If you missed Mr. Bridgeman's testimony on Friday, February 26th, 2010 in Washington D.C., watch it here!
Click here to check out the article featuring Mr. Bridgeman in the West Volusia Beacon Weekend edition February 25-28, 2010.
USA Today article featuring Pinnacle Bank, read it here.
David Bridgeman and Pinnacle Bank: Standing Strong, Florida Banking May 2010 edition.
April 6, 2010
PINNACLE BANK LENDS TO HURLEY CHRYSLER JEEP DODGE
Orange City, Fla. – Pinnacle Bank has announced it has made a $560,000 SBA 7(a) loan to Hurley Chrysler Jeep Dodge for site improvements and development of the service department to support the increased demand for service due to the addition of the Dodge line to the dealership.
When Brendan Hurley, owner of Hurley Chrysler Jeep Dodge, originally shared his vision to improve his competitive advantage with Ned Harper, a certified business analyst at the Daytona State College Small Business Development Center, Harper directed him to Pinnacle Bank.
“The team at Pinnacle Bank works through complicated SBA rules and makes things happen,” said Brendan Hurley, owner of Hurley Chrysler Jeep Dodge. “They all have a dedication to the customer that shines through.”
Pinnacle Bank has partnered with several Florida community development companies to offer financing for owner-occupied commercial real estate purchases, construction, expansion, and renovation. The Bank also finances for the purchase and installation of industrial machinery and equipment. Serving Orange, Seminole and Volusia counties, Pinnacle Bank offers a broad range of high quality, personalized banking services and specializes in Small Business Administration (SBA) lending. For more information, visit www.pinnaclebank-fl.com.
Mr. Bridgeman (local community banker) goes to Washington
David Bridgeman doesn’t need to watch television or read reports to understand the devastation the recession is causing on Main Street.
The Orange City community banker witnesses those effects daily —sometimes even in his own office.
The CEO of Pinnacle Bank recalls a local small business owner recently breaking down in tears in front of him while explaining how his company’s financial situation had become so dire he was forced to lay off several longtime employees.
It’s a story that Bridgeman has been hearing from far too many area businesses these days. Several have closed in recent months, including the West Volusia Chamber of Commerce.
The increasing need to provide loans to small businesses prompted Pinnacle last year to become the first community bank based in the Volusia-Flagler area to receive Troubled Asset Relief Program funds from the federal government.
The nearly $4.4 million Pinnacle received from the TARP Capital Purchase Program should not be confused with the bailouts the feds have been doling out to the so-called too-big-to-fail Wall Street firms and national banks.
To qualify for TARP funds, community banks, unlike the banking giants, must prove they are financially sound.
Pinnacle, in both November and December, was ranked by the U.S. Small Business Administration as the No. 2 SBA lender in the North Florida district, which includes Volusia and Flagler counties, in terms of dollar amount.
But “unduly harsh” restrictions placed by federal regulators, including requiring community banks to have higher than reasonable or necessary risk-weighted capital ratios, are making it increasingly difficult, if not impossible, for banks to continue issuing loans to small businesses, says Bridgeman.
If President Obama and Congress are serious about wanting to encourage banks to give Main Street businesses a helping hand, they need to ease restrictions on community banks, says Bridgeman. Making federal funds available to community banks is good and fine, but of no use if those funds come with too many strings attached, he says.
On Feb. 11, (February 26th at 10:00 a.m) Bridgeman will get a chance to tell members of Congress.
Thanks to a recommendation from Congressman John Mica (R-Winter Park), Bridgeman recently received an invitation from the office of U.S. Rep. Barney Frank to testify before a joint-meeting of the House financial services and small business committees in Washington, D.C.
“They wanted somebody who’s a real banker down in the trenches that’s been recently examined by the FDIC … someone in banking where the rubber meets the road,” Bridgeman explains.
They certainly found a person who fits that bill in Bridgeman.
Resource: Volusia/Flagler Business Report, February 12, 2010 edition. Clayton Park can be reached at clayton.
firstname.lastname@example.org or at 386-681-2470.
Mica: Community Banks Plight to be Heard
Washington, Feb 1, 2010 -
Washington, D.C.—Congressman John L. Mica (FL-07) today announced that community banks will have a Florida witness who will testify at a joint Congressional hearing on problems local banks have encountered that has curtailed lending. This hearing will address the difficulties faced by community banks as they have been stymied by federal regulators nationally and locally in the Seventh District of Florida.
Members of Congress including Rep. Mica have urged Chairman Barney Frank, Ranking Member Spencer Bachus and the House Financial Services Committee to convene a panel to focus attention on the frozen community banking industry. The hearing has been scheduled jointly with the House Small Business Committee for Thursday, February 11, 2010 to listen to concerns relating to the federal intervention and regulatory actions that have crippled community banks and negatively impacted lending.
