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In a significant move to combat financial fraud and enhance transparency, Congress passed the Corporate Transparency Act in 2021. 

As a result, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has introduced new reporting requirements for beneficial ownership information (BOI) that will take effect on January 1st, 2024.

Who Needs to Report?

If you’re wondering whether your business falls under the reporting mandate, the answer lies in the structure and nature of your company. Reporting is required for:

1. Corporations
2. Limited liability companies (LLCs)
3. Entities created in the U.S. by filing with a secretary of state or similar office
4. Foreign companies registered to do business in any U.S. state or Indian tribe

Exemptions and Walkthrough Guide

It’s essential to note that not all businesses are subject to these reporting requirements. Publicly traded companies, nonprofits, and certain large operating companies are among the 23 types of entities exempt from beneficial ownership information reporting.

To help you navigate this process seamlessly, you can read the US Dept of Treasury’s comprehensive brochure here. This resource not only outlines the reporting criteria but also provides a simple walkthrough of the submission process. Understanding your obligations and complying with the new reporting requirements can be straightforward with the right guidance.

Electronic Submission Opens on January 1st, 2024

As of January 1st, 2024, reporting companies can electronically submit their beneficial ownership information through the designated platform. The submission process aims to enhance accountability and foster a more transparent business environment.

Stay informed and take the necessary steps to ensure compliance with the new reporting requirements. Visit our brochure for a detailed breakdown of the reporting criteria and a step-by-step guide to the submission process.

Reporting companies created or registered in 2024 will have 90 calendar days from the date of receiving actual or public notice of their creation or registration becoming effective to file their initial reports.

Miranda McCarty brings a wealth of experience to her role as Branch Banker at Pinnacle Bank, with an impressive 9-year career in the banking industry. Starting her banking journey in 2012, she now brings valuable loan expertise to the Pinnacle team. 

Coming from Elberton, Miranda knows the culture of Pinnacle and finds joy in her role by making her customers’ financial dreams a reality. 

Beyond her professional achievements, Miranda serves as the VP for the Elbert County Cattlemen’s Association, reflecting her commitment to both the financial sector and her local community. In her downtime, Miranda runs a farm with her husband and kids, overseeing around 100 head of cattle–a longtime dream come true!

Welcome to Pinnacle Bank, Miranda!

With almost twenty years of experience in the banking industry, Marcus Schubert joins our team as one of our newest VP Business Bankers–specializing in commercial lending.

As a proud native of Danielsville, Georgia, he is a 2006 alumnus of the University of Georgia with a degree in Agribusiness, starting his banking career in Athens post-graduation.

What Marcus enjoys most about his role is the opportunity to serve his customers and help them achieve their financial goals. 

Outside the world of banking, he finds his joy in golfing, hunting, and spending quality time with his family and friends. 

Welcome to the Pinnacle Bank Family, Marcus!

Hailing from Bainbridge, Georgia, Clay Wells loves solving problems and assisting teammates as a Branch Banker at our West Athens location. He serves with local charm and his degree in Business Administration from the University of Georgia Terry College of Business.

When Clay’s not at work he’s cheering on the Dawgs, grilling, or playing golf.

Thank you for all you do for your community, Clay!

As a dedicated Branch Banker at our Royston location, Spencer Risner began his journey in the banking industry under the guidance of John Hylton at Pinnacle Bank. With a focus on Consumer Lending and Customer Service, Spencer’s expertise lies in creating lasting financial solutions for clients.

Originally from Royston, Spencer holds a B.S. in History from Emmanuel University. Beyond his banking career, he finds joy in spending quality time with his family, exploring new places, teeing off on the golf course, and passionately supporting his beloved Tennessee Volunteers. Spencer’s enthusiasm for serving his community and clients shines through in every aspect of his work.

Welcome aboard, Spencer!

As a Georgia-native, Alicia Weaver serves as our East Athens Branch Manager with almost twenty years of experience in the banking industry. While a seasoned pro in everything Pinnacle, she brings her wisdom leading our tellers and our Business Process Management efforts. 

With this background, it’s no surprise that Alicia genuinely loves her job, and you’ll often find her saying, “I enjoy everything about it!” Her passion for banking shines through in her dedication to making our customer and coworker experiences as smooth as possible.

Outside of work, Alicia enjoys sunny beach days, exciting cruises and magical trips to Disney World with her husband and four children. 

Amy is no stranger to making dreams come true – she recently made the career change to mortgage lending and is excited to help customers see the same thing happen with their dream homes!

It is no surprise then that Amy’s favorite part of the job is the relationship-building aspect, saying, “I absolutely love going to closings with my borrowers and seeing the happiness on their faces once this process is over and they can finally begin moving into their dream homes.”

When she’s not guiding customers through the mortgage process, she’s spending time with her husband of thirty years and their three beautiful daughters, or she’s practicing her swing at the driving range.

Welcome to Pinnacle Bank, Amy!

With over 15 years of banking experience, Sabrina Walker brings a wealth of knowledge and expertise to her role as Branch Manager at our location in Lavonia. Her first taste of banking came in her hometown of Huntsville, Alabama, when she got a job as a part-time main vault teller. It was here that she developed a passion for serving her friends and neighbors.

On top of her managing duties, Sabrina serves as a Financial Wellness Champion, helping educate the community on common money management practices.

As a recent graduate of the GBA-sponsored Georgia Banking School, she stays updated on the latest industry trends and best practices, ensuring she provides the highest level of service and expertise to her clients.

When she’s not in the office, Sabrina loves to travel and spend time with her children, who are now young adults. She indulges her creative side through crafting and wreath making, always seeking new ways to let her creative juices flow.

Contact Sabrina Walker at sabrinawalker@pinnaclebank.com or call 706-967-6101 to experience exceptional banking services and financial guidance tailored to your needs.

Originally from Carnesville, Georgia, Justin Pruitt first got into banking seven years ago as a Relationship Manager. He brings a strong background in leadership and operations to his team at Pinnacle.

At work, Justin enjoys making the interactions between customers and coworkers easy and fun! At home, he loves cheering on the Georgia Bulldogs, cooking and taking trips with his wife.

Thank you for serving Pinnacle Bank and our community, Justin!

Hailing from Stone Mountain, Georgia, home of the largest piece of granite in the world,  it only made sense that Jessica Baughman would come to Elberton, the Granite Capital of the World, to serve Pinnacle Bank as a Mortgage Banker!

She employs her bright, people-person personality in guiding customers through the mortgage process and helping her teammates do the same.

When she’s not lighting the path for future homeowners, she’s hiking, traveling and spending precious time with family.

Welcome to Pinnacle Bank, Jessica!