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PINNACLE FINANCIAL CORPORATION ACQUIRING SBT BANCORP, INC. 

Elberton, GA and Clarkesville, GA, December 18, 2019 — Pinnacle Financial Corporation (“Pinnacle”), the parent holding company of Pinnacle Bank, and SBT Bancorp, Inc. (“SBT”), the parent company of Southern Bank & Trust, today jointly announced the signing of a definitive merger agreement pursuant to which Pinnacle will acquire SBT and Southern Bank & Trust in a cash and stock transaction valued at approximately $36.0 million, or a price of approximately $27.37 for each outstanding share of SBT common stock. 

Management of each bank believes the combined bank will achieve greater scale and diversity in markets, products and management compared to either bank as a standalone institution. The customers of Pinnacle Bank and Southern Bank & Trust will benefit from the combined institution’s greater footprint, scale and ability to serve customers in the northeast Georgia communities. 

Southern Bank & Trust operates three banking offices in Clarkesville, Dahlonega and Blairsville, Georgia and has another location under construction in Cornelia, GA. The merger will add approximately $225 million in assets, $176 million in loans, and $198 million in deposits to Pinnacle. Upon completion of this transaction, Pinnacle will have approximately $1.2 billion in assets, $885 million in loans, and $1.1 billion in deposits, based on financials reported as of September 30, 2019. 

Commenting on the announcement, L. Jackson McConnell, Jr., Chief Executive Officer of Pinnacle, said, “We are excited to announce the combination of Pinnacle and Southern Bank & Trust. This transaction will allow us to partner with an excellent financial institution that shares our commitment to serving our northeast Georgia communities. Our partnership with Southern Bank & Trust furthers our strategy of targeted expansion in growing markets and continued organic growth in our current markets. We view the acquisition of Southern Bank & Trust as a natural complement to our current growth initiatives and to be an opportunity to deliver our core services to a greater number of community bank customers. We look forward to welcoming our new customers, employees and community members.” 

Tony E. Collins, President and Chief Executive Officer of Southern Bank & Trust, added, “We are delighted to partner with a bank actively serving its customers and communities with distinction since 1934. Our customers will benefit by a significant expansion in the markets served by the combined bank, as well as the greater breadth and depth of products and services offered as part of this combination. Pinnacle Bank is a true community bank, and decisions will continue to be made locally by bankers with a vested interest in our customers’ businesses and communities.” 

The transaction, which is expected to close in the first half of 2020, has been unanimously approved by the Boards of Directors of both companies and is subject to customary closing conditions, including regulatory approvals, and approval from the shareholders of SBT. After the merger, Mr. McConnell will continue to serve as President and Chief Executive Officer of Pinnacle. Mr. Collins will join the Board of Directors of Pinnacle and will continue to serve as Senior Market Executive within Pinnacle Bank, with the primary responsibility of overseeing the communities currently served by Southern Bank & Trust. Mr. Collins leads a team of experienced bankers at Southern Bank & Trust who have agreed to remain with Pinnacle. 

Pinnacle was advised in the transaction by SunTrust Robinson Humphrey, Inc. as financial advisor and Fenimore, Kay, Harrison & Ford, LLP as legal counsel. SBT was advised in the transaction by The Burke Group, LLC as financial advisor and Troutman Sanders LLP as legal counsel. 

About Pinnacle Financial Corporation 

Pinnacle Financial Corporation is a single-bank holding company headquartered in Elberton, Georgia. Chartered in 1934, Pinnacle Bank has offices in over 12 counties of Northeast Georgia. Pinnacle is a locally owned, independent community bank and offers a wide range of financial services. Visit www.pinnaclebank.com for more information. 

About SBT Bancorp, Inc. 

Chartered in 2005, SBT Bancorp, Inc. and Southern Bank & Trust provide personal and business banking services through its banking offices in Clarkesville, Dahlonega and Blairsville, Georgia. For further information, visit www.sbandt.com. 

