Pinnacle Financial Partners is Now the Fourth-Largest Bank in Knoxville by Deposits

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Pinnacle Financial Partners is Now the Fourth-Largest Bank in Knoxville by Deposits

Firm grew local deposits by 22.6%
September 17, 2019

Pinnacle Financial Partners is now the fourth-largest bank in the Knoxville MSA in terms of deposits, according to new data from the Federal Deposit Insurance Corporation (FDIC). This is the second consecutive year that Pinnacle has moved up on this annual ranking.

During the 12 months ended June 30, 2019, Pinnacle grew local deposits by more than 22 percent to $1.67 billion, adding $308.9 million in deposits during that period for 9.44 percent of total market share. That’s equal to 50 percent of the increase in total deposit levels in the community over the last twelve months. Two years prior, Pinnacle ranked No. 6 in deposits with just over $903 million, or 5.55 percent of market share.

“Pinnacle is becoming the bank of choice for people and companies in Knoxville,” said Mike DiStefano, Pinnacle’s Knoxville president. “We deliver distinctive service and effective advice to all our clients, and when they trust us with their deposit relationship, we are able to see their entire picture and deliver on that promise at the highest level.”

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 Chattanooga MSA, Pinnacle grew deposits by 24 percent to $852 million for the No. 4 spot.

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 expanded to East Tennessee in 2007 by hiring a team of local financial services professionals to start an office in Knoxville. Pinnacle now operates five offices in Knox County, one in Oak Ridge and one in Maryville. The firm is the fourth-largest bank in the Knoxville MSA in terms of deposits.

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.