Last year, the leaders of Nashville-based Pinnacle Bank thought about where they wanted to expand their business and identified nine Southeastern markets where the bank had no presence but wanted one.
One of those markets was Greenville/Spartanburg.
Pinnacle Bank is now doing business in six of the nine markets, including Greenville/Spartanburg, as a result of its parent company, Pinnacle Financial Partners, absorbing BNC Bancorp, the parent company of High Point, N.C.-based BNC Bank, in an all-stock transaction valued at $1.9 billion.
Eight BNC branches in Greenville, Spartanburg, Greer, Easley, and Mauldin are scheduled to put up Pinnacle signage in September.
BNC had acquired most of the branches two years ago from the former Greenville-based CertusBank.
Pinnacle’s CEO Terry Turner and former BNC CEO Rick Callicutt, now Pinnacle’s chairman for the Carolinas and Virginia, discussed the merger and Upstate market in a brief interview with UBJ.
Callicutt said BNC had located its Small Business Administration lending division at its downtown Greenville office and that it would stay there to serve the combined company.
He also said the new Pinnacle would evaluate its eight-branch network in the Upstate, deciding whether the offices are in the right locations.
Asked about competing with two other fast-growing regional banks with big footprints in South Carolina — United Community Bank and South State Bank — Callicutt said he knows the leaders of both.
“All I can tell you is they’re formidable competitors and we’ll tighten up our chinstrap and try to hire the best bankers we can, and I think we can compete with them and anybody else in that market,” Callicutt said.
The merging of Pinnacle and BNC, which closed June 16, gives the combined company more than $20 billion in total assets and about 125 branches in four states: Tennessee, Virginia, North Carolina, and South Carolina.
In addition to Greenville/Spartanburg, Pinnacle picked up its first presence in Charleston and Roanoke, Va., as well as five markets in North Carolina: Charlotte, Raleigh, Winston-Salem, Greensboro, and High Point.