Additional Information About the Merger 

This communication relates to the proposed merger transaction involving Pinnacle Financial Corporation and SBT Bancorp, Inc. The information contained herein does not constitute an offer to sell or a solicitation of an offer to purchase the securities described herein nor shall there be any sale of such securities in any state or jurisdiction in which such an offer or solicitation is not permitted or would be unlawful. In connection with the proposed merger, SBT will mail a proxy statement/offering circular for a special meeting of SBT shareholders to approve the merger. It is anticipated that the proxy statement/offering circular and other relevant materials (when they become available) will be mailed to SBT shareholders in the first quarter of 2020. 

Shareholders are urged to read the proxy statement and the other relevant materials when they become available before voting on the merger. 

THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION (“SEC”), THE FDIC, OR ANY STATE OR OTHER GOVERNMENT AGENCY, NOR HAS THE SEC, THE FDIC, OR ANY STATE OR OTHER GOVERNMENT AGENCY PASSED ON THE ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL. 

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Blog Business Personal

Exercise Makes You Happier Than Money (Really!)

Want to be happier? Exercise! A recent study by Oxford and Yale researchers demonstrated that exercise makes you happier than money!

Group Exercise

 

But too much exercise can have a negative effect. The optimum prescription for happiness calls for 30 – 60 minutes of activity three to five times per week. 

1.2 million Americans participated in the study. Both their physical behaviors and their mental states were observed and recorded. Participants had 75 types of physical activity to choose from ranging from lawn-mowing and housework to running and cycling.

The results? Those who were physically active 3 – 5 times per week were happier overall. In fact, non-active participants felt poorly for 18 days more on average than active participants.

The real eye-opening findings had to do with income. If you think those who earn more money are automatically happier, think again! You’re more likely to be happier if you are physically active than if you aren’t active by making more money. So, if your goal in life is to be happier, consider exercising more rather than making more money.

And if you want to ramp up your happiness even more, join a team sport or take a group class with friends. Exercise that has a social aspect to it such as team sports or cycling with a friend was shown to be most beneficial to increasing happiness.

Interested in learning more? You can read the entire study here. 

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Blog Business Personal

Moving Countdown Tips and Tricks

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Did you know that along with loss of a loved one, divorce, and loss of a job, moving is counted as a top stressor that someone can experience over a lifetime? Here are some tips and tricks to help you if you are planning a move.

2 – 3 Months Before You Move

First things first, make a plan unique to you! We’re going to give you some great general tips, but everyone’s situation is different. Combine our tips with this ‘epic’ moving checklist and make a template that is right for you.

6 to 8 Weeks Before You Move

  • Get estimates from moving companies and look at their online reviews.
  • Take measurements at your new home to make sure all of your current furniture will fit. No point in packing a couch if it won’t fit in your new space!
  • Look at your things. What do you want to keep, donate, and throw away?
  • Buy moving supplies.
  • Moving out of your child’s school zone? Collect necessary information like transcripts or have them sent to the new school.

4 Weeks Before You Move

  • Hire a mover. Get all details in writing and take pictures of all paperwork and save it to your phone. It’s easy to misplace paperwork while moving.
  • Get packing!
  • Change your address with the post office and contact other relevant entities about your move: credit card and utility companies, banks, etc.
  • Transfer medical records.
  • Create an ‘important’ box or two that you will take yourself when moving.
  • If you’re getting rid of a lot of things, have a garage sale.

2 Weeks Before You Move

  • Call your moving company to reconfirm the day and time of your move. Tie up any loose ends.
  • Speak to your boss about taking a Friday and/or Monday off. A long weekend is a blessing when moving!
  • Arrange for a babysitter for your children on the day of the move if needed.
  • Continue packing!

1 Week Before You Move

  • Finish packing, but don’t get discouraged! Chances are, you will still be finding things to pack or purge up to moving day.
  • Pack a suitcase full of comfortable clothes and toiletries.
  • Look for local restaurants, sandwich shops, and grocery stores close to your new home. You will need quick options like pizza and cereal while moving. 
  • Defrost the fridge.
  • Do a final cleaning and inspection of your house. Too busy to clean? Hire a service.
  • Arrange for a last trash and recycling pickup.
  • Arrange payment for the mover and be sure to have cash on hand for tips and emergencies that may arrive.

Finally, accept that moving is stressful! Don’t be too hard on yourself, and definitely don’t try to move into your new home and have everything perfectly arranged in a few days. Once your first and most important things are put where they belong, assign a little-used room in your new home to house unpacked boxes and scattered items. That way, your living space is clear of clutter while you finish up unpacking. Best of luck!

