A Conversation With Terry Turner, CEO of Pinnacle Financial Partners
Nashville, Tennessee, lost its last major locally owned bank in 1999, when a larger out-of-state rival acquired First American Corp. The deal would have marked the end of an era for the city once known as the Wall Street of the South, but for the efforts of three former First American executives.
A year after First American's sale, Terry Turner, Rob McCabe, and Hugh Queener teamed up to open Pinnacle Financial Partners (NASDAQ: PNFP). They did so to compete against large regional banks like the one that bought their former employer. It was an audacious goal, as economies of scale are much more than just a theoretical construct in the bank industry, but their strategy has proven to be on target.
Following its recent acquisition of BNC Bancorp, Pinnacle Financial will have amassed $20 billion in assets in only 17 years. It's an impressive accomplishment by any measure. Unlike other fast-growing banks, moreover, its rapid ascent hasn't come at the expense of shareholder value. Just one other publicly traded bank has generated a higher return for investors over the same span.
Source: Fool.com
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