Pinnacle Remains No. 1 Bank in Nashville With $13.8 Billion in Local Deposits, Grows 32% Firmwide

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) grew local deposits in the Nashville area by more than 38 percent in a single year to $13.8 billion. That’s an increase of $3.8 billion year-over-year in the Nashville metropolitan statistical area (MSA), which includes Davidson, Williamson and Rutherford counties.

As people and businesses sought more liquidity in the face of economic turbulence, nearly every bank in the market saw a significant increase in deposit totals. Still, Pinnacle’s growth rate was the highest among top 10 banks in the Nashville MSA, and six of those lost market share despite gaining in dollar amounts.

Firmwide, Pinnacle saw 32 percent deposit growth year-over-year to $25.8 billion. This snapshot of deposit numbers as of June 30, 2020, comes from data released this month by the Federal Deposit Insurance Corporation (FDIC).

“Americans had to move quickly this year to adjust their finances for the COVID-19 pandemic and the resulting economic downturn, and they’ve trusted us to take care of them,” said M. Terry Turner, Pinnacle’s president and CEO. “Though it feels great to be No. 1 in our hometown, we don’t celebrate these milestones just because we like beating our chests. More capital at a local bank like Pinnacle means more investment in local businesses and communities at a time when they need it most. Our loan volumes show we’re putting that money to work on the street to grow our economy and support our neighbors. That’s why it’s important for Middle Tennessee to have a homegrown bank of our size.”

The firm now holds 16.95 percent of all deposit market share in the Nashville MSA, up 1.48 percentage points from 2019 and just ahead of national banking behemoth Bank of America. Statewide in Tennessee, Pinnacle grew deposits by $5.1 billion, or 37.5 percent, for a total of $18.6 billion which represents 9.65 percent of deposits held in banks in the state of Tennessee.

Across its footprint, Pinnacle grew deposits in 15 out of 18 MSAs reported by the FDIC as of June 30, 2020, including 13 with double-digit growth, nine with growth rates greater than 20 percent and five where Pinnacle crossed a billion-dollar milestone. Those numbers exclude Atlanta, for which the firm has no 2019 comparison data. Here are the other market highlights from the most recent report.

Knoxville, TN
Pinnacle crossed the $2 billion mark for the first time, growing deposits by 27.7 percent year-over-year to $2.1 billion. That is the highest growth rate among top 10 banks in the market at a time when more than half of those 10 lost market share over the 12 months ending June 30, 2020. The firm remains the No. 4 bank locally and holds 10.6 percent of all deposits in the MSA.

Chattanooga, TN
Pinnacle grew local deposits by 50.9 percent year-over-year in Chattanooga, the highest growth rate among top 10 banks in the market and more than twice the growth rate of its nearest competitor. With a total of $1.3 billion in deposits, this is the firm’s first time at the billion-dollar level here. The firm is still the No. 4 bank in the MSA with 10.6 percent of all local deposits, while six of the top 10 lost market share over the 12 months ending June 30, 2020.

Memphis, TN
Pinnacle rose two spots in the ranking to be the No. 6 bank in the Memphis MSA. The firm grew deposits by 41.3 percent to $1.2 billion—another market where Pinnacle crossed over $1 billion for the first time. That’s the highest growth rate among top 10 banks in the market and one of only three among those 10 to gain market share.

Charlotte, NC
In the banking capital of the South, Pinnacle holds $1.2 billion in deposits, growing 46.2 percent and crossing over the billion-dollar milestone for the first time. Excluding Truist, which saw a triple-digit growth rate due to moving its headquarters into the MSA, this was the highest growth rate among top 10 banks in the market. That rapid growth lifts the firm to No. 7 in deposit market share, up from No. 10 at June 30, 2019.

Raleigh-Durham-Chapel Hill, NC
The combined MSAs that make up the Triangle region of North Carolina boast one of the fastest growing economies in the South. Pinnacle added more than $142 million in deposits there, up 23.5 percent year-over-year to $745 million. The firm ranks No. 12 in the Raleigh-Cary MSA, up from No. 13 at June 30, 2019, and No. 8 in the Durham-Chapel Hill MSA.

Greensboro-High Point, NC
Pinnacle added more than $290 million, a 20.0 percent growth rate for a total of $1.7 billion in local deposits. The firm held steady at No. 4 in deposit market share. In the Triad region as a whole, which also includes the Winston-Salem MSA, Pinnacle holds $2.7 billion in deposits, an 11.6 percent growth rate since June 30, 2019.

Roanoke, VA
Pinnacle is now the third-largest bank in the Roanoke MSA by deposits, growing 28.3 percent to $752 million. That is by far the highest growth rate among the top 10 banks in the market, outpacing the large national banks at No. 1 and No. 2 by 16 and 11 percentage points, respectively. Half of those top 10 banks lost market share year-over-year, while Pinnacle had the largest jump in market share.

Greenville, SC
Pinnacle ranks No. 12 in deposit market share in Upstate South Carolina, up from No. 13 at June 30, 2019. That comes from a 17.3 percent deposit growth rate, which represents a $42 million increase to $305.7 million total.

Charleston, SC
Ranked eighth in local deposit market share, Pinnacle added 21.4 percent to its total for $728 million in local deposits. Across the South Carolina coast as a whole, including the Myrtle Beach and Hilton Head MSAs, Pinnacle holds more than $1 billion in deposits, reaching that milestone for the first time.

For the first time, Pinnacle appears on the market share ranking in Atlanta. Between the time it opened at the start of 2020 and June 30, 2020, the firm captured $29 million in local deposits, starting at No. 69 in its newest market. Pinnacle also saw increases in deposits in several of its smaller markets such as Burlington, NC; Spartanburg, SC; and Cleveland, TN.

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 2020 deposit data from the FDIC. Pinnacle earned a spot on 2020 list of the 100 Best Companies to Work For® in the U.S., its fourth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.

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 $33.3 billion in assets as of June 30, 2020. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at


Joe Bass
(615) 743-8219

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