Firm grew deposits in 19 of 25 MSAs measured
by FDIC, is the fastest growing in seven
Pinnacle Financial Partners is the No. 1 bank in the Nashville
MSA based on deposits for the sixth consecutive year, according to
FDIC data as of June 30, 2023, and rose to be the second biggest
bank in Tennessee. The firm overtook Regions for the No. 2 spot
statewide, adding $3.49 billion in Tennessee deposits for a total
of $26.85 billion and an annual growth rate of 14.94 percent. That
represents 12.10 percent of statewide market share.
Locally in the Nashville MSA, Pinnacle now holds $19.49 billion
in deposits, having grown by $2.79 billion in 12 months for a 16.73
percent growth rate and 20.83 percent of market share. Its nearest
competitor, Bank of America, is No. 2 with 14.48 percent of market
share and $13.55 billion in deposits as of June 30, 2023. Pinnacle
had far and away the highest deposit growth of any other bank in
the market, outpacing second place by more than $2.4 billion.
"Given the volatility of the last eight months, these numbers
are a remarkable reminder of the power of the Pinnacle model to
earn trust and build lasting relationships," said M. Terry Turner,
Pinnacle's president and CEO. "Coalition Greenwich data show us
leading the pack in virtually every measure of client satisfaction
and therefore seemingly best positioned to continue winning new
business away from our competitors. We have built a people-first
approach to 'high touch and high tech' banking, and it’s yielded
these demonstrably different results. I am incredibly proud of our
team and ready to continue building on our long-standing
momentum."
Pinnacle was the only bank among the top six in Nashville to add
deposits in the 12 months ended June 30, 2023. The Nashville MSA
grew its total deposit pool by $952.40 million. Pinnacle added
nearly three times that amount to its books, and its competitors
ranked just below suffered significant drops of up to $921.60
million.
Across its footprint, Pinnacle grew deposits by $5.21 billion in
the 12 months ended June 30, 2023, for an annual growth rate of
15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs
measured by the FDIC, it saw growth in 19, including 10 with
double-digit growth rates, two hitting triple-digits and seven
where it is the fastest growing bank by deposit dollars.
Highlights from other markets in the most recent FDIC report
include*:
Washington, D.C. and Virginia
After opening in the Washington, D.C. MSA in December 2021,
Pinnacle is now the No. 30 bank overall by deposits out of 72
total. The firm grew its deposits to a total of $637.68 million, or
0.21 percent of local market share. Pinnacle opened its first
full-service, retail office in McLean, VA, in May 2023, having only
very limited physical offices until then, and has since opened an
additional, limited-service office in Columbia, MD. Statewide in
Virginia, Pinnacle rose from No. 35 by deposits to No. 22 with
$626.07 million in growth to a total of $1.60 billion and 0.53
percent of market share. In Lynchburg in central Virginia, Pinnacle
grew deposits by 165.64 percent, or $37.60 million, to a total of
$60.30 million and 0.95 percent market share. In Roanoke, in
western Virginia, the firm lost 5.18 percent for a total of $901.05
million.
Atlanta, GA
Pinnacle grew deposits in the Atlanta MSA by 66.33 percent,
which represents $213.07 million in growth for a total of $534.28
million and 0.23 percent of market share. The top five banks in
Atlanta control 71.01 percent of all market share, yet the top
three lost a combined $9.5 billion. Pinnacle is the 30th largest
bank by deposits, up from No. 42 in 2022.
Winston-Salem and Greensboro-High Point, NC
In the Triad region of North Carolina, which includes three
MSAs, Pinnacle held $3.11 billion in deposits, up from $3.03
billion one year earlier. It’s the fastest growing bank in
Winston-Salem by deposits with $106.72 million in local growth, or
13.49 percent, to a total of $897.86 million and 6.54 percent
market share. That puts the firm at No. 7 in the MSA. Pinnacle also
saw double-digit growth in Burlington, NC, growing by 28.91
percent, or $24.87 million, to a total of $110.89 million, 3.92
percent market share and rising from No. 9 to No. 8.
Greensboro-High Point saw a modest decline of 2.33 percent, or
$50.25 million, for a total of $2.10 billion and 12.00 percent
market share.
Charleston and the South Carolina Coast
Pinnacle is also the fastest growing bank in Charleston by
deposit totals, rising from No. 7 in market share to No. 6 and
crossing the $1 billion milestone. The firm held $1.19 billion of
local deposits, growing by 24.73 percent, or $234.97 million. It’s
the only bank to grow deposits among the top seven on the list,
adding deposits as the overall market and some of the biggest banks
serving it lost significant amounts. Pinnacle also grew deposits
slightly with its one office in Hilton Head to $66.96 million and
lost 4.46 percent in Myrtle Beach for a new total of $388.30
million and 2.82 percent market share.
Chattanooga, TN
Pinnacle is the fastest growing bank by deposits in the combined
areas of Chattanooga and Cleveland, TN. In the former, the firm
rose to be the third largest bank by deposits with a total of $1.94
billion and 13.10 percent local market share. That represents
annual growth of 23.26 percent, or $365.70 million. In Cleveland,
Pinnacle is now the second largest bank by deposits, up from No. 5
in 2022. The firm grew deposits by 25.36 percent, or $78.75
million, which is more than twice the amount of deposits the MSA
added overall during that period. Its local total now sits at
$389.34 million for 15.16 percent market share
Huntsville, AL
Pinnacle is also the fastest growing bank in Huntsville by
deposits, adding $85.64 million, or 39.72 percent, for a total of
$301.23 million and 2.71 percent of market share. It’s now the No.
12 bank by local deposit market share out of 35 total, rising from
No. 15 in 2022.
Birmingham, AL
Pinnacle grew deposits in Birmingham by 291.28 percent, which
represents $186.84 million for a total of $250.99 million and 0.53
percent market share. The firm rose from No. 31 in 2022 to No. 23
in 2023, and statewide rose from No. 52 to No. 38 with a total of
$552.22 million, growing 70.07 percent, or $227.52 million.
*All according to FDIC data as of June 30, 2023.
Pinnacle Financial Partners provides a full range of banking,
investment, trust, mortgage and insurance products and services
designed for businesses and their owners and individuals interested
in a comprehensive relationship with their financial institution.
The firm is the No. 1 and fastest growing bank in the
Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data
from the FDIC, is listed by Forbes as No. 27 among America’s Best
Banks, higher than any other bank headquartered in Tennessee, North
Carolina, South Carolina or Georgia. Pinnacle also earned a spot on
the 2023 list of 100 Best Companies to Work For® in the U.S., its
seventh consecutive appearance and was recognized by American
Banker as one of America’s Best Banks to Work For 10 years in a row
and No. 1 among banks with more than $11 billion in assets in
2022.
Pinnacle owns a 49 percent interest in BHG Financial, which
provides innovative, hassle-free financial solutions to healthcare
practitioners and other professionals. Great Place to Work and
FORTUNE have listed BHG as a best workplace in multiple categories
since 2016.
The firm began operations in a single location in downtown
Nashville, TN, in October 2000 and has since grown to approximately
$46.9 billion in assets as of June 30, 2023. As the second-largest
bank holding company headquartered in Tennessee, Pinnacle operates
in 17 primarily urban markets across the Southeast.
Additional information concerning Pinnacle, which is included in
the Nasdaq Financial-100 Index, can be accessed at
www.pnfp.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230927765825/en/
Joe Bass (615) 743-8219 joe.bass@pnfp.com
Faith Seifuddin (615) 743-8437 faith.seifuddin@pnfp.com
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