Pinnacle Grows to No. 1 Bank in Nashville for Deposits
September 18 2018 - 2:35PM
Business Wire
FDIC data show the firm grew deposits in
vast majority of its market
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) is now the
No. 1 bank in the Nashville metropolitan statistical area (MSA) in
terms of deposits, according to June 30, 2018 data from the Federal
Deposit Insurance Corporation (FDIC). The firm grew deposits in its
home market by more than 26 percent year-over-year to just over $9
billion at June 30, 2018 and captured 14.67 percent of total market
share.
“Nashville likes banking locally, and that’s why we’ve gathered
so many local deposits this year,” said M. Terry Turner, Pinnacle’s
president and CEO. “Our strategy has always been to get underneath
the large regional and national banks and take their market share
by offering what we believe is a better banking experience. That’s
exactly what we’ve done in all of our other markets, and it’s why
we’re No. 1 here at home.”
Across its footprint, Pinnacle grew deposits in 13 out of 17
MSAs reported by the FDIC as of June 30, 2018, including some with
double-digit growth and increases in market share ranking. Here are
the market highlights outside of Nashville.
Knoxville, TNPinnacle displaced a large regional bank to
rise to No. 5 in market share. The firm grew deposits by more than
50 percent year-over-year with $458 million added to its total of
$1.36 billion. This is the first time Pinnacle has held more than
$1 billion in the MSA.
Memphis, TNPinnacle rose to No. 6 in market share with a
year-over-year growth rate of 28.4 percent and crossed the $1
billion mark for the first time in the MSA.
Chattanooga, TNWith an additional $38 million in deposits
year-over-year, Pinnacle held $686 million in deposits at June 30,
2018 and 7 percent of market share for the No. 4 spot. The large
regional banks in the top three spots all lost ground from 2017 to
2018.
Greensboro-High Point, NCPinnacle rose to No. 3 in market
share with $1.37 billion in local deposits at June 30, 2018. The
firm added 10 percent to its total in the preceding 12 months.
Raleigh, NCPinnacle is one of the fastest growing banks
in the MSA with a year-over-year deposit growth rate of 74 percent
for the 12 months ended June 30, 2018. The firm added $125 million
to its local deposit base for a total of $293 million to rank No.14
in market share.
Charlotte, NCAs the top three large national franchises
lost market share, Pinnacle added more than $48 million in the 12
months ended June 30, 2018 for a total of $733 million and a rank
of ninth in market share.
Greenville, SCThe top four large national banks all lost
market share while Pinnacle moved up one spot to No. 14 with an
increase of $2 million to $219 million in total local deposits.
Myrtle Beach, SCPinnacle grew deposits by 13 percent
year-over-year for a total of $245 million, landing at No. 13 in
market share.
Roanoke, VAPinnacle grew deposits by more than $17
million year-over-year for a total of $527 million, enough for the
No. 5 position in the market.
“These numbers speak to the power of our model in seeking
complete relationships with clients who want more from their
financial institution,” Turner said. “When you can offer the full
slate of sophisticated products and services of a big bank with the
community bank level of service, your business will grow. We
believe that approach will beat a battle over interest rates any
day.”
Pinnacle also saw modest increases in deposits in the
Durham-Chapel Hill, NC; Hilton Head, SC; and Burlington, NC MSAs,
as well as decreases in Asheville, NC; Winston-Salem, NC;
Charleston, SC; and Spartanburg, SC.
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 2018 deposit data from the FDIC. Pinnacle earned
a place on FORTUNE’s 2017 and 2018 lists of the 100 Best Companies
to Work For in the U.S., and American Banker recognized Pinnacle as
one of America’s Best Banks to Work For six years in a row.
The firm began operations in a single location in downtown
Nashville, TN in October 2000 and has since grown to approximately
$24.0 billion in assets as of June 30, 2018. As the second-largest
bank holding company headquartered in Tennessee, Pinnacle operates
in 11 primarily urban markets in Tennessee, the Carolinas and
Virginia.
Additional information concerning Pinnacle, which is included in
the NASDAQ Financial-100 Index, can be accessed at
www.pnfp.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180918006011/en/
Pinnacle Financial Partners, Inc.Joe Bass,
615-743-8219joe.bass@pnfp.com
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