfect recipe for doing what we do best.”

Keith comes to Pinnacle with more than 34 years of local experience in financial services. He was most recently the regional president of North Florida for Truist, where he helped build a leadership team in the wake of the SunTrust-BB&T merger and led 1,100 associates serving more than 100,000 clients. He is a board member and treasurer for the North Florida Land Trust and a past chair and trustee of Gator Bowl Sports and JAXUSA Partnership. He retired from banking in 2021 but decided to re-enter the workforce for the opportunity to build a new bank in his hometown.

“This feels like the culmination of my career to this point,” Keith said. “Jacksonville is where I started and where I fell in love with local banking. We need a financial institution focused exclusively on service and advice and with a commitment to doing so consistently. That’s what Pinnacle is famous for throughout the Southeast. To be one of the teammates who can bring that to North Florida, with an entrepreneurial spirit at a founder-led firm, is a once-in-a-lifetime opportunity.”

Buckland and Taylor were both part of Keith’s leadership team at Truist, and the three are now working together to build Pinnacle in the region.

Buckland has a 27-year banking history in Jacksonville and joins Pinnacle as a leader for commercial banking. She retired from Truist as market president but has continued serving the community in that time. She is currently the chair of the Jacksonville Transportation Authority, a board member of Baptist Beaches, trustee of WJCT Public Media and past chair of the JAX Chamber.

Taylor spent 21 years with BB&T/Truist, serving in various roles in Kentucky, Atlanta and then Jacksonville. For the last four years, he’s led North Florida teams that serve middle market, government and not-for-profit, and commercial real estate clients and joins Pinnacle to lead middle market and government and not-for-profit in the region. He serves on the boards for Jacksonville Speech and Hearing, Leadership Jacksonville and The Players Council.

“The chance to once again work with highly respected professionals like Scott and Debbie is exciting by itself,” Taylor said. “Coupled with Pinnacle’s intense focus on the client and associate experience, it’s a dream scenario.”

Together, they are recruiting a team of experience financial professionals to join them. This includes bankers, treasury consultants, wealth advisors, mortgage brokers and support staff so they can deploy the full suite of Pinnacle solutions to meet the needs of businesses and individuals in North Florida.

“We’ve already heard excitement around the community about Pinnacle and the chance to build a new bank for our region,” Buckland said. “Pinnacle’s reputation as a great place to work and do business preceded our entry into North Florida. Everyone’s heard stories of what it’s like to work here and seen the awards for our workplace culture, and our phones are ringing with people who want to join the team.”

Winmond is Pinnacle’s first financial advisor in North Florida, serving middle market and commercial clients with lending, deposits, cash management and more. He comes with 15 years of experience, 10 of those at SunTrust/Truist, where he most recently served as a commercial relationship manager.

Bowen joins as a credit analyst, working side-by-side with Winmond and the rest of the team to bring Pinnacle’s credit culture to bear in service of clients’ needs. She also has 15 years of financial services experience, much of it at Truist where she most recently served as a commercial lending portfolio manager.

The team are working to secure space near downtown Jacksonville for both a full-service retail office and banker, support and administrative offices. Both would open later in 2024.

Pinnacle has a proven track record as a powerful recruiter of top banking talent, which has powered its organic growth and de novo expansions throughout its history. The firm’s work environment and internal culture have earned dozens of national, regional and local awards, including these 2023 honors:

• No. 4 Best Bank to Work For – American Banker
• No. 24 Best Company to Work For – FORTUNE and Great Place to Work^®
• No. 6 Best Workplace for Women – FORTUNE and Great Place to Work
• No. 7 Best Workplace in Financial Services and Insurance – FORTUNE and Great Place to Work
• No. 14 Companies That Care – PEOPLE
• No. 28 Best Workplace for Parents – FORTUNE and Great Place to Work, 2023

This is the latest market expansion for Pinnacle after very successful de novo starts in Atlanta, GA (2020); Washington, D.C. and the National Capital Region (2021); and Huntsville and Birmingham, AL (2021). Since entering those markets, the firm has amassed more than $2.2 billion in deposits and $2.5 billion in loans in those combined MSAs, as of Dec. 31, 2023.

• Atlanta: $642.6 million in deposits, $1.4 billion in loans
• Washington, D.C. and the National Capital Region: $914.5 million in deposits, $388.4 million in loans
• Birmingham: $299.2 million in deposits, $628.2 million in loans
• Huntsville: $319.0 million in deposits, $69.5 in loans

“We expect similar success here as we continue to seize a once-in-a-generation opportunity to build a new kind of regional community bank throughout the Southeast,” Turner said. “The chance to bring one of America’s best banks to the nation’s second fastest growing state is almost unprecedented. The North Florida region is incredibly deposit-rich, with nearly $100 billion available according to the latest FDIC data. We intend to repeat our successful model of hiring the best bankers, bringing over their clients and taking significant market share from the much bigger institutions that can’t match our level of personalized service. We’re here to win.”

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC, is listed by Forbes as No. 27 among America’s Best Banks, higher than any other bank headquartered in Tennessee, North Carolina, South Carolina or Georgia. Pinnacle also earned a spot on the 2023 list of 100 Best Companies to Work For® in the U.S., its seventh consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.

Pinnacle began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $47.5 billion in assets as of Sept. 30, 2023. As the second-largest bank holding company headquartered in Tennessee, the firm operates in 17 primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240117734557/en/

Joe Bass

(615) 743-8219

joe.bass@pnfp.com

Faith Seifuddin

(615) 743-8437

faith.seifuddin@pnfp.com

Source: Pinnacle Financial Partners, Inc.

FAQ

Who is the regional president for North Florida at Pinnacle Financial Partners?

The regional president for North Florida at Pinnacle Financial Partners is Scott Keith.

Who are the area managers for Pinnacle Financial Partners in North Florida?

The area managers for Pinnacle Financial Partners in North Florida are Debbie Buckland and Bryan Taylor.

Who are the initial team members for Pinnacle Financial Partners in North Florida?

The initial team members for Pinnacle Financial Partners in North Florida are Scott Keith, Debbie Buckland, Bryan Taylor, Vaughn Winmond, and Fatima Bowen.

What is the focus of Pinnacle Financial Partners in the North Florida region?

The focus of Pinnacle Financial Partners in the North Florida region is to offer a full suite of financial services for business and personal needs.

What is the background of Scott Keith, the regional president for North Florida at Pinnacle Financial Partners?

Scott Keith brings over 34 years of local experience in financial services, with a history of leadership at Truist and a strong commitment to community involvement.