Nashville-based Pinnacle Financial had a good second quarter. Earnings nearly doubled. Loans and deposits were up, as well. Many financial industry analysts like what they see. And they’re wondering when and how the bank will expand.
Pinnacle CEO Terry Turner talked about growth during an earnings call today. The bank has nearly $4 billion in loans. Turner wants to grow that by another half a billion by the end of 2014.
But analysts wanted to know when Pinnacle would expand to new markets or buy another bank. Turner says it’s possible he could snatch up a competitor. But he wants to focus expansion efforts on Middle Tennessee and Knoxville, where Pinnacle already does business. “It’s not like there’s a list of 43 banks we’re going to go out here and take a look at,” he said. “It’s a pretty short list. Knoxville, the rationale is a little different. I’d like to accelerate distribution. I’ve only got four offices in Knoxville with a little better than a $600 million asset base over there. So, I need more distribution”
In the meantime, Turner says he’s looking to hire established bankers from other institutions, who can lure their clients to Pinnacle.