Richard and Kevin Herrington and their team are ready to show off the home of their newest Williamson County banking venture, Lineage Bank.
The Herringtons will on Wednesday host a grand opening of Lineage’s downtown Franklin office at 120 Fifth Ave. N., which formerly housed a Cornerstone Federal Credit Union branch. Lineage set up shop a few weeks ago — its executives last year bought Citizens Bank & Trust in Atwood — and Richard Herrington in April told the Post they are looking to open a handful of other offices in Williamson and Davidson counties over time.
“We were honored when we received requests from the wonderful people of Williamson County to open a local community bank,” Richard Herrington said in a statement. “We will bring the features normally seen at big bank institutions directly to the people in our local community.”
The Herringtons have raised about $15 million via the Lineage Financial Network holding company and will use those funds both for working capital for Lineage Bank and Citizens as well as to line up a few other acquisitions of Tennessee community banks. The father-and-son team founded Lineage with local entrepreneur Tom Black (of FISI-Madison, Private Business Inc. and Ncontracts) and Memphis investor Bill Lucado with the premise of acquiring small lenders and growing them primarily via a technological shot in the arm.
Analysts at Kroll Bond Rating Agency recently raised their ratings on various Pinnacle Financial Partners instruments, saying the bank holding company has in recent years smartly grown its footprint while managing risk.
In a note to investors, New York-based Kroll said Pinnacle’s leaders also have done a good job diversifying their loan book and setting themselves up well for further growth by recruiting experienced bankers from competitors. The firm has upgraded its ratings of Pinnacle unsecured, subordinated and short-term debt, among other things, as well as its preferred shares.
“The upgrade also considers PNFP’s reasonably diverse revenue profile, which includes more stable fee income sources such as wealth management and insurance lines, as well as income from PNFP’s equity method investment in Bankers Healthcare Group, recognizing that this is a loan origination and distribution business, which along with Pinnacle’s mortgage banking activities, offers the potential for some revenue and earnings volatility,” the analysts also wrote.
Shares of Pinnacle (Ticker: PNFP) ended last week — one during which President and CEO Terry Turner and his team announced they will relocate their headquarters to a future tower at Nashville Yards — at $84.25, about 5 percent lower than the mark of the previous Friday. Year to date, they are up about 30 percent.