N ot only did Atlanta lose its largest homegrown bank in 2019, but many other banks in the market also appear vulnerable to Pinnacle’s growth model. Truist, Bank of America and Wells Fargo dominate Atlanta; three banks Pinnacle has successfully competed against in its other markets. The firm is poised to take advantage of the unprecedented disruption by entering the market with a combination of service, advice and capability that no peer can match. To start, Pinnacle hired one of the most well-known and respected bank leaders in the market, who immediately began building his team of similarly talented and experienced financial professionals. This market launch came at the very end of 2019, leaving an enormous amount of runway for Pinnacle to take off in 2020.
Simply put, Atlanta is one of the most attractive markets in the nation for business. It has the ninth largest population, 10th largest economy, has been the No. 1 moving destination in the country for nine straight years and is the No. 1 metro area for economic growth potential. Atlanta is home to 26 Fortune 1000 companies, 16 Fortune 500 companies and 200 of the country’s fastest growth private companies. Atlanta now presents a once-in-a-generation opportunity to grow a big bank in a major American city.