Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) is the No. 1 bank in its hometown of Nashville for four years running, according to FDIC deposit data as of June 30, 2021. The firm grew deposits by $922 million to $14.7 billion in the Nashville metropolitan statistical area (MSA), which includes Davidson, Williamson and Rutherford counties for a growth rate of 6.7 percent.
Firmwide, Pinnacle saw 10.2 percent deposit growth year-over-year to $28.2 billion and grew deposits in 19 out of 20 MSAs reported by the FDIC. That includes 12 markets with double- or triple-digit growth, eight with growth rates greater than 15 percent and one, Atlanta, with 334.5 percent growth year-over-year. This snapshot of deposit numbers as of June 30, 2021, comes from data released this month by the Federal Deposit Insurance Corporation (FDIC).
“In the face of tough competition and at a time when liquidity is still high as a result of the pandemic, Pinnacle’s strategy proved itself again,” said M. Terry Turner, Pinnacle’s president and CEO. “Our continued dominance in Nashville is noteworthy, but several of our markets had equally compelling stories. We’re the fastest growing bank in Memphis by deposits, hold $1.5 billion in Charlotte, $1.3 billion on the South Carolina coast and grew by 18 percent in Raleigh. And Atlanta is quite simply blowing the doors off with nearly $100 million in deposit growth. It all speaks to the success of our approach to banking: Aggressively hire the best, recruit their best clients and offer an unmatched level of personal service. It’s a strategy that works in markets throughout the Southeast.”
In the Nashville MSA, Pinnacle holds 16.43 percent of all deposit market share, ahead of megabanks like Bank of America, Regions, Truist, First Horizon and others. Statewide in Tennessee, Pinnacle grew deposits by $1.8 billion, or 10 percent, for a total of $20.5 billion, which represents 9.63 percent of all deposits held in banks in the state of Tennessee. That makes Pinnacle the state’s second largest locally headquartered bank and the fourth largest overall.
Here are the other market highlights from the most recent report.
By June 30, 2020, Pinnacle had been open in the Atlanta MSA for just six months—four of those during the pandemic—but still managed to build a $29 million deposit base. A year later, the firm holds $126 million in local deposits, a growth rate of 334.5 percent. Pinnacle has just one office in Atlanta, with a second opening in Buckhead later this year, and has grown to 40 local associates.
Pinnacle was a top-five bank in the Memphis MSA by deposits at June 30, 2021 and was also the fastest growing over the 12 months ending on that date. The firm added $473.5 million in deposits for a growth rate of 38.6 percent and rose one spot in the ranking to No. 5. Pinnacle has $1.7 billion in Memphis deposits—nearly double what the firm held just two years ago in 2019—and captured the highest dollar amount growth rate among all banks in the market.
In the Charlotte MSA, Pinnacle grew deposits by 23.9 percent, one of the top growth rates in the market, representing $287.2 million in new local deposits for a total of $1.5 billion as of June 30, 2021. That’s up from an $820.0 million total just two years ago, growing 81.3 percent since June 30, 2019, in the face of competition from three megabanks that control 91.9 percent of market share.
Charleston, SC and Surrounding Cities
Pinnacle rose two spots to rank No. 6 in the Charleston MSA with $931.0 million in local deposits. The firm grew its total there by $203.0 million, a 27.9 percent growth rate. To the south in Hilton Head, Pinnacle grew its deposit base by 25.4 percent to $72.3 million at just one location. On the northern coast in Myrtle Beach, deposits grew 8.3 percent to $272.4 million. Overall on the South Carolina coast, Pinnacle holds $1.3 billion in deposits as of June 30, 2021, with year-over-year growth of $238.5 million, or 23.0 percent.
Raleigh-Durham-Chapel Hill, NC
In the combined MSAs that make up the Triangle region of North Carolina, Pinnacle grew local deposits by $138.2 million for a growth rate of 18.5 percent year-over-year and a total of $883.6 million as of June 30, 2021. The firm ranks No. 13 in the Raleigh-Cary MSA and No. 9 in the Durham-Chapel Hill MSA.
Pinnacle grew deposits by 13 percent year-over-year to $2.4 billion as of June 30, 2021. The firm remains the No. 4 bank locally and holds 10.1 percent of all deposits in the MSA.
Pinnacle grew local deposits by 5.6 percent year-over-year in Chattanooga and 78.6 percent in nearby Cleveland, TN, for an increase of $204.2 million in the region. With a total of $1.7 billion in deposits as of June 30, 2021, the firm holds 10.2 percent of all bank deposits in this part of the state as of June 30, 2021. Pinnacle is still the No. 4 bank in the Chattanooga MSA and rose to No. 5 in Cleveland.
Pinnacle ranks No. 12 in deposit market share in Greenville with $346.8 million as of June 30, 2021. That’s up by $41 million over June 30, 2020, or 13.4 percent. In the Upstate South Carolina region made up of the Greenville and Spartanburg MSAs, the firm holds $412.3 million in deposits, up 12.3 percent from June 30, 2020.
Pinnacle is still the third-largest bank in the Roanoke MSA by deposits, growing 5.2 percent, or $39.3 million, to $791.6 million total as of June 30, 2021.
Greensboro-High Point, NC
Pinnacle added $186.3 million in local deposits in the MSA for a growth rate of 11 percent and a total of $1.9 billion as of June 30, 2021. The firm remains No. 4 in deposit market share. In the Triad region as a whole, which also includes the Winston-Salem MSA, Pinnacle held $2.6 billion in deposits at June 30, 2021, down 3.0 percent since the previous year.
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 2021 deposit data from the FDIC. Pinnacle earned a spot on the 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For eight years in a row and No. 1 among banks with more than $10 billion in assets in 2020.
Pinnacle owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other licensed professionals. Great Place to Work and FORTUNE ranked BHG No. 1 on its 2020 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 $35.4 billion in assets as of June 30, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 14 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.