Pinnacle Grows Local Deposits by 19% in Greenville MSA
Firm holds more than $1.2 billion in South Carolina as a whole
Pinnacle Financial Partners’ growth in the Greenville MSA has continued as the firm added nearly $43 million in local deposits during the 12 months ended June 30, 2019, for a total of $263 million, according to new data from the Federal Deposit Insurance Corporation (FDIC). That represents 19.6 percent growth year-over-year and moves the firm up one spot to No. 13 on the list of the largest banks in the MSA. Across the Upstate as a whole, Pinnacle held more than $316 million in deposits in the area on June 30, 2019, rising from No. 16 to No. 14 in the area.
“We have intentionally grown our team to meet more of our community’s financial needs,” said Ed Stein, Pinnacle’s regional president for Upstate South Carolina. “We’ve crafted that strategy to attract veteran financial professionals who can deliver on our brand promise of distinctive service and effective advice. Clearly it’s working in the Upstate.”
Between June 30, 2017, and June 30, 2019, Pinnacle grew its Greenville MSA deposit base by 21 percent, or $46 million. Statewide in South Carolina, Pinnacle is the 12th largest bank in terms of deposits with $1.23 billion 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 entered the South Carolina market in 2017 when it acquired BNC Bancorp. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.
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.
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