At Congressman Mica’s request, David Bridgeman, President and CEO of Pinnacle Bank in Orange City, has been selected to represent Florida’s community bank leaders at the hearing. Other witnesses at the hearing will include federal regulators, banking representatives, small businesses and other authorities in this field.
Mica said, “Getting community banks back into the lending business and allowing them to make responsible investments is key to economic recovery and job expansion.”
Mr. Bridgeman is part of a community bankers group that has worked with Congressman Mica to get the attention of national lawmakers to help our financial institutions and economy get back on track. Bridgeman has 27 years of community banking experience and has been President of Pinnacle Bank since 1999. Other local lenders who have spearheaded the effort include, Ben Flowers President of Main Street Community Bank in Deland; and Wayne McLane President of Putnam State Bank in Palatka.
Further information on the February 11th hearing will be provided as it becomes available.
March 26, 2009
PINNACLE BANK LENDS MORE THAN $24 MILLION TO SMALL BUSINESSES
Orange City, Fla. – Pinnacle Bank has loaned more than $24 million in SBA 504 Small Business Administration loans since January 2008. While many banks aren’t lending due to the current economic and financial environment, Pinnacle Bank is helping businesses start up and expand with SBA 7a and 504 Loans.
“While some banks have reduced or eliminated their SBA programs, we are expanding our 504 and 7a programs to meet the current loan demand in our markets,” said David Bridgeman, President and CEO of Pinnacle Bank. Pinnacle bank has loaned amounts ranging from $180,000 to $4.2 million to a variety of businesses including restaurants, retail stores, medical offices, hotels and daycare facilities.
“If it weren’t for the vision and good business sense of Pinnacle Bank, New Smyrna Lanes would no longer exist,” said Steven Calabro of New Smyrna Lanes. “Pinnacle Bank really cares about its customers.” Calabro took out a small business loan with Pinnacle Bank for his bowling alley in New Smyrna Beach.
“We are positive that Pinnacle Bank explored every avenue possible and recommended, facilitated and delivered the best business credit option available,” said David Hardy of Filterfresh Coffee Services, another business that received an SBA 7a loan from Pinnacle Bank.
Pinnacle Bank has partnered with several Florida community development companies to offer financing for owner-occupied commercial real estate purchases, construction, expansion and renovation. The Bank also finances for the purchase and installation of industrial machinery and equipment. Serving Orange, Seminole and Volusia counties, Pinnacle Bank offers a broad range of high quality, personalized banking services and specializes in Small Business Administration (SBA) lending. For more information, visit www.pinnaclebank-fl.com.
July 29, 2008
ICBA: Insured Deposits Are Safe at a Community Bank
Washington, D.C. —The Independent Community Bankers of America (ICBA) and Pinnacle Bank, in Orange City/Longwood Florida remind community banking customers that their insured deposits are safe and backed by the full faith and credit of the federal government through the Federal Deposit Insurance Corporation (FDIC).
“We understand that during these difficult economic times some people are concerned about the safety of the money they have in their bank savings or retirement accounts, but they shouldn’t be,” said Mr. David Bridgeman, President/CEO, Pinnacle Bank. “The federal government has insured their funds held in an FDIC-insured community bank for up to $100,000 and $250,000 for certain retirement accounts.”
“Community banks are stable and well-capitalized,” said Cynthia L. Blankenship, ICBA chairman and vice chairman and chief operating officer of Bank of the West, Irving, Texas. “In spite of the headlines about the challenges facing Wall Street financial institutions, community banks are open for business and our customers can bank with confidence knowing their money is safe because it is insured by the FDIC. Since the FDIC was founded in the 1930s, no one has ever lost a penny of FDIC-insured funds.”
The FDIC insures deposits and protects depositors' funds in banks and savings associations. FDIC deposit insurance covers each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest. Customers should look for an official FDIC sign at each teller window or teller station in their local community bank to know their institution is covered by FDIC insurance.
According to the FDIC, insurance covers all types of deposits received by a financial institution in its usual course of business, including savings and checking accounts, NOW accounts, Christmas club accounts, and time deposits like certificates of deposit. Cashiers' checks, officers' checks, expense checks, loan disbursement checks, interest checks, outstanding drafts, negotiable instruments and money orders drawn on the institution are also considered deposits, and are protected by the FDIC.
“If you are having difficulties managing your finances, talk with your local community banker. Community banks are here to serve our communities,” said Blankenship. “Our relationships with our customers are very important to us. We want to keep our customers for the long-term.”
The Independent Community Bankers of America, the nation’s voice for community banks, represents nearly 5,000 community banks of all sizes and charter types throughout the United States and is dedicated exclusively to representing the interests of the community banking industry and the communities and customers we serve. For more information, visit www.icba.org.
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