Categories
Blog Business Managing Your Business

Small Businesses: Planning and Preparing for a Recession

Many financial experts are predicting a recession in 2019. While it’s impossible to predict with 100% certainty that there will be an economic downturn, small business owners can still be prepared.

Steps to Recession-proof Your Small Business 

Should a recession happen in 2019, there are some steps you can take to make your business less susceptible. It’s like a seat belt on a plane – a safeguard in case of an unlikely event.

Press Pause on Large Investments

Now is not the time to spend money on luxuries. Identify the things that help your business thrive and grow and spend your money there. Be conservative in your spending now, and if a recession doesn’t happen, you will have more to invest later. 

Utilize the Team You Have

Wages are expected to rise in 2019, and there is a potential recession on the horizon – not a great time to make lots of new hires. Find ways to maximize your current team’s work capacity and reward them in creative ways for their contribution. If you must hire new people, consider hiring contract workers or freelancers.

Apply for Working Capital

Don’t currently need extra money for your business? That’s great! The best time to get funding is when you aren’t desperate for the money. Apply for a line of credit and draw on funds if needed. This way, you have money available to you if required, and you aren’t applying for working capital when things are in a downturn.

An impending recession can be frightening, but with a little planning, you can be better prepared to weather a slower economy.

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Blog Personal

Tips on Charitable Giving

It feels great to support charities and know that your contribution makes a real difference. Would you like to be a more informed giver? Great! The following tips are sure to help you out.

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What causes are close to your heart and how do you want to help? For example, do you want to donate to support scientists who are searching for a cure for a particular disease, or do you want to give to a local charity which helps people who are suffering from that disease? Get clear on who and how you want to help, and it will be easier to make a list of charities that match your interests.   

Do Your Research

Do some basic research to avoid giving to fraudulent charities.

  • Request written information such as name, address, and telephone number. Most charities now have websites. Check the charity out online.
  • Make sure the charity is a tax-exempt 501(c)(3) charity. Request their EIN (Employer Identification Number) and check it online. 

After doing your research, do you feel that the charity is transparent and accountable? If so, give them your support!

Get Specific – Or Don’t

Many charities allow you to designate where you would like your contribution to go. If the organization you’re giving to enables you to earmark your gift, then you may want to take advantage of the opportunity. However, if you give an unrestricted donation, it allows the charity to respond to changing needs and emergencies quickly. Think about how you would like your money to be utilized.

Give Your Time

If you really want to get involved with a charity, become a volunteer! You can make a huge difference in the impact a charity makes by donating your time. From answering phones and stuffing envelopes to feeding homeless pets and tutoring children, there is a volunteer opportunity for everyone.

Save Your Receipts

Finally, if you do give to a charity, keep track of your contributions by saving receipts. Even though a tax deduction isn’t your primary motivation for donating, you don’t want to miss out on the benefits of a charitable contribution.

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Blog Business Fraud & Security Personal Safety & Security

How to Spot an Online Dating Scam

How to Spot an Online Dating Scam

People looking for love have all the typical concerns: will he/she like me? Do we have the same interests, etc.? As if finding a partner isn’t hard enough, now, those who use online dating services also have to worry about being scammed out of money. 

There are hundreds of thousands of profiles on dating sites. How can you tell who is the real person also looking for love, and the fake profile looking to deplete your bank account?

2- Newsletter ImagesHow to Quickly Spot an Online Dating Scam

They Ask You For Money

This one is simple. If someone on an online dating service asks you for money, it’s a scam.

They Ask You to Leave the Site

Online dating websites can spot and dismiss members who are scammers or those who demonstrate other problematic behaviors. So, it is in the con artist’s best interest to get you to text or email with them, or even speak to them on the phone rather than communicate via the website. The most common excuse that a scammer will use is that their membership is almost up. It’s best to stay on the original site to communicate with other members. It’s an added layer of protection for you, and if the person you are speaking to does turn out to be a troll, you can report them to the dating site for abuse.

