Pinnacle Financial Partners Crosses $1 Billion in Deposits in Charlotte

Firm grows local deposits by 46.2%, rises to No. 7 share of market

Pinnacle Financial Partners has grown its deposits in the Charlotte MSA to more than $1.2 billion as of June 30, 2020, according to new data from the Federal Deposit Insurance Corporation (FDIC). This is the first time the firm has been over the billion-dollar mark in Charlotte. As a result, Pinnacle moved up to No. 7 in the deposit market share rankings from No. 10 in 2019.

During the 12 months ended June 30, 2020, Pinnacle grew local deposits by $379.4 million, or an increase of 46.2 percent.

“We’ve grown our team and our reach in the Charlotte area right at a time when more people are turning to their bankers for help,” said Rob Ellenburg, Pinnacle’s regional president in Southern North Carolina. “Our associates are here for their clients in times of need, delivering an unmatched combination of service and advice. Astounding growth numbers like these are a testament to their dedication and the trust our clients place in them.”

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 market save Truist, which moved its corporate headquarters and accompanying deposits into the market.

Statewide in North Carolina, Pinnace grew deposits by $824.1 million, or 19.7 percent, for a total of $5.0 billion. That’s 1.0 percent of the state’s deposit market share. In the Greensboro-High Point MSA, the firm grew deposits by 20.0 percent to $1.7 billion, while the Triangle saw deposits grow 23.5 percent to $745 million. In Winston-Salem, Pinnacle held steady with just over $1 billion in local deposits.

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 entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.

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.