Pinnacle Grows Local Charlotte Deposits by $235.8 Million in One Year for $1.7 Billion Total

Growth rate of 15.86 is the firm’s strongest statewide

Pinnacle Financial Partners holds $1.7 billion in local deposits in the Charlotte MSA as of June 30, 2022, having added $235.8 million in that 12-month period for a growth rate of 15.86 percent. According to data from the FDIC, that makes Pinnacle the eighth largest bank by deposits in a market where the top five banks control nearly 95 percent of all available deposits. With 41 banks vying for the remaining 5 percent, Pinnacle holds 0.51 percent of Charlotte’s total deposit market share.

“It’s hard to differentiate yourself as a bank in the financial services capital of the South,” said Rob Ellenburg, Pinnacle’s regional chairman in southern North Carolina. “But our associates make Pinnacle stand out by offering an experience clients can’t get anywhere else. We built our firm to be different from bureaucratic megabanks, with local control and decision making right here in Charlotte and a level of service you normally see only at small community banks. We’re humbled to have earned so much trust from our clients and honored to be their partners.”

Team Pinnacle in Charlotte grew its ranks significantly from August 2021 to August 2022, adding an average of two associates every month to serve clients and support business operations. Hiring successes are largely due to Pinnacle’s award-winning workplace culture, which in 2021 earned the No. 1 spot for midsize businesses in the Top Workplaces program from the Charlotte Observer.   

Statewide in North Carolina, Pinnacle ranks No. 12 in terms of deposits with $6.0 billion as of June 30, 2022. That’s an increase of $654 million from one year prior, a growth rate of 12.22 percent. In the Triad region, the total is $3.0 billion with a 12.28 percent growth rate, while the Triangle is up $68.0 million to $941.6 million total, a 7.69 percent growth rate.

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 2022 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 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 $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.