They Won’t Meet You In Person

It’s a big red flag if the person you’re speaking to online says that they live in the same city as you, but they are working orstationed overseas, have an emergency far away, are always traveling, etc. Of course, it is possible that someone you are speaking to online travels a lot, but if they always have an excuse for why they can’t meet you in person, beware.

They Show Off How Wealthy They Are

Why would they need money from you when they are so wealthy? Their photographs show off fancy cars, mansions, etc. Why would a scammer do this? This illusion of wealth means that initially, you’re not worried that they are going to ask you for money. After earning your trust, they will ask you to ‘loan’ them money and give you a contrived excuse as to why they don’t currently have access to their own funds. To repeat the first warning in this list: if someone asks you for money in connection with an online dating site, it is a scam.

They Don’t Have a Grasp of Common Grammar

Be suspicious if someone online claims to be college educated and live in your town, but they can’t write coherently. Weird word choices, lousy grammar, and sentences that don’t make any sense are all indicators that the person you’re speaking to is not who they seem to be.

Their Life is One Calamity After Another

Your online friend contacts you in a panic. He’s lost his wallet, his son is in the hospital in another country, and he is desperate for help. He needs money for a hotel, airfare, etc. This is just one of the many stories that scammers tell. They may even resort to sending you heartbreaking photos of young children ill in a hospital. This scam is widespread, and you should never send money.

How to Avoid Being Scammed

It’s easy to read the above with a clear head and think, “I would never be taken in by an online dating scam.” But when emotions are involved, and when a scammer has worked very hard to gain your trust, it’s not easy. So how can you protect yourself?

  • Don’t send money. Don’t wire money, send a gift card, or use an app to send money. You will never see the money again.
  • Talk to a trusted friend. Your friend is not emotionally involved in the online relationship. They will be able to spot that something isn’t right more quickly than you will.
  • Already sent money? Contact your bank and tell them you believe you have given money to a con artist.
  • Report the scammer! You can help others from being taken in by reporting your experience to the dating site you were on as well as the Federal Trade Commission (link https://www.ftccomplaintassistant.gov) and the FBI (link: https://www.ic3.gov/default.aspx)
Categories
Blog Personal Safety & Security

Protect Yourself from Tech Support Scams

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Tech support scams are common, and even computer savvy people can be taken in. Do you know how to identify and protect yourself from a tech support scam?

How Tech Support Scams Work

A tech support scammer wants you to believe that there is a severe issue with your computer, and if you don’t address it now something terrible will happen. They create urgency and anxiety about a nonexistent problem.

Typically, you will get a phone call or a popup on your computer screen from someone claiming to be in tech support with a well-known company (think Apple, Microsoft, Dell, etc.) They will inform 

you that they’ve detected a virus on your computer, that your computer is sending error messages, or something similar. Once they’ve got you worried, they inform you that only they can fix the problem and it must be done quickly before your computer crashes and you lose all your data. They ask for access to your computer, and once you give it to them, they run a ‘scan’ and find a bunch of scary ‘viruses.’ Then you are asked to pay a fee so that they can remove the viruses.

The scam usually doesn’t end here. Once the scammer has access to your computer, they can install malware which can then be used to commit identity theft. So not only did you pay someone to fix a non-existent problem, they then continue to steal from you. Infuriating!

Ways to Spot Tech Support Scams

  • Don’t trust the scammer just because caller ID shows that they are from a legitimate company. Many scammers spoof caller ID so that it displays a legitimate support number.
  • Real tech companies don’t contact you by phone, email, or text to tell you there’s an issue with your computer. And error messages/security popups from legitimate tech companies won’t ask you to call a phone number.
  • They want money NOW. They will usually request that you use a money transfer app, a gift or prepaid card, or wire money. These types of payment can be a challenge to reverse ensuring that they get your money.
  • Don’t give access to your computer to a third party unless you are 100% certain that the person assisting you is from a real tech company.
  • Beware of warning screens and sponsored links. If you get a popup alert paired with a phone number, immediately close all windows and restart your computer. And if you are searching online for tech support stay away from sponsored ads – many of these ads lead you directly to scammers.
  • Never click on links from an unfamiliar email; it’s just a good rule to follow. Clicking on strange links may not always result in falling prey to a scam, but other negative things can happen. If you click on the link, the scammer or bot who sent it knows that the email is a ‘live’ email. You can then be added to email lists and receive even more useless and potentially dangerous spam email. No one needs that headache!

