Firm rises in market share rank, nearly doubles deposit total in two years
Pinnacle added more local deposits than any other bank in Memphis during the 12 months ended June 30, 2021, growing by $473.5 million to a total of $1.7 billion, according to the latest data from the FDIC. That’s a growth rate of 38.6 percent and a total that’s nearly double what the firm held in 2019. At June 30, 2021, Pinnacle was the No. 5 bank in the market by deposits, up from No. 6 a year earlier.
“You can’t get this level of growth without a team of the very best bankers,” said Phillip May, Pinnacle’s Memphis president. “We are a magnet for top talent because we’re one of the best places to work in Memphis. Their clients follow and honor us with their trust because we’re able to serve them free of the bureaucracy that often holds them back at other banks.”
May and his leaders have grown the team to 57 revenue producing associates, with seven coming on board so far in 2021. They include senior lending officers Alan Scrimager and Scott Bendure and financial advisors Kim Weaver, Travis Hughes and Keith Collins.
Statewide in Tennessee, Pinnace grew deposits by $1.9 billion, or 10.0 percent, for a total of $20.5 billion. That’s 9.63 percent of the state’s deposit market share. In Nashville, the firm grew deposits by $922.9 million to $14.7 billion for a 6.7 percent growth rate. Knoxville saw 13.3 percent deposit growth to $2.4 billion, while the Chattanooga team grew deposits 5.6 percent to nearly $1.4 billion.
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 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For eight years in a row and No. 1 among banks with more than $10 billion in assets in 2020.
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 five of the last six years.
The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $35.4 billion in assets as of June 30, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 14 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.