A US-based financial services and bank holding company. Its subsidiary Pinnacle Bank has provided credit and loans to private prison corporation CoreCivic.
Pinnacle Financial Partners, Inc. is a financial services and bank holding company headquartered in Nashville, Tennessee. It conducts banking operations through its Tennessee state-chartered banking subsidiary, Pinnacle Bank. As of 2020, Pinnacle operated 114 branches, employed 2,634 people, and reported an annual revenue of $1.14 billion.
Pinnacle Financial Partners has been identified as one of the major financial institutions supporting private prison and immigrant detention companies. Pinnacle Bank is a member of a syndicate of banks that has extended hundreds of millions of dollars in revolving lines of credit and term loans to CoreCivic, one of the largest private prison and immigrant detention companies in the U.S. CoreCivic relies on banks and financial institutions to fund its operations and expansion into additional carceral industries.
In 2018, CoreCivic entered into a $1 billion credit agreement with a syndicate of banks that included Bank of America, Citizens Bank, Fifth Third Bank, First Tennessee Bank (now First Horizon Bank), JPMorgan Chase, Pinnacle Bank, PNC Bank, Regions Bank, SunTrust Bank (now Truist Financial Corporation), and Synovus Bank. Replacing CoreCivic's previous $900 million credit facility, this agreement consists of an $800 million revolving line of credit and a $200 million term loan. Pinnacle Bank, acting as a lender in the deal, committed $30 million and $7.5 million, respectively, to CoreCivic's revolving line of credit and term loan. The agreement is set to expire in 2023.
As of October 2021, Pinnacle has made no public statement indicating that it will sever its business relations with CoreCivic.