Pinnacle Financial Partners in Nashville, Tenn., has entered Washington, D.C., after hiring six bankers from Truist Financial.
The $36.5 billion-asset company said in a press release that Carolyne Pelton, formerly Truist’s director of aerospace, defense and government contracting, will lead the team as regional president for the national capital region.
“This is exactly the team we need to build our firm in the national capital region,” Rick Callicutt, Pinnacle’s chairman for the Carolinas and Virginia, said in the release. “They have the necessary experience, networks and hearts to serve to make our firm successful in a new and powerful market.”
“The opportunity to build a bank and a team from the ground up in the Washington area is a dream come true,” Pelton said in the release. “Given the concentration of government contractors, private equity, technology, real estate development and nonprofit associations, this area is one of the most vibrant in the nation.”
Pinnacle said the effort will cost it 2 to 3 cents a share in 2022, though it expects the team to add $250 million to $350 million of loans next year.
“We would expect to see the bank outperform these growth expectations, but see a potential [3 cents] drag as a very reasonable cost for expanding into one of the stronger markets in the country,” Stephen Scouten, an analyst at Piper Sandler, said in a client note.