Nearly a decade after expanding into the Chattanooga market with its $187 million purchase of the former CapitalMark Bank, Pinnacle Financial Partners announced Wednesday it has entered the North Florida region with the addition of five veteran financial services professionals to build the firm’s presence in Jacksonville.
Pinnacle CEO M. Terry Turner said he believes he has assembled “a dream team” of bankers in a market he said should have the success of other markets where the Nashville-based banking firm has entered since its start in the year 2000.
“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,” Turner said. “It’s a perfect recipe for doing what we do best.”
Turner said Jacksonville “is incredibly deposit-rich, with nearly $100 billion available,” and he said, “We’re here to win.”
North Florida is the latest market expansion for Pinnacle, which is the second-largest bank based in Tennessee. Pinnacle started similar banks in Atlanta in 2020 and Washington, D.C., Huntsville and Birmingham in 2021. Since entering those markets with new startup banks, Turner said Pinnacle has amassed more than $2.2 billion in deposits and $2.5 billion in loans in those areas.