Pinnacle Financial Partners is a Top 15 Bank in Huntsville by Deposits After Just One Year of Service

The firm holds $215.6 million in local deposits according to FDIC data

After just one year, Pinnacle Financial Partners, a bank headquartered in Nashville, TN, is in the top half of all banks in the Huntsville MSA by deposit market share. According to data from the FDIC, the firm held $215.6 million in local deposits on June 30, 2022, placing it at No. 15 out of 33 banks in the ranking with 1.84 percent market share.

“We started building this bank in Huntsville in June 2021, and the response has been incredible,” said Jason Baldwin, Pinnacle’s regional president in Huntsville. “Pinnacle has made a significant investment in Huntsville, with a new office downtown, two dozen associates and more of both still to come. We’ll keep hiring more of the best financial services professionals in Northern Alabama so we can bring more of Pinnacle’s service and advice to more of our friends and neighbors. We’re just getting started.”

Across its footprint, Pinnacle held $32.8 billion in deposits at June 30, 2022, up $4.3 billion from one year earlier, for 15.00 percent growth. Of the 23 Pinnacle MSAs measured by the FDIC, 20 grew local deposits during the 12-month period ended June 30, 2022. Of those, 12 grew local deposits by double or triple digits, including 154.55 percent growth in the Atlanta MSA and 31.88 percent growth in the Memphis MSA year-over-year.

Pinnacle’s new office at 409 Madison Street SE opened last month and was officially dedicated in a ceremony earlier this week featuring Mayor Tommy Battle and Pinnacle’s President and CEO Terry Turner. It’s a full-service bank office for retail, business and private banking needs that includes client service areas, offices, four conference rooms a drive thru and drive-up ATM. It also includes Pinnacle’s signature design elements: a water wall and the Pinnacle Learning Center for meetings, workshops and use by community groups.

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. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2022s deposit data from the FDIC, is listed by Forbes among the top 25 banks in the nation and earned a spot on the 2022 list of 100 Best Companies to Work For® in the U.S., its sixth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle entered Alabama in the summer of 2021 by hiring a team of local financial services professionals to open offices in Huntsville and Birmingham.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $40.1 billion in assets as of June 30, 2022. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 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.