Pinnacle Financial Partners Grows Deposits by More than 24% in Chattanooga

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Pinnacle Financial Partners Grows Deposits by More than 24% in Chattanooga

Firm now holds $852 million in local deposits
September 17, 2019

Pinnacle Financial Partners is still the fourth-largest bank in the Chattanooga MSA in terms of deposits, according to new data from the Federal Deposit Insurance Corporation (FDIC). During the 12 months ended June 30, 2019, Pinnacle grew local deposits by more than 24 percent to $852 million, adding $166 million in deposits in that period for 8.37 percent of total market share. Two years prior, Pinnacle held $648 million, or 6.68 percent of market share.

“It’s all about the team for us,” said Craig Holley, Pinnacle’s Chattanooga chairman. “The people we’ve brought together to serve our clients in Chattanooga are the very best in the city. We recruited them to deliver on Pinnacle’s promise of distinctive service and effective advice, and they have done so. We’re grateful to our city for trusting us with their finances.”

All three banks that ranked higher than Pinnacle on the list lost both deposits and market share, some by a significant amount.

In Tennessee as a whole, Pinnacle displaced SunTrust for the No. 3 position in statewide market share. Pinnacle’s deposits in the four combined markets of Middle Tennessee, Memphis, Knoxville and Chattanooga grew more than 10 percent year-over-year to $13.5 billion at June 30, 2019. In the Nashville MSA, Pinnacle remains the No. 1 ranked bank in terms of deposits, with a year-over-year growth rate of 15 percent to $9.9 billion at June 30, 2019. And in the Knoxville MSA, Pinnacle grew deposits by 22 percent to $1.67 billion for the No. 4 spot at June 30, 2019.

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 2019 list of the 100 Best Companies to Work For® in the U.S., its third consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.

Pinnacle began serving Chattanooga in 2015 when it acquired CapitalMark Bank & Trust, a community institution with an excellent record of service and growth. Pinnacle continues that tradition: the firm is the fourth-largest bank in Chattanooga in terms of deposits and is also one of the fastest growing.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $26.5 billion in assets as of June 30, 2019. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com