A US-based banking company. It has been a major financier of private prison company CoreCivic.
Pinnacle Financial Partners, Inc. is a banking and financial services company headquartered in Nashville, Tennessee. It conducts banking operations through its principal subsidiary, Pinnacle Bank. In 2022, Pinnacle operated 123 branches, employed 3,241 people, and generated around $1.7 billion in revenue.
Pinnacle Bank has been one of several major financiers of private prison and immigrant detention companies, having provided revolving lines of credit and term loans to CoreCivic. While other major private prison financiers announced in 2019 that they would exit their relationships with private prison companies, Pinnacle Bank has made no such public commitment.
In 2022, CoreCivic signed a new credit agreement, replacing a 2018 $1 billion credit facility. Pinnacle Bank was part of the 2018 agreement, having provided a $30 million revolving line of credit and a $7.5 million term loan. Unlike in previous years, public disclosures regarding the 2022 agreement only named the administrative agent, Alter Domus. While other lenders are also involved, they were not named. Therefore, Pinnacle Bank's current involvement is unclear.