NASHVILLE, Tenn.--(BUSINESS WIRE)--Pinnacle Financial Partners is the No. 1 bank in the Nashville MSA based on deposits for the sixth consecutive year, according to FDIC data as of June 30, 2023, and rose to be the second biggest bank in Tennessee. The firm overtook Regions for the No. 2 spot statewide, adding $3.49 billion in Tennessee deposits for a total of $26.85 billion and an annual growth rate of 14.94 percent. That represents 12.10 percent of statewide market share.
Locally in the Nashville MSA, Pinnacle now holds $19.49 billion in deposits, having grown by $2.79 billion in 12 months for a 16.73 percent growth rate and 20.83 percent of market share. Its nearest competitor, Bank of America, is No. 2 with 14.48 percent of market share and $13.55 billion in deposits as of June 30, 2023. Pinnacle had far and away the highest deposit growth of any other bank in the market, outpacing second place by more than $2.4 billion.
"Given the volatility of the last eight months, these numbers are a remarkable reminder of the power of the Pinnacle model to earn trust and build lasting relationships," said M. Terry Turner, Pinnacle's president and CEO. "Coalition Greenwich data show us leading the pack in virtually every measure of client satisfaction and therefore seemingly best positioned to continue winning new business away from our competitors. We have built a people-first approach to 'high touch and high tech' banking, and it’s yielded these demonstrably different results. I am incredibly proud of our team and ready to continue building on our long-standing momentum."
Pinnacle was the only bank among the top six in Nashville to add deposits in the 12 months ended June 30, 2023. The Nashville MSA grew its total deposit pool by $952.40 million. Pinnacle added nearly three times that amount to its books, and its competitors ranked just below suffered significant drops of up to $921.60 million.
Across its footprint, Pinnacle grew deposits by $5.21 billion in the 12 months ended June 30, 2023, for an annual growth rate of 15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs measured by the FDIC, it saw growth in 19, including 10 with double-digit growth rates, two hitting triple-digits and seven where it is the fastest growing bank by deposit dollars.
Highlights from other markets in the most recent FDIC report include*:
Washington, D.C. and Virginia
After opening in the Washington, D.C. MSA in December 2021, Pinnacle is now the No. 30 bank overall by deposits out of 72 total. The firm grew its deposits to a total of $637.68 million, or 0.21 percent of local market share. Pinnacle opened its first full-service, retail office in McLean, VA, in May 2023, having only very limited physical offices until then, and has since opened an additional, limited-service office in Columbia, MD. Statewide in Virginia, Pinnacle rose from No. 35 by deposits to No. 22 with $626.07 million in growth to a total of $1.60 billion and 0.53 percent of market share. In Lynchburg in central Virginia, Pinnacle grew deposits by 165.64 percent, or $37.60 million, to a total of $60.30 million and 0.95 percent market share. In Roanoke, in western Virginia, the firm lost 5.18 percent for a total of $901.05 million.
Pinnacle grew deposits in the Atlanta MSA by 66.33 percent, which represents $213.07 million in growth for a total of $534.28 million and 0.23 percent of market share. The top five banks in Atlanta control 71.01 percent of all market share, yet the top three lost a combined $9.5 billion. Pinnacle is the 30th largest bank by deposits, up from No. 42 in 2022.
Winston-Salem and Greensboro-High Point, NC
In the Triad region of North Carolina, which includes three MSAs, Pinnacle held $3.11 billion in deposits, up from $3.03 billion one year earlier. It’s the fastest growing bank in Winston-Salem by deposits with $106.72 million in local growth, or 13.49 percent, to a total of $897.86 million and 6.54 percent market share. That puts the firm at No. 7 in the MSA. Pinnacle also saw double-digit growth in Burlington, NC, growing by 28.91 percent, or $24.87 million, to a total of $110.89 million, 3.92 percent market share and rising from No. 9 to No. 8. Greensboro-High Point saw a modest decline of 2.33 percent, or $50.25 million, for a total of $2.10 billion and 12.00 percent market share.
Charleston and the South Carolina Coast
Pinnacle is also the fastest growing bank in Charleston by deposit totals, rising from No. 7 in market share to No. 6 and crossing the $1 billion milestone. The firm held $1.19 billion of local deposits, growing by 24.73 percent, or $234.97 million. It’s the only bank to grow deposits among the top seven on the list, adding deposits as the overall market and some of the biggest banks serving it lost significant amounts. Pinnacle also grew deposits slightly with its one office in Hilton Head to $66.96 million and lost 4.46 percent in Myrtle Beach for a new total of $388.30 million and 2.82 percent market share.
Pinnacle is the fastest growing bank by deposits in the combined areas of Chattanooga and Cleveland, TN. In the former, the firm rose to be the third largest bank by deposits with a total of $1.94 billion and 13.10 percent local market share. That represents annual growth of 23.26 percent, or $365.70 million. In Cleveland, Pinnacle is now the second largest bank by deposits, up from No. 5 in 2022. The firm grew deposits by 25.36 percent, or $78.75 million, which is more than twice the amount of deposits the MSA added overall during that period. Its local total now sits at $389.34 million for 15.16 percent market share
Pinnacle is also the fastest growing bank in Huntsville by deposits, adding $85.64 million, or 39.72 percent, for a total of $301.23 million and 2.71 percent of market share. It’s now the No. 12 bank by local deposit market share out of 35 total, rising from No. 15 in 2022.
Pinnacle grew deposits in Birmingham by 291.28 percent, which represents $186.84 million for a total of $250.99 million and 0.53 percent market share. The firm rose from No. 31 in 2022 to No. 23 in 2023, and statewide rose from No. 52 to No. 38 with a total of $552.22 million, growing 70.07 percent, or $227.52 million.
*All according to FDIC data as of June 30, 2023.
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 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC, is listed by Forbes as No. 27 among America’s Best Banks, higher than any other bank headquartered in Tennessee, North Carolina, South Carolina or Georgia. Pinnacle also earned a spot on the 2023 list of 100 Best Companies to Work For® in the U.S., its seventh consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 10 years in a row and No. 1 among banks with more than $11 billion in assets in 2022.
Pinnacle owns a 49 percent interest in BHG Financial, which provides innovative, hassle-free financial solutions to healthcare practitioners and other professionals. Great Place to Work and FORTUNE have listed BHG as a best workplace in multiple categories since 2016.
The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $46.9 billion in assets as of June 30, 2023. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 17 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.