Pinnacle Financial Partners Grows Atlanta Deposits by 334.5% to $126 Million

Pinnacle Financial Partners Grows Atlanta Deposits by 334.5% to $126 Million

Firm has the highest growth rate in the market after 18 months in business

September 08, 2021

Pinnacle Financial Partners grew deposits in the Atlanta MSA by nearly $100 million in a single year, with the largest growth rate among banks in the market, according to FDIC data. By adding $97.2 million to its deposit base in the 12 months ended June 30, 2021, the firm achieved a growth rate of 334.5 percent. Pinnacle now holds $126 million in local deposits.

“Our charge in Atlanta was to build a team that could take full advantage of the tremendous economic opportunity here, and we’ve done that” said Rob Garcia, Pinnacle’s Atlanta president. “But we’re not finished. We’re humbled by the chance to build a strong bank for our hometown and bring more of Atlanta’s best bankers to ‘Team Pinnacle’ to give them a place where they can serve their clients better. We got it started and want more to join us to build on this momentum.”

Garcia and his leaders have grown the team to 40 local associates since opening their doors in January 2020, with eight new revenue producing associates coming on board so far in 2021. They include commercial and small business financial advisors, treasury management experts and a wealth advisor. All of the growth to this point has come from Pinnacle’s only office in Atlanta on Riverwood Drive. Later this year, the firm will open another location in Buckhead at 3379 Peachtree Street NE.

Firmwide, Pinnacle grew deposits by 10.2 percent to $28.2 billion, with growth in 19 out of 20 MSAs reported by the FDIC. This snapshot of deposit numbers as of June 30, 2021, comes from data released this month by the Federal Deposit Insurance Corporation (FDIC).

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 expanded to Georgia in 2019 by hiring a team of local financial services professionals to start an office in Atlanta.

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.