Firm grows local deposits by 41.3%, rises to No. 6 share of market
MEMPHIS, TN, Sept. 22, 2020 – Pinnacle Financial Partners has grown its deposits in the Memphis MSA to more than $1.2 billion as of June 30, 2020, according to new data from the Federal Deposit Insurance Corporation (FDIC). As a result, Pinnacle moved up to No. 6 in the deposit market share rankings from No. 8 in 2019.
This is the first time the firm has been over the billion-dollar mark for deposits in Memphis. During the 12 months ended June 30, 2020, Pinnacle grew local deposits by 41.3 percent, adding $358.8 million in deposits for 3.1 percent of total deposit market share.
As businesses and individuals 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 the top 10 banks in the Memphis MSA, and seven of those lost market share despite gaining in dollar amounts.
“We have a history of big deposit gains in Memphis because our team works hard to earn their clients’ trust and anticipate their needs,” said Phillip May, Pinnacle’s Memphis president. “What they’ve needed in 2020 is to prepare their finances for a pandemic and the changes it brings to the economy. When we see growth like this, we know our associates are hustling to provide financial advice and serve their community.”
Statewide in Tennessee, Pinnace grew deposits by $5.1 billion, or 37.5 percent, for a total of $18.6 billion. That’s 9.65 percent of the state’s deposit market share. In Nashville, the firm grew deposits by $3.8 billion in a single year, or a 38.4 percent growth rate. Knoxville saw 27.7 percent deposit growth to $2.1 billion, while the Chattanooga team grew deposits 50.9 percent to nearly $1.3 billion. In those markets, Pinnacle crossed the $2 billion and $1 billion milestones respectively for the first time.
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. Pinnacle earned a spot on FORTUNE’s 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 has served Memphis since 2015 when it acquired Magna Bank. Since then Pinnacle has become the official bank of the Memphis Grizzlies and FedExForum and was named a “Top 10 Company to Watch in 2017” by the Greater Memphis Chamber. Pinnacle was named No. 1 “Best Place to Work” by the Memphis Business Journal in four of the last five years.
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 www.pnfp.com.