Our Markets

Built to Succeed

Pinnacle operates in 12 primarily urban markets in Tennessee, North Carolina, South Carolina, Virginia and, now, Atlanta. Get highlights of our momentum and further potential in each of them, including hiring, loan and deposit growth figures, market share movement and economic rankings.

Tennessee

Memphis

Expansion in the West

Memphis continues its upward trajectory of the last three years, notably in robust loan growth of 25 percent. Contributing to this pattern is repeat business and new business resulting from an expanding team of financial advisors. In 2019, the firm recruited 11 experienced revenue producers, including small business lenders and mortgage advisors, with an average of 18 years of experience. One reason why they want to come to Pinnacle is the fact that the firm has been the No. 1 Best Place to Work in the Memphis Business Journal’s large company category four out of the past five years. To accommodate the growing client base, Pinnacle added an office this year on Union Avenue in Midtown, Pinnacle’s western-most office and convenient to downtown.

Development in Memphis is booming, with more than $19 billion in projects underway – everything from hotels and airport expansion to mixed-use developments and corporate headquarters. Four major corporate headquarters announced plans to relocate into downtown Memphis, following similar moves by Indigo Ag and FedEx Logistics: Cargill Cotton, Varsity Spirit, True Temper Sports and Prospero Health. Memphis’s value as a distribution center remains strong, with an estimated $25 billion in goods coming in and out of the area annually. Tourism and hospitality sectors are growing as well, and the city has placed high on two travel lists in 2019.

Memphis on the Charts

Nashville

Still No. 1

Pinnacle maintained its No. 1 market share position earned last year in its hometown of Nashville, according to FDIC deposit data as of June 30, 2019. Market share grew 5.38 percent in 2019, in part due to the addition of 13 revenue producers recruited from peer institutions. Those include veteran banking leaders like Joe Dillingham, former director of corporate banking at Synovus, and Sam Belk, former Mid-South Division Manager at Wells Fargo.

Nashville’s economy continues its upward trajectory, with fertile ground for new real estate development and growth — everything from the $540 million Broadwest project to 21 new hotels and another 17 under construction. New mixed-use developments include Antioch’s billion-dollar Century Farms and McEwen Northside in Cool Springs, where Mitsubishi is locating its North American headquarters. Six of the country’s 10 biggest for-profit hospital companies are headquartered here along with more than 800 healthcare companies. Sports and entertainment sectors also continue to thrive: the city hosted the NFL Draft in 2019 and recently welcomed its third major league sports team, Nashville Soccer Club.

Nashville on the Charts

Chattanooga

Deposit Growth

In 2019, Chattanooga grew loans by double digits, and local deposits surged, crossing the $1 billion milestone with an increase of nearly 21 percent over 2018, more than twice the previous year-over-year rate. Pinnacle’s commercial share continues to expand in Chattanooga, and Pinnacle added six revenue producers with an average of 22 years of experience. The firm also added an office in the booming Ooltewah community this year, giving clients convenience mid-way between the downtown Chattanooga offices and the Cleveland office northeast of town.

Chattanooga’s $32.6 billion economy includes advanced manufacturing, automotive production, health services, textile production, transportation and logistics services, and food and beverage production. The city also boasts a strong entrepreneurial ecosystem supporting startups and small business, earning a spot on the 50 Best U.S. Cities for Starting a Business in 2020. Chattanooga is near multiple state borders, making it easily accessible from other major Southeast cities like Atlanta, the firm’s most recent market addition.

Chattanooga on the Charts

Knoxville

Double-digit Growth

Knoxville moved up a notch in FDIC market share to No. 4, as of June 30, 2019, and saw double-digit growth in both loans and deposits. With five offices in Knoxville and locations in Maryville and Oak Ridge, Pinnacle has placed on the Knoxville News Sentinel’s list of Top Workplaces three years running. The firm welcomed four new revenue producers with an average of 24 years’ experience, including expertise in SBA lending and trust services.

A mecca for innovation, Knoxville has both the charm of a small town — ranking in America’s Best Small Cities — and the amenities of a big city. Knoxville’s position at the intersection of Interstates 40 and 75 and its accessibility to Virginia, North Carolina and Kentucky make it a prime location. The businesses and industry here are diverse, with concentrations in wholesaling, manufacturing, technology, science and higher education.

Knoxville on the Charts

Virginia

Roanoke

Investing in the Market

Pinnacle made a major investment in Roanoke in 2019 with the construction of a new main office at the gateway to downtown. The significant facility is a symbol of the firm’s commitment to Western Virginia, as it leaves plenty of room for future growth of the commercial banking team and gives clients a much better experience. The team in Roanoke has already made major headway in the local economy, with double-digit growth in both loans and deposits for 2019. The 10 percent increase in deposits was good enough to rise in the FDIC market share rankings, up to No. 4 overall as of June 30, 2019.

Virginia’s profile for business continued to rise as well, being named CNBC’s Top State for Business while preparing to break ground on Amazon’s HQ2 in Northern Virginia.

Virginia on the Charts

North Carolina

Winston-Salem

Perfectly Positioned for Disruption

Winston-Salem is one of America’s best small cities in the best state for business. It’s also in a state of transition in regard to banking, with the former BB&T moving its headquarters from here to Charlotte. An enormous amount of overlap with their branches puts Pinnacle in the perfect position to take advantage of the disruption and attract more of the best bankers and their clients.

