NASHVILLE, Tenn.--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) is still the No. 1 ranked bank in the Nashville metropolitan statistical area (MSA) in terms of deposit volumes, according to June 30, 2019 data from the Federal Deposit Insurance Corporation (FDIC). The firm also moved into the No. 3 spot statewide in Tennessee, up from No. 4 in 2018 and overtaking SunTrust for the honor.
“Nashville’s growth means more money has flowed into our city, which in turn means more capital to invest in the community,” said Terry Turner, Pinnacle’s president and CEO. “During this one-year period, deposits equal to more than a third of the increased deposit totals in the community have been trusted to Pinnacle, a homegrown institution. That’s significant. We believe it reflects that clients think we’re more in tune with who Nashville is and what the city needs than those who have only just recently come here to take advantage of our economic boom.”
Pinnacle grew deposits in its home market by more than 15 percent year-over-year, or $907 million, for a total of more than $9.9 billion at June 30, 2019. That’s 15.47 percent of the area’s total market share. Statewide, Pinnacle grew deposits by nearly $1.3 billion in the same period, or 10.48 percent, for a total of $13.5 billion, which is 8.45 percent of the state’s market share.
“It’s humbling to stand atop a list of 65 financial institutions and know that our friends and neighbors trust us with their money and know that we’ll do the right thing with it,” Turner said.
Across its footprint, Pinnacle grew deposits in 14 out of the 18 MSAs where it operates and which are reported on by the FDIC as of June 30, 2019, including nine with double-digit year-over-year percentage growth. Here are the other market highlights.
Pinnacle is becoming the bank of choice in Knoxville. The firm added deposits totaling more than 50 percent of the increase in deposit levels in the last twelve months and rose to the No. 4 bank in the MSA by deposits at June 30, 2019. Pinnacle grew deposits by more than 22 percent year-over-year, with $308 million added to its total of $1.67 billion. Pinnacle now holds nearly 10 percent of all deposits in the Knoxville MSA.
Pinnacle is the fourth-largest bank in the Roanoke MSA by deposits, growing 11 percent, or $58 million, to $586 million between June 30, 2019 and June 30, 2019. Each of the top three banks, all national and regional powerhouses, lost deposits and market share during the same period.
Three of the four large national banks at the top of the list lost market share while Pinnacle grew deposits by nearly 20 percent to $263 million at June 30, 2019. That moved the firm up one spot to No. 13 on the list of 35 financial institutions.
With an additional $86.6 million in deposits year-over-year, which represents 24 percent growth, Pinnacle held $820 million in deposits at June 30, 2019 and 8.37 percent of market share for the No. 4 spot. The large regional banks in the top three spots all lost ground from 2018 to 2019.
Pinnacle had a year-over-year deposit growth rate of 21 percent, adding $62.69 million to its local deposit base for a total of $356 million at June 30, 2019. The firm ranks at No. 14 in market share at that date.
Pinnacle is one of two banks in the top 10 with a year-over-year double-digit deposit growth rate. Pinnacle’s share of the deposit pool grew by $86 million, or 11.8 percent, to $820 million as of June 30, 2019.
Pinnacle crossed $1 billion in deposits by adding an additional $25 million to its total, which places the firm at No. 3 in the MSA as of June 30, 2019.
Pinnacle added $28 million to its deposit total of $599 million, a year-over-year growth rate of nearly 5 percent, to hold the No. 8 spot in the market at June 30, 2019.
Pinnacle grew deposits by more than 12 percent to $60 million in this small market at June 30, 2019, placing it No. 8 in market share.
Pinnacle also saw modest increases in deposits in the Greensboro, NC; Myrtle Beach, SC; and Hilton Head, SC markets.
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 2019 deposit data from the FDIC. Pinnacle earned a spot on FORTUNE’s 2019 list of the 100 Best Companies to Work For® in the U.S., its third consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven 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 $26.5 billion in assets as of June 30, 2019. 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.