Pinnacle CEO and Chairman: Banks Need to Invest in Work and Service Relationships

The firm’s 2021 shareholder letter and annual report are now available

Pinnacle Financial Partners has released its 2021 Annual Report, summing up the firm’s growth in 2021 and how it is uniquely prepared for the revolution happening in employee-employer relationships. The report details how Pinnacle invests in its associates and its culture and how those investments resulted in record-high financial metrics.

In their message to shareholders, Pinnacle President and CEO Terry Turner and Chairman Rob McCabe take a deeper dive into why investing in people and culture is more important than ever:

Depending on which poll you look at, anywhere from half to two-thirds of all American workers are thinking of changing jobs or actively looking for a career change. Employees everywhere have realized they can quit their jobs at any time and go almost wherever they like, or they can choose to take a break from work, with money often a secondary concern instead of the primary driver.

That’s bad news for many banks, where clients are more loyal to people than to bank logos. But at Pinnacle, we are not only ready but eager to capitalize on that power shift. We’ve been prepared for it since Day 1 because we have always believed that a happy and successful workforce, and a bank’s ability to attract and keep them, is the difference between growth and contraction, between investment in the future and austerity.

All workers expect more of their employers. Customers, particularly in financial services, are maybe more frustrated than ever with poor service at a time when they have an increasing number of options for new providers.

According to Coalition Greenwich, overall satisfaction scores at America’s top 10 banks for both small and mid-size businesses have averaged less than 50 percent over the last three years. To us, that means clients are just as likely to leave as they are to stay, which is a poor reflection on our nation’s most powerful financial institutions.

For Pinnacle, it means compounding opportunities to move bankers and business away from these firms.

While the world’s circumstances have changed a lot since we opened our doors, we have always been driven by a belief that workers want and deserve more from their jobs, and customers won’t stand for poor service when they have an increasing number of options.

Put another way, everyone deserves a great place to work and a great place to do business. That’s never been truer than it is right now, and in fact we believe “Everyone expects a great place to work and will accept nothing less than a great place to do business.”

That belief has made us one of the strongest banking franchises in the United States.

The full 2021 Annual Report, message to shareholders and financial results are available at annualreport.pnfp.com.

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 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2021 deposit data from the FDIC, and is listed by Forbes among the top 25 banks in the nation. The firm earned a spot on the 2021 list of 100 Best Companies to Work For^® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other licensed professionals. Great Place to Work and FORTUNE ranked BHG No. 1 on its 2020 list of Best Workplaces in New York State in the small/medium business category.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $38.5 billion in assets as of Dec. 31, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 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.

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