NASHVILLE, Tenn.--(BUSINESS WIRE)--Pinnacle Financial Partners remains the largest bank in the Nashville MSA by deposits, marking seven consecutive years at No. 1. The firm held $19.7 billion in local deposits, which is 21.2 percent of the total market and 52.2 percent above the closest competitor, according to FDIC data as of and for the 12-months ended June 30, 2024. Pinnacle is No. 3 in deposit dollars added despite nearly a decade of dominance in the market.
“We founded Pinnacle to be Nashville’s hometown bank,” Pinnacle’s President and CEO Terry Turner said. “We’ve grown parallel to and in partnership with our headquarters city for 24 years and are replicating that success in other high-growth Southeastern markets. The support from our communities, along with a competitive landscape that’s ripe for attracting clients from other regional banks, continues to allow us to grow rapidly and consistently over time.”
Pinnacle moved within striking distance of taking over the No. 1 spot in Tennessee with $858.1 million in deposit growth since June 30, 2023, for a total of $27.7 billion and 12.4 percent market share as of June 30, 2024. That’s the largest deposit total added within the state over that time period of any bank in the Tennessee.
Firmwide, Pinnacle grew deposits in 21 out of 27 MSAs measured by the FDIC, including 12 with double-digit growth and one with triple-digit growth. The firm grew share in 20 of those markets, taking a greater percentage of overall local deposit pools, at a time when competition for bank deposits has been incredibly fierce.
“Our associates have accomplished this with their tireless work to serve clients with a distinctive experience,” Turner said. “Every day our people demonstrate that Pinnacle provides a lot more than just an interest rate. JD Power has indicated that our net promoter score is literally the best of the largest 50 banks in the nation, with one of the highest rated digital banking experiences. Our people are experienced and empowered to meet their clients’ needs. And we’ve grown our capabilities into several specialized areas of deposits like escrow funds, public utilities and captive insurance. All of that together helped us significantly grow deposits in a difficult operating environment.”
Highlights from other markets in the most recent FDIC report include*:
Washington, D.C., Virginia and Maryland
Pinnacle’s largest year-over-year deposit growth came in the Washington, D.C., Arlington and Alexandria MSA. The team added $357.4 million in deposits during the 12 months ended June 30, 2024, for a total of $995.1 million and the second-highest growth rate in the MSA at 56.1 percent. Of 71 banks serving the area, Pinnacle has already climbed to No. 24 by deposits in less than three years serving the market. Just to the north in the Baltimore-Columbia-Towson MSA, Pinnacle ranked in deposit market share for the first time, thanks to its office in Columbia, notching $85.5 million for No. 32 out of 42 banks. The firm is No. 19 statewide in Virginia, up from No. 21 in 2023, with $1.9 billion in deposits and 0.6 percent of market share. In the Lynchburg MSA, deposits grew by 38.3 percent to $83.4 million, moving the firm up two spots to No. 12.
Atlanta, GA
Pinnacle is now a top 25 bank by deposits in the sixth biggest MSA in the country. The firm is tied for the No. 25 spot in the Atlanta MSA, up from No. 30 in 2023, adding $212.3 million in deposits since June 30, 2023, for a $746.6 million total. That’s a growth rate of 39.7 percent both locally and statewide and market share of 0.3 percent in Atlanta. As an indication of the attractiveness of the Atlanta market, every bank in Atlanta’s top five lost both deposits and market share in the same period, giving up a combined $3.1 billion in local deposits and nearly 10 percent of their collective market share.
Chattanooga, TN
Pinnacle is now the second-largest bank in the Chattanooga MSA by deposits at June 30, 2024, up from No. 3 at the same period in 2023, and has crossed the $2 billion threshold. The team added $258.9 million in deposits for a total of $2.2 billion and a growth rate of 13.4 percent. That’s the largest deposit dollar growth in the entire market for the 12 months ended June 30, 2024. The firm now holds 14.6 percent of market share at a time when some of the largest banks in the region and nation lost significant deposits in the MSA. In nearby Cleveland, TN, Pinnacle is now No. 1, passing First Horizon to claim the top spot for the first time. With just one office in town, the firm holds $490.8 million in deposits.
Knoxville, TN
Pinnacle’s growth in the Knoxville MSA has been consistently strong, including $319.9 million added in the 12 months ended June 30, 2024, for a total of $2.9 billion and 11.4 percent market share. The firm is No. 4 overall by deposits at June 30, 2024, and No. 1 in deposit dollar growth for that period. Pinnacle is the fastest growing among the top five banks in the market: The overall pool of deposits grew by $1.0 billion to $25.0 billion total, and Pinnacle captured the largest share of that growth among all 43 banks.
North Carolina
Pinnacle grew deposits by $230.5 million in the Charlotte MSA over the 12-month period ended June 30, 2024, for a total of $2.0 billion, coming in at No. 7 in the market. The firm’s growth rate in Charlotte was 13.1 percent during a period when two of the market share leaders saw double-digit deposit percentage losses in the area.
In the combined MSAs that make up Pinnacle’s Central North Carolina region, the firm holds more than $3.0 billion in total deposits. In Winston-Salem, Pinnacle grew by $122.7 million for a total of $1.0 billion and a growth rate of 13.7 percent. The firm is now the No. 6 largest in the area, up from No. 7 in 2023. Pinnacle also rose one spot in Greensboro-High Point to No. 3 with a total of $2.0 billion in deposits.
Statewide, Pinnacle holds $6.5 billion in deposits, or 0.9 percent of market share, up by $289.8 million since June 30, 2023. That also includes $13.2 million in growth in Raleigh-Cary for a total of $692.6 million.
Upstate, SC
In the combined MSAs that make up Pinnacle’s Upstate South Carolina region, the firm holds $519.5 million in deposits, up by $75.7 million for the 12 months ended June 30, 2024. In the Greenville MSA for that same period, Pinnacle grew deposits by $36.4 million, or 9.9 percent, to a total of $402.4 million. In nearby Spartanburg, it was $9.4 million in growth to $117.1 million, or 8.7 percent.
*All according to FDIC data as of and for the 12 months ended June 30, 2024
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 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2024 deposit data from the FDIC. Pinnacle is No. 11 on FORTUNE magazine’s 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance, and was recognized by American Banker as one of America’s Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.
Pinnacle Bank owns a 49-percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other professionals. Great Place to Work and FORTUNE ranked BHG No. 4 on its 2021 list of Best Workplaces in New York State in the small/medium business category.
The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $49.4 billion in assets as of June 30, 2024. As the second-largest bank holding company in Tennessee, Pinnacle operates in several 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.