Beware of a particularly insidious scam. Once again, you receive a phone call from a tech support company, but this time they ask you if you were happy with the tech support services you received. If you respond that you weren’t, they will then offer you a refund – but you have to give them your credit card or bank account number for them to give your money back. Scam! Once they have your information, they will take more money from your accounts.

What to do if You Think You Have been a Victim of a Tech Support Scam

  1. Contact your bank and credit/debit card company immediately. You may be able to stop the payment.
  2. Change all passwords on your computer, beginning with your most sensitive information such as your bank and tax preparation logins.
  3. If you are comfortable doing so, uninstall any applications that the scammer asked you to install. Update your computer’s security software,run a scan, and delete anything that is flagged as a problem.
  4. To truly be safe, go local! Take your computer to a local business and have them determine if your computer has been compromised.

Finally, if you are feeling pressured by someone online or on the phone to give out your sensitive information, don’t do it. Your banking information, personal information such as your social security number, and your passwords are protected for a reason, and representatives of authentic companies will not bully you into giving it over.

Categories
Blog Personal

Senior Caregiving

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Your parents once cared for you, and as they age, it is likely that the roles will be reversed, and you will need to care for them. The prospect can be daunting, but you can prepare for your senior caregiving journey.

Have “THE” Meeting with Your Parents.

It’s difficult to talk about senior caregiving with your parents, but it is necessary so that you can know their wishes, and everyone can get onto the same page. Set up a meeting. Don’t  bring the subject up over dinner unexpectedly! Be prepared to ask your parents:

  • Where would they like to live if they could no longer live on their own?
  • How do they intend to pay for their care? Do they have insurance to help?
  • Can you look at their financial information? Do they have a will? Who has power of attorney?
  • How do they feel about their current living situation?
  • What are their main concerns for the future?
  • What are their end-of-life wishes?

It’s also important to assess the current needs of your parents.

  • Is their vision failing?
  • Have they fallen or is their balance compromised?
  • Have they lost a good deal of weight without trying?
  • Are they still driving, and should they be allowed to continue?

Be sensitive and understanding. Be prepared to offer choices and find compromises. Remember that this is a difficult conversation for everyone.

Learn about Senior Housing Options

Ideally, you have time to learn about senior housing long before a decision needs to be made about where your parent will live. There are lots of options available, but you need to know as much as you can before making a decision. For instance, assisted living is very different from a nursing home. There is in-home care as well as memory care.

Get the Support You Need

While some people can give up their job to care for an elderly parent full-time, most are not in the position to do so. This means that you will need lots of support.

Find a Volunteer Senior Companion in Your Area Through Senior Corps. Senior Corps is a network of national service programs for Americans 55 years and older. Senior Corps volunteers commit their time to address critical community needs including academic tutoring and mentoring, elderly care, disaster relief support, and more.

Adult Day Programs are an excellent opportunity for seniors to socialize and are generally less expensive than in-home care. Learn more about the Georgia Adult Day Services Association here. (http://www.gadsa.org/joomla/index.php)

Hire a Geriatric Care Manager (GCM). A GCM is an expert at finding and navigating services for the aging. Their goal is to improve your older adult’s quality of life and reduce family stress. Many people find that they save money by hiring a GCM.

Talking with your parents about end-of-life care is hard, but it’s infinitely more difficult to make decisions during stressful moments – especially if you don’t know what your parent’s wishes are. A little preparation now can mean less turmoil later.

Categories
Personal Saving & Budgeting

Save More in 2019!

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Everyone wants to save more money, but it can be difficult to know how. if you’re stuck in a money rut, the following tips will help you pinpoint ways to save money and prepare for your future. 

What Kind of Saver are You?

Do you enjoy saving money? Do you find it easy or difficult to set money aside? Some people find it easy to count and save their pennies, while others see that little extra and want to spend it now.

Before making a plan to save, a little self-reflection is in order. How active do you want to be in saving money? Is it better to ‘hide’ money that you’re saving so that it’s out of sight, out of mind? Or, do you want to keep an eye on every penny? Identify your spending and saving style, and plan accordingly.