See Greensboro/High Point for more of our success in the Triad. 

Winston-Salem on the Charts

Greensboro/ High Point

More Business Reach

Pinnacle’s base of operations in the Carolinas and Virginia added to its roster and its balance sheet in 2019. Most of the 10 revenue producers hired in this period serve commercial and small business clients, furthering the firm’s goal of expanding its business reach in the region. Despite some intentional movement of deposits to other markets, the team held overall deposit volumes steady by winning new business and gathering more accounts.

Greensboro and High Point are in the geographic center of North Carolina’s ongoing business boom. The area is perfectly positioned to benefit from the growth happening all around it.

The Triad on the Charts

Raleigh/ Durham

Building on Momentum

With 10 new revenue producers on board across a variety of lines of business, Pinnacle’s model for organic growth was executed in full force in 2019 in Raleigh-Durham-Chapel Hill. One of those new faces is a veteran bank leader who will help further the work of building a strong, experienced commercial banking team to serve more clients in the market. With deposits up 8 percent and loans up nearly 15 percent for the year, the momentum is already strong.

North Carolina’s business-friendly reputation has helped the Triangle area become one of the country’s most attractive places for relocation and expansion. The awards and rankings speak for themselves, and corporate investments abound. Late in the year, Microsoft announced it would bring 500 jobs with an average salary of $125,000, while Q2 Solutions brought another 749.

Raleigh/Durham on the Charts

Charlotte

$2 Billion in Loans

Charlotte crossed a crucial milestone in 2019 with $2 billion in loans — an increase of 11.5 percent over 2018 — maintaining its spot as the No. 2 lending market in Pinnacle’s footprint. Deposits grew even more rapidly at 15.7 percent. The team continued to grow, as well. Another 12 revenue producers joined Pinnacle in Charlotte to further fill out a full suite of capabilities. Those include several commercial financial advisors, two in trust to serve private wealth and business needs, as well as two mortgage professionals and one for the treasury management team. Together, these 12 have an average of 20 years of experience.

The business climate in Charlotte is world class with little signs of slowing down. It was ranked among the World’s Best Cities by BestCities.org, and North Carolina topped Forbes’ list of the Best States for Business. Its population continues to grow, as do its job prospects. In the third quarter of 2019, Microsoft announced a major expansion and investment there, with 430 jobs expected to have an average salary approaching $100,000.

Charlotte on the Charts

South Carolina

Greenville/ Spartanburg

Market Share Climb

Pinnacle rose again in deposit market share as reported by the FDIC, moving into the No. 13 spot as of June 30, 2019. With tenured advisors in business and commercial banking and recruitment of key positions in consumer banking, Pinnacle’s Upstate team added a number of notable commercial clients and began construction on a modern replacement for its Spartanburg office in 2019.

The Upstate continues to benefit from job growth in Greenville and Spartanburg that outpaced the national average at 39 and 36 percent, respectively. Greenville ranked fifth in the nation in net business creation in 2019. Thirty companies — some from China, Scotland, Netherlands and Japan — have announced plans to set up shop or expand in Greenville County, contributing to $401.8 million in announced capital investments in 2019. Leading growth in Spartanburg County is hotel development, up by 22 percent, with 300 businesses flourishing in downtown, 25 percent of which are new since 2016.

Greenville/Spartanburg on the Charts

Charleston

Steady Growth

Pinnacle’s coastal South Carolina team is responsible for consistent year-over-year growth, reflecting the upward trend of the region’s economy. Loans and deposits grew steadily, as did recruitment of competitors’ top talent, including Ross Campbell, former real estate banking SVP at Wells Fargo, to lead Pinnacle’s commercial real estate efforts on the coast.

Charleston and Greenville now account for more than one-fourth of the state’s GDP of $207.2 billion. The Lowcountry continues to experience tremendous growth, despite a labor shortage, with investments and new jobs from manufacturers like Boeing Co., Mercedes-Benz and Volvo, not to mention their suppliers. Tourism is also a significant contributor at $8 billion, and the Port of Charleston has handled record high cargo volumes three years running, with statewide impact of $63.4 billion. Plans to dredge Charleston Harbor to allow super-sized ships anytime will enhance this growth.

Charleston on the Charts

Georgia

Atlanta

Once-in-a-Generation Opportunity

Not only did Atlanta lose its largest homegrown bank in 2019, but many other banks in the market also appear vulnerable to Pinnacle’s growth model. Truist, Bank of America and Wells Fargo dominate Atlanta; three banks Pinnacle has successfully competed against in its other markets. The firm is poised to take advantage of the unprecedented disruption by entering the market with a combination of service, advice and capability that no peer can match. To start, Pinnacle hired one of the most well-known and respected bank leaders in the market, who immediately began building his team of similarly talented and experienced financial professionals. This market launch came at the very end of 2019, leaving an enormous amount of runway for Pinnacle to take off in 2020.

Simply put, Atlanta is one of the most attractive markets in the nation for business. It has the ninth largest population, 10th largest economy, has been the No. 1 moving destination in the country for nine straight years and is the No