Affordable Housing Program from Pinnacle Financial Partners Soon to Close on 25th Home in High Point

Through its innovative affordable housing and neighborhood revitalization program, Pinnacle Financial Partners will soon close the sale of the 25^th home it has built for the High Point community. These are formerly blighted properties that were purchased, rehabbed or built from scratch by the bank and then sold to low- to moderate-income individuals and families. Pinnacle has invested $2.7 million in the program since it began in 2016, with 22 homes completed and sold, another three in the process of selling and two more under construction.

“Every bank does affordable housing work, most often through loan programs, counseling and direct grants,” said Rick Callicutt, Pinnacle’s chairman in the Carolinas and Virginia. “We do a great deal of that too, but in High Point we’re much more directly involved, building affordable units from the ground up the same way a housing nonprofit might. I don’t know of any other bank engaged in the work at this level, and I hope to continue it for many years to come. Running this program in our own backyard, my hometown, is a privilege.”

The program is designed to improve High Point neighborhoods while ensuring longtime residents and people of all income levels don’t get pushed out by rising home values. By buying and rebuilding the houses directly, Pinnacle can help control costs and the final price of the home. The bank often works with homeowners on financial counseling, down payment assistance and affordable mortgages with more flexible terms, though there is no requirement to get the mortgage from Pinnacle.

Many are first-time homebuyers, single mothers and others who may have struggled with opportunities for home ownership. They are required to attend financial literacy and home ownership classes and keep 100 percent of the equity created.

“This is one of the best opportunities I know of to raise people up and give them a chance to build wealth,” Callicutt said. “The average prices have climbed over the five years we’ve run this program, but we’re working hard to keep them attainable for first-time buyers. That’s only possible because of the direct investment and control we have over the entire process, from buying the property to construction and the eventual sale. I believe it’s making a real difference for these neighborhoods and the people who call them home.”

The houses are built to a high standard, with all new materials. So far, Pinnacle has built and sold houses on:

• Gordon Road
• Willard Street
• Little Street
• Arlington Street
• Wayside Street
• Morgan Street
• Salem Street
• Howard Street
• Putnam Street
• Bridges Street

Callicutt and other Pinnacle associates took city leaders on a trolley tour of these neighborhoods today, showing completed homes and ongoing construction in the Five Points area.

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. Pinnacle earned a spot on FORTUNE's 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $36.5 billion in assets as of Sept. 30, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 14 primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.