NASHVILLE, Tenn.--(BUSINESS WIRE)--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.
Pinnacle 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.
Pinnacle 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.
With 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, NC
Pinnacle 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.
Pinnacle 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.
As 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.
The 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, SC
Pinnacle grew deposits by 13 percent year-over-year for a total of $245 million, landing at No. 13 in market share.
Pinnacle 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.