Art Laffer

Inflation Concerns No Cause for Panic

By Dr. Arthur B. Laffer, principal economic advisor to Pinnacle

High spot commodity prices and the weak dollar are raising concerns about impending inflation, higher interest rates and a looming recession. But history and the absence of other indicators show us that the economy should stabilize soon. Click here for insight into why inflation and higher interest rates are not imminent.

Dr. Laffer is a prominent economist and advisor to national leaders. His economic acumen has earned him the distinction of "The Father of Supply-Side Economics."

U.S. Markets Poised for Recovery

During the first quarter of 2008, the S&P 500 declined, commodity prices soared and investment firm Bear Stearns collapsed. In response, the Federal Open Market Committee (FOMC) cut interest rates aggressively – a move that has begun to stabilize some areas of the bond market.

Click here for Pinnacle Advisory Services’ take on why the worst is over and how the economy will improve during the rest of 2008. 

Tennessee a Hot Spot for Entrepreneurs

Tennessee is one of the top states in the country for entrepreneurial activity, according to a new report from the Ewing Marion Kauffman Foundation.

In 2007, 440 of every 100,000 (0.44 percent) adult Tennesseans started a new business. Tennessee’s entrepreneurial rate was 0.25 percent in 2006.

Nationwide, 495,000 new businesses were started per month in 2007, with 0.30 percent of the adult population involved in the process. Tennessee trailed only Idaho, the District of Columbia and Arizona, which saw rates of 0.46 percent.

Why are interest rate swaps becoming more popular?

Interest rate swaps allow clients to exchange variable interest rate payments for a fixed rate. The transactions are becoming more popular because clients are able to lock in today’s low interest rates without paying any up-front fees.

A swap is a separate agreement with a third party, or intermediary, and takes place after the loan arrangement is made. The intermediary is not part of the loan decision. The principal does not change hands.

Swaps are best for clients who plan to stick with their loan through its maturity and are not recommended for investment purchases.

Pinnacle Reports Strong 1Q Earnings

Pinnacle reported strong earnings and superior credit quality for the first quarter of 2008. Pinnacle also reported a record $117 million in organic loan growth – a 108 percent increase over the $56 million reported in the same quarter of 2007. 

“Hiring the best, most experienced bankers in our markets continues to give Pinnacle a significant advantage over our competition,” said Terry Turner, Pinnacle’s president and CEO. “The loan growth and the strong credit quality are indicators of what a good job our team is doing to outperform in the marketplace and to manage risks in the midst of very challenging economic conditions.”

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

Click here for the earnings announcement, and click here for the NASDAQ/NGS listing: PNFP.

Business TN Names Pinnacle Best Employer

Pinnacle claimed the No. 1 spot on Business TN’s 2008 list of Tennessee’s Best Employers in the large company category (250+ employees).  Business TN cited Pinnacle's 96 percent associate retention rate, personable culture and regular training events as reasons for heading the list of 11 businesses.

The Best Employers program honors the companies in Tennessee that show a dedication to employee growth, development and quality of life.  Best Companies Group evaluated businesses based on an employer questionnaire and employee surveys.

Mary Chambers

New Faces

Mary Chambers brings 32 years of experience to her role of senior vice president and office manager for Pinnacle’s Alexander Plaza office in Franklin. Mary most recently comes from Renasant Bank, where she was the manager of its Cool Springs office. Prior to Renasant, she served in a similar role at Regions Bank. 

Billy Winfree, based at Pinnacle’s Richard Jones Road office in Green Hills, serves as a mortgage advisor. Billy brings more than seven years of experience and most recently comes from a similar role at First Tennessee Bank. Prior to First Tennessee, he served as a mortgage advisor for Bank of America. 

Billy Winfree

Pinnacle also welcomes eight new associates to the team:

Ann Boyce, 20 years’ experience, customer service rep for Miller & Loughry *

Donna Creighton, 11 years’ experience, service specialist

DeeAnna Dillon, 15 years’ experience, financial advisor assistant

Vickey Fuller, 16 years’ experience, service specialist

Amber Lutz, 6 years’ experience, mortgage advisor assistant

Becky Nelms, 8 years’ experience, customer service rep for Miller & Loughry *

Amy Ramey, 11 years’ experience, mortgage advisor assistant

Rose Williams, 15 years’ experience, service specialist

* Miller & Loughry Insurance and Services Inc. is a subsidiary of Pinnacle Financial Partners

Upcoming Workshops

Health Savings Accounts and Consumer Driven Healthcare: An Alternative to High Rising Health

Insurance Costs

with Larry Whisenant, financial advisor in Pinnacle’s Medical Specialty area, and Karl Welch,

Bobby Mason and Susan McIndoo of Miller & Loughry Insurance and Services Inc.

Pinnacle Green Hills – Crestmoor Drive

Thursday, May 8, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

Pinnacle Cool Springs – Carothers Parkway

Thursday, May 15, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

Pinnacle Mt. Juliet  – North Mt. Juliet Road

Thursday, June 5, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Summer Yeiser at 620-1207 or summer.yeiser@pnfp.com

Top 10 Ways for Employers to Reduce Legal Risks

with Kim Vance, Attorney at Law

Pinnacle Cool Springs – Carothers Parkway

Tuesday, May 13, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Summer Yeiser at 620-1207 or summer.yeiser@pnfp.com

How to Conduct Internal Investigations of HR Matters

with Kim Vance, Attorney at Law

Pinnacle Mt. Juliet – North Mt. Juliet Road

Thursday, June 26, 11:30 a.m. – 12:30 p.m. (workshop and box lunch)

RSVP or questions: Summer Yeiser at 620-1207 or summer.yeiser@pnfp.com