Prepare for Emergencies

Figure out how much money you would need to live for months if you lost all sources of income. All of your initial saving efforts should go toward setting up an emergency fund. It is exceedingly satisfying to have an income safety net tucked away in the bank.

Create a Budget

How much do you make each month?  How much do you spend? Where can you find places to spend less? Make a budget and stick to it! Not a numbers person? The great news is, there are all sorts of online and mobile apps that are designed to help you manage and save your money easily.

Find a Budgeting App

According to online reviews, these are some of the best budgeting apps:

Learn About Saving Money

If you are interested in learning more about money, there are more outlets than ever to help you do so. Blogs and podcasts are a great place to start. Here are some suggestions to get you started:

Find Savings—Large and Small

There’s always a way to save! Do you eat out five times a week? Try to cut down to three times. Get rid of expensive cable and opt for Netflix or another less-costly provider instead. Invest in a good coffee pot and travel mug and skip Starbucks. Do you have the same cell phone plan you had five years ago? Chances are you could save money by switching plans. You can even take a more significant step and refinance your car and mortgage loans. Savings are everywhere!

Pay Yourself First

If you haven’t already done so, set up a Roth IRA or 403(b) and contribute money every month directly from your paycheck.

Reward Yourself

If you feel like you are constantly depriving yourself by saving, then you will soon give it up. Set up small, medium, and large goals for yourself, and when you meet them, reward yourself.  Just be careful that you don’t spend all the money you’ve saved on rewarding yourself!

Categories
Business Managing Your Business

Tips to Keep Your Tax Records Secure

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Tax fraud, identity theft, online scams – the threats can be overwhelming.

Here are some ways consumers and business owners can protect themselves from tax fraud and other scams.

Do Your Research 

When choosing a tax professional, check out Consumer Reports (https://www.consumerreports.org/taxes/where-to-get-tax-preparation-help/), the IRS (https://www.irs.gov/tax-professionals/choosing-a-tax-professional) and the Better Business Bureau (https://www.bbb.org/) to be sure that they provide a legitimate service.

Protect Personally Identifiable Information (PII)

PII is defined as information that can be used on its own or with other information to identify, contact, or locate a single person, or to identify an individual in context.

So, what does that mean? The following information should not be given out freely:

  • Full name (if uncommon)
  • Birthdate
  • Birthplace
  • Home address
  • Email address
  • Social Security number
  • Passport number
  • Vehicle registration plate number
  • Driver’s license number
  • Fingerprints or handwriting
  • Credit card numbers
  • Digital identity
  • Genetic information
  • Telephone number
  • Login names and passwords

Call Back

If someone calls you and asks for your social security number (or another piece of relevant information), get the name of the person requesting the number and tell them that you will call the business directly. If it isn’t a scam, then you haven’t lost anything. If it is a scam, you have saved yourself a lot of hassle, and potentially, money.

Validity of Websites

Yes, there are websites out there with the sole purpose of capturing your personal information. Be sure that you access the real IRS website when filing taxes or submitting any information. It’s best to type in the website name – irs.gov – rather than click on links given in emails, etc.

Be Wary of Demands and Threats

You mail or file your taxes electronically, and before you know it, you’re receiving demands for immediate payment, upsetting emails, and threatening or intimidating communication insisting you pay now. This is not how the IRS works. If you do owe the IRS money, you will receive businesslike communications, and they will even help you work out a payment plan. Get more information on potential scams here (BBB.org/TaxScams).

Safely Store and Dispose of Your Financial Information

If you keep your financial information in a shoebox or stuffed under your mattress, it’s time to make a change! A locked filing cabinet, drawer in your desk, or a safe are all good options. If you store your records electronically, then be sure that you have a backup on an external hard drive and encrypt the files on your computer and hard drive. You should always keep a copy of federal and state tax returns and supporting material. If you do dispose of old tax records, make sure you shred the documents before disposal.

But what about old computers with crucial financial information stored on them? You can’t shred those! Before disposing of any electronic device, all drives should be wiped clean. Simply deleting files will not remove them from the computer. It may require special software to wipe the drive, or you may even need to hire someone to do it for you.

It doesn’t take a lot of time or effort to keep your financial and tax records safe and to put your mind at ease.