Competitive environment and high-value market drive significant growth in FDIC deposit data
September 24, 2024
Pinnacle Financial Partners is the largest bank in the Nashville MSA by deposits, ranking No. 1 for seven consecutive years. The company says it has $19.7 billion in local deposits, 21.2 percent of the total market and 52.2 percent more than its closest competitor. FDIC data for the 12 months ending June 30, 2024. Despite having dominated the market for nearly a decade, Pinnacle ranks third in terms of added deposit dollars.
“We founded Pinnacle to be Nashville’s local bank,” said Terry Turner, Pinnacle’s president and CEO. “For 24 years, we have grown in tandem with our home city and are replicating that success in another high-growth market in the Southeast. A competitive environment that is conducive to attracting customers allows us to continue to grow rapidly and consistently over the long term.
Pinnacle is just shy of taking over the No. 1 spot in Tennessee with deposit growth of $858.1 million since June 30, 2023, bringing the total to $27.7 billion, with deposits increasing by $858.1 million since June 2024. As of 30th, it had a market share of 12.4 percent. This is the largest total deposit. Amounts added within the state during the period in Tennessee banks.
Companywide, Pinnacle saw deposit growth in 21 of its 27 FDIC-measured MSAs, with 12 recording double-digit increases and one triple-digit increase. The company expanded its share in 20 of these markets, accounting for a larger proportion of the total local deposit pool, amidst incredibly intense competition for bank deposits.
“Our employees have achieved this through their tireless efforts to provide a unique experience for our customers,” Turner said. “Our employees demonstrate every day that Pinnacle offers more than just interest rates. We’ve proven to be one of the top-rated digital banking experiences. Our staff is experienced and capable of meeting our clients’ needs. And we offer services such as escrow funds, utilities, and captive insurance. We have expanded our capabilities into several specialty areas of deposits. All of this has combined to allow us to significantly increase deposits in a difficult operating environment.”
Other market highlights in the latest FDIC report include*:
Washington DC, Virginia, Maryland
Pinnacle’s MSAs with the largest year-over-year deposit growth were in Washington, D.C., Arlington, and Alexandria. The team added $357.4 million in deposits in the 12 months ended June 30, 2024, for a total of $995.1 million, the second-highest growth rate among MSA at 56.1 percent. was recorded. Of the 71 banks serving the region, Pinnacle has already risen to No. 24 by deposits in less than three years of serving the market. Pinnacle, located just north of the Baltimore-Columbia-Towson MSA, ranks 32nd out of 42 banks with $85.5 million in deposit market share for the first time thanks to its Columbia office. The company ranks No. 19 overall in Virginia, up from No. 21 in 2023, with $1.9 billion in deposits and 0.6% market share. Lynchburg MSA saw deposits increase 38.3% to $83.4 million, moving the company up two spots to No. 12.
atlanta, georgia
Pinnacle currently ranks among the top 25 banks by deposit balance in the nation’s sixth-largest MSA. The company tied for 25th in the Atlanta MSA, up from 30th in 2023, with deposits increasing by $212.3 million since June 30, 2023, for a total of $746.6 million. That’s a local and state-wide growth rate of 39.7% and Atlanta’s market share of 0.3%. Indicative of the attractiveness of the Atlanta market, all of Atlanta’s top five banks lost both deposits and market share during the same period, giving up a combined $3.1 billion in local deposits and nearly 10 percent of their overall market share. Ta.
Chattanooga, Tennessee
Pinnacle is now the second-largest bank in the Chattanooga MSA by deposits as of June 30, 2024, up from third place during the same period in 2023 and surpassing the $2 billion threshold. The team added $258.9 million in deposits for a total of $2.2 billion and a growth rate of 13.4%. This was the largest increase in deposit dollars across the market in the 12 months ending June 30, 2024. The company currently holds 14.6% of the market share, at a time when some of the largest regional and national banks lost large amounts of deposits to MSA. In nearby Cleveland, Tennessee, Pinnacle is now No. 1, overtaking First Horizon for the top spot for the first time. The company, which has just one office in the city, has $490.8 million in deposits.
knoxville, tennessee
Pinnacle’s growth in the Knoxville MSA has been consistently strong, with the company adding $319.9 million in the 12 months ended June 30, 2024, for total sales of $2.9 billion and market share of 11.4%. As of June 30, 2024, the company ranks fourth in terms of overall deposits, and ranks first in terms of dollar deposit growth rate over the same period. Pinnacle is the fastest growing of the top five banks in the market. The overall deposit pool increased by $1 billion to a total of $25 billion, with Pinnacle capturing the largest share of that growth among all 43 banks.
north carolina
Pinnacle increased deposits in the Charlotte MSA by $230.5 million for the 12 months ended June 30, 2024, totaling $2 billion, ranking seventh in the market. The company’s growth rate in Charlotte was 13.1% at a time when two of the top market share companies were experiencing double-digit deposit rate losses in the region.
In the combined MSAs that make up Pinnacle’s North Carolina Central region, the company has more than $3 billion in total deposits. In Winston-Salem, Pinnacle increased $122.7 million for a total of $1 billion, a growth rate of 13.7%. The company is now the sixth largest player in the region, up from seventh place in 2023. Pinnacle also moved up one spot to No. 3 with Greensboro High Point, with total deposits of $2 billion.
Statewide, Pinnacle has $6.5 billion in deposits, representing 0.9% of the market share and an increase of $289.8 million since June 30, 2023. This includes $13.2 million in growth at Raleigh Cary, for a total of $692.6 million.
upstate south carolina
Combined with the MSAs that make up Pinnacle’s Upstate South Carolina region, the company has deposits of $519.5 million, an increase of $75.7 million in the twelve months ended June 30, 2024. In the Greenville MSA during the same period, Pinnacle increased deposits by $36.4 million. , 9.9 percent, for a total of $402.4 million. Nearby Spartanburg saw an increase of $9.4 million to $117.1 million, or 8.7 percent.
*All based on FDIC data for the 12 months ended June 30, 2024
Pinnacle Financial Partners offers a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in comprehensive relationships with financial institutions. The company is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to FDIC 2024 deposit data. Pinnacle has been ranked No. 11 on Fortune magazine’s 2024 100 Best Companies to Work for in America for the eighth time in a row, and has been recognized by American Banker as one of America’s Best Banks to Work for for the 11th consecutive year. I was chosen 1st place. By 2023, it will be number one among banks with over $10 billion in assets.
Pinnacle Bank owns 49% of Bankers Healthcare Group (BHG), which provides innovative and hassle-free financial solutions to healthcare workers and other professionals. Great Place to Work and FORTUNE rank BHG No. 4 in the small business category on their 2021 New York State Best Workplaces list.
The Company began operations in October 2000 with a single location in downtown Nashville, Tennessee, and has grown to approximately $49.4 billion in assets as of June 30, 2024. As the second largest bank holding company in Tennessee, Pinnacle operates primarily through multiple locations. Southeastern city market.
Additional information about Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.
