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Pinnacle Grows Market Share and Total Deposits Faster than Larger Regional Bank Competitors

October 16, 2009

Pinnacle Financial Partners Inc. (Nasdaq/NGS: PNFP) has grown market share and total deposits faster than its larger regional bank competitors, according to the Federal Deposit Insurance Corporation (FDIC) report for June 30, 2008, through June 30, 2009.

Pinnacle continues to be the fastest-growing financial institution in the Nashville-Davidson-Murfreesboro MSA for the most recent period, as well as the nine-year period since the firm's inception. Pinnacle also was the fastest-growing bank in the Knoxville MSA for the second time since its de novo expansion to that market in 2007.

Pinnacle grew market share to 10.52 percent in 2009, remaining the fourth-largest financial institution in the Nashville MSA. Pinnacle's market share for 2008 was 9.56 percent after its acquisition of Prime Trust and Bank of the South in late 2007.

The No. 1 and No. 3 banks together lost 1.9 percent market share. Regions Bank held its No. 1 position with 17.6 percent market share, down from 18.7 percent last year. Bank of America remained the second-largest, with its market share increasing from 13.8 percent in 2008 to 14.2 percent this year. SunTrust maintained its position as the third largest, decreasing from 13.0 percent market share last year to 12.2 percent this year.

Pinnacle gained the most deposits of any bank in Nashville with $632 million year-over-year.

“Our continued market share and deposit gains are a direct result of finding and hiring the best financial services professionals in both of our markets,” said M. Terry Turner, Pinnacle president and CEO. “Great associates attract and retain great clients. Consumers are becoming increasingly dissatisfied with larger regional banks and are turning to financial services firms like Pinnacle on the basis of ‘word of mouth’ reputation and the different experience clients have. That’s the primary explanation for how we remain the fastest growing bank in Nashville and Knoxville.”

Many community banks among the 60 financial institutions in the Nashville-Davidson-Murfreesboro MSA gained market share, continuing the trend of smaller competitors gaining market share and deposits from larger regional and national banks.

In the Knoxville MSA, Pinnacle grew its deposits by approximately $118 million over the prior year, giving the firm 1.97 percent market share, up from 1.07 percent in 2008. This makes Pinnacle the fastest-growing bank in the MSA, climbing five positions to the ninth largest market share in Knoxville.

"We nearly doubled our deposits in 2009, and we are the only one of the top 10 banks in Knoxville to gain market share," said Nathan Hunter, Pinnacle Knoxville president. "This tells us that we’re filling the need Knoxville clients have for high-level service and comprehensive financial advice.”

Pinnacle maintained the top spot in the Rutherford County data with 27.92 percent market share and is the second-largest financial institution in Wilson County with 16.74 percent market share.

Pinnacle Financial Partners provides a full range of banking, investment, mortgage and insurance products and services designed for small- to mid-sized businesses and their owners, real estate professionals and individuals interested in a comprehensive relationship with their financial institution. Comprehensive wealth management services, such as financial planning and trust, help clients increase, protect and distribute their assets.

The firm began operations in a single downtown Nashville location in October 2000 and has since grown to over $5 billion in assets at June 30, 2009. In 2007, Pinnacle launched an expansion into Knoxville, another high growth MSA. At June 30, 2009, Pinnacle is the second-largest bank holding company headquartered in Tennessee, with 31 offices in eight Middle Tennessee counties and two in Knoxville. The firm is the fastest growing of the 218 national banks chartered in 2000 and in 2009 was added to Standard & Poor’s SmallCap 600 index. For more information go to www.pnfp.com.

 

 

 

DEPOSIT SHARES FOR TOP 10 Institutions (2009 vs. 2008)

Nashville-Davidson-Murfreesboro MSA

(as of June 30, 2009)

 

 

 

 

 

 

Change

Top 10 Banks

2008

 

2009

 

in share

Regions

18.7%

 

17.6%

 

-1.1%

Bank of America

13.8%

 

14.2%

 

0.4%

SunTrust

13.0%

 

12.2%

 

-0.8%

Pinnacle

9.6%

 

10.5%

 

0.9%

First Tennessee

5.2%

 

4.7%

 

-0.5%

Fifth Third

5.1%

 

5.0%

 

-0.1%

Wilson Bank and Trust

3.5%

 

3.3%

 

-0.2%

Tennessee Commerce Bank

3.1%

 

3.5%

 

0.4%

US Bank

2.8%

 

3.0%

 

0.2%

GreenBank

2.3%

 

2.1%

 

-0.2%

 

 

 

 

 

 

Deposits in millions

$ 31,440

 

$ 34,564

 

 

 

 

 

DEPOSIT SHARES FOR TOP 10 Institutions (2009 vs. 2008)

Knoxville MSA

(as of June 30, 2009)

 

 

 

 

 

 

Change

Top 10 Banks

2008

 

2009

 

in share

First Tennessee

19.7%

 

19.3%

 

-0.4%

SunTrust

18.0%

 

17.4%

 

-0.6%

Regions

16.9%

 

16.8%

 

-0.1%

Home Federal Bank

12.5%

 

12.0%

 

-0.5%

BB&T

7.7%

 

7.2%

 

-0.5%

First National Bank

2.8%

 

2.8%

 

0.0%

Citizens Bank of Blount County

2.1%

 

2.1%

 

0.0%

Bank of America

2.1%

 

2.1%

 

0.0%

Pinnacle

1.1%

 

2.0%

 

0.9%

GreenBank

2.1%

 

2.0%

 

-0.1%

 

 

 

 

 

 

Deposits in millions

 $ 11,113

 

 $ 12,015

 

 

 

 ###

 

Certain of the statements in this release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties and other facts that may cause the actual results, performance or achievements of Pinnacle to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, without limitation, (i) unanticipated deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses, (ii) the inability of Pinnacle to continue to grow its loan portfolio at historic rates in the Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, (iii) increased competition with other financial institutions, (iv) lack of sustained growth in the economy in the Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, (v) rapid fluctuations or unanticipated changes in interest rates, (vi) the inability of Pinnacle to satisfy regulatory requirements for its expansion plans, (vii) the inability of Pinnacle to execute its expansion plans and (viii) changes in state and Federal legislation or regulations applicable to financial services providers, including banks. Additionally, risk factors exist in connection with Pinnacle’s merger with Mid-America including, among others, the risk that the cost savings and any revenue synergies from the merger may not be realized or take longer than anticipated. Many of such factors are beyond Pinnacle's ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. Pinnacle disclaims any obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

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