Pinnacle Financial Partners is the Fastest Growing Bank in the Winston-Salem MSA by Deposits, Builds Deposit Totals to $3.11 Billion in Triad Region

Firm is the second fastest growing in Burlington, rises to No. 11 in North Carolina

Over the 12 months ended June 30, 2023, Pinnacle saw double-digit deposit percentage annual growth in two of the three MSAs that make up the Triad region of North Carolina, bringing its market-wide total to $3.11 billion in local deposits, according to data from the FDIC as of June 30, 2023. The firm is the fastest growing bank in the Winston-Salem MSA by deposit totals, growing by 13.49 percent, or $106.72 million, in the 12 months ended June 30, 2023, and the second fastest growing in the Burlington MSA with 28.91 percent annual growth, or $24.87 million in the same period.

“We continue to build a major success story in central North Carolina, seeing the kind of exceptional growth that’s only possible when you have top tier bankers operating in an environment where they can be their best selves,” said David Allen, Pinnacle’s regional chairman. “This great momentum shows that an increasing number of clients appreciate the high level of service and financial counsel we can deliver.”

Pinnacle held $897.86 million in deposits in Winston-Salem alone, enough for 6.54 percent of available market share and No. 7 in the FDIC’s rankings, as of June 30, 2023. In Burlington, that total is $110.89 million and 3.92 percent market share, rising from No. 9 to No. 8. In Greensboro-High Point, Pinnacle saw a modest decline in deposits of 2.33 percent over the 12 months ended June 30, 2023, or $50.25 million, for a new total of $2.10 billion and 12.00 percent of market share, which holds the firm in the No. 4 spot.

Statewide in North Carolina, Pinnacle rose from No. 12 by deposits to No. 11 with $201.40 million in annual growth, a total of $6.21 billion and 1.03 percent of market share as of June 30, 2023. Given the nationwide and regional megabanks based there, this is an extremely competitive list, with the top four banks statewide controlling nearly 83 percent of all available deposits and no one else capturing more 1.7 percent market share as of June 30, 2023.

In the Triangle region, made up of Raleigh, Durham and Chapel Hill, NC, Pinnacle crossed the billion-dollar deposit threshold to $1.03 billion with $78.92 million in growth in the 12 months ended June 30, 2023. In the Raleigh-Cary MSA, the firm ranks No. 13 by deposits with 0.83 percent of market share, and in Durham-Chapel Hill, it’s in the No. 10 spot with 1.85 percent of market share. In the Charlotte MSA, Pinnacle rose from No. 8 to No. 7, growing $37.12 million, or 2.16 percent, for a total of $1.76 billion and 0.59 percent of market share at June 30, 2023, rising from No. 8 to No. 7.

Across its footprint, Pinnacle grew deposits by $5.21 billion in the 12 months ended June 30, 2023, for an annual growth rate of 15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs measured by the FDIC, it saw growth in 19, including 10 with double-digit growth rates, two hitting triple-digits and seven where it is the fastest growing bank by deposit dollars. 

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 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC and is listed by Forbes as No. 27 among America’s Best Banks, higher than any other bank headquartered in Tennessee, North Carolina, South Carolina or Georgia. Pinnacle also earned a spot on the 2023 list of 100 Best Companies to Work For® in the U.S., its seventh consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 10 years in a row and No. 1 among banks with more than $11 billion in assets in 2022.

Pinnacle entered the North Carolina market in 2017 when it acquired BNC Bancorp, offering community bank service with the resources and sophistication of a larger firm. Pinnacle is ranked as the No. 1 workplace in the Triad, Triangle and Charlotte markets, as listed by the Triad Business Journal, Triangle Business Journal and Charlotte Observer.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $46.9 billion in assets as of June 30, 2023.  As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 17 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.