Chris Kelly

Estate Planning Imperative for Everyone

by Chris Kelly, Esq., trust services advisor, Pinnacle Financial Partners

Problems with celebrities’ estates, or the unusual provisions they write into their wills and trusts, get wide coverage in the media. That leads some to believe that estate planning is only for the rich and famous. The opposite is true: All of us need to think about the future and what kind of legacy we will leave behind. Find out how to get started on your estate plan and keep it up to date.

End in Sight for Slow Economy?

The U.S. economy suffered from one of the worst consumer credit environments in years during the second quarter of 2008, as well as rising energy costs and increased lending scrutiny.

In Pinnacle Advisory Services’ Second Quarter 2008 Investment Overview, Senior Portfolio Manager Mac Johnston explains how movements in the market will affect his investment strategy for the third quarter.

Dr. Arthur Laffer, principal economic advisor to Pinnacle, thinks the inflation-adjusted stock market and the real long-term interest rate are forecasting continued tough times. Read his Economic Outlook: Third Quarter 2008 for information about how short-term economic prospects could improve.        

Small Business Owners Work More, Raise Prices

Many small business owners are working longer hours and raising prices to compensate for a weakened economy and higher costs.

In the National Federation of Independent Businesses’ (NFIB) latest Small Business Economic Trends Report, 44 percent of those surveyed said they’re spending more time working on their business than six months ago. On the other hand, 10 percent said they’re reducing hours because they have less work in the economic downturn.

Nearly half of the business owners said their selling prices were either “a little” or “a lot” higher than six months ago, with most blaming higher costs.

Are my deposits safe at Pinnacle?

There is an overwhelming amount of media coverage about FDIC insurance limitations. While Pinnacle’s performance is strong and there is little risk for our clients, it’s part of our mission to provide you with effective advice and guidance on the insurance limits provided by the FDIC.

The FDIC insures combined deposits up to $100,000 for a single person or entity at a single institution. But – contrary to media reports – joint accounts, accounts with beneficiaries and IRAs qualify for increased insurance.

An experienced financial services professional can help you maximize your coverage. For example, two people with individual and joint accounts can combine for up to $600,000 in coverage for regular accounts and up to $1.1 million if each of them has an IRA.

Be assured that bank failures are rare – in 2007, only three out of nearly 8,500 financial institutions nationwide went under. The at-risk banks have been reporting significant losses, are undercapitalized and have faced sizeable liquidity problems. In contrast, Pinnacle has received recognition over the past few months for our consistent financial performance and strong asset quality, even at a time when other financial institutions have struggled.

Pinnacle offers an additional opportunity to increase your FDIC insurance coverage using a program called CDARS. Your relationship stays with Pinnacle, but we place your money in $100,000 increments across multiple institutions to maximize the coverage. We establish your account, work with you on rates, provide you with one monthly statement and let you know when your CD matures. You get the advantage of full coverage but don’t have to hold individual accounts at multiple banks.

If you are concerned about your level of coverage, contact your Pinnacle financial advisor. For more examples of coverage amounts and an online coverage estimator, go to www.pnfp.com/fdic.

• Fully diluted earnings per share of $0.34, compared to $0.33 for the same time period last year; excluding expenses related to the Mid-America merger in November 2007, fully diluted earnings per share were $0.37 for the quarter 
• Organic loan growth was $166 million, a 52 percent increase over the $109 million reported in the same quarter of 2007
• $4.11 billion in total assets, up $1.79 billion
• Extraordinarily sound loan portfolio with 0.07 percent in year-to-date annualized net charge-offs

“Our approach of hiring only highly experienced bankers pays off in more difficult economic environments because it enables us to continue moving market share from struggling large regional banks and to grow assets at a rapid rate while maintaining excellent asset quality,” said Terry Turner, Pinnacle's president and CEO.  

The chart to the right shows Pinnacle’s stock price performance versus the largest regionals and national institutions in the Middle Tennessee market.

For more information, go to the earnings announcement or the NASDAQ/NGS listing: PNFP.

Pinnacle Acquires Beach & Gentry Insurance

Pinnacle has acquired Murfreesboro-based Beach & Gentry Insurance and merged the company with Miller & Loughry Insurance Services Inc., Pinnacle’s wholly-owned insurance agency, also located in Murfreesboro. 

“The merger brings together the two largest insurance brokerage firms in Rutherford County, which will give our clients even greater access to carriers,” said Ken Halliburton, managing principal of the combined company, Miller Loughry Beach.

Miller Loughry Beach will operate out of Pinnacle’s offices at 214 W. College St. following building renovations.

In addition to Halliburton, Beach & Gentry Principal Clay Beach and Eddie Miller of Miller & Loughry will have leadership roles. All insurance advisors will remain with the combined company.

Associates at Work in the Community

The following financial advisors have accepted leadership roles in their communities:

Bill DeCamp has been elected president of The Exchange Club of Nashville. Frank Hammer was elected secretary.

Nicole Dunigan was appointed to Mayor Karl Dean’s Property Standards and Appeals Board.

Jeff Fisher joined the board of The Rotary Club of Nashville. Jeff will also take part in Leadership Nashville’s 33rd class.

Lucy Foutch is on the board of FiftyForward (formerly Senior Citizens, Inc.)

Nathan Harris accepted a role on Leadership Wilson’s board.

Eric Kruse has been named 2009 president-elect for Ronald McDonald House Charities of Nashville.

Bill Winfree, who has been in banking for 31 years, is a senior vice president and financial advisor. He most recently served as a senior vice president in residential construction lending for The Bank of Nashville. Bill is based at Pinnacle’s Donelson office.

Brad Byrd, based at Pinnacle’s West College Street office in Murfreesboro, serves as senior vice president and financial advisor. Brad brings 16 years of experience and most recently comes from SunTrust Bank, where he served as group vice president of commercial real estate.

Toome Brandon brings eight years of experience to his role of vice president and financial advisor. He comes most recently from The Bank of Nashville, where he served as assistant vice president and residential construction lender. Toome is based at Pinnacle’s downtown Nashville office.

Donna Taylor brings 21 years of experience to her role of financial advisor. Donna is based at Pinnacle’s Royal Oaks office in Franklin. Most recently she was a vice president and consumer and commercial lender for Civic Bank & Trust.

Pinnacle also welcomes eight new associates to the team:

Heather Anderson, 11 years’ experience, mortgage advisor

Alisa Burton, 28 years’ experience, consumer loan underwriter

Rhonda Carr, 18 years’ experience, financial reporting manager

Jody Hammond, 21 years’ experience, service specialist

Kenneth Lowe, 15 years’ experience, credit analyst

Chris Maultsby, 5 years’ experience, mortgage advisor

Dean Neal, 32 years’ experience, credit specialist

Nita Riggins, 19 years’ experience, service specialist

Bill Fox

Economist Bill Fox at September 18 Forum in Nashville

Pinnacle Financial Partners will host Dr. Bill Fox, director of the Center for Business and Economic Research at the University of Tennessee, for its next Forum on Thursday, September 18 from 4:30 to 6 p.m. at the Vanderbilt Marriott, 1901 West End Ave. Cocktails will follow Dr. Fox’s remarks.

For information or to RSVP, contact Brenda Cameron at 744-3773 or brenda.cameron@pnfp.com.

Upcoming Workshops

Advance Care Plan/Make Your End-of-Life Wishes Known

with Pinnacle Trust Advisor, Chris Kelly, Esq.

Pinnacle Murfreesboro – 214 West College Street (seating is limited)

Tuesday, August 19, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Jennifer Daugherty at 849-2270 or jennifer.daugherty@pnfp.com

Retirement Planning in the Critical Years

with Scott McPherson, CTFA, Raymond James Investment Consultant for Pinnacle

Asset Management *

Pinnacle Cool Springs – 7040 Carothers Parkway (seating is limited)

Tuesday, Sept. 16, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Katie Williams at 743-6007 or katie.williams@pnfp.com

Wills and Estate Planning

with Berney Ragan, Investment Consultant for Pinnacle Asset Management and Raymond James Financial Services, Inc. *

Pinnacle Mt. Juliet – 551 North Mt. Juliet Road (seating is limited)

Thursday, Sept. 18, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Katie Williams at 743-6007 or katie.williams@pnfp.com

Long Term Care

with Karl Welch of Miller Loughry Beach

Pinnacle Goodlettsville – 847 Conference Drive (seating is limited)

Tuesday, Sept. 23, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Katie Williams at 743-6007 or katie.williams@pnfp.com

Basics of Estate Planning

with Andra Hedrick, Attorney at Law

Pinnacle Green Hills – 2019 Richard Jones Road (seating is limited)

Wednesday, Sept. 24, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Katie Williams at 743-6007 or katie.williams@pnfp.com

* Securities offered through Raymond James Financial Services Inc. Member FINRA/SIPC – Not FDIC insured – Not guaranteed by

  Pinnacle National Bank – Subject to risk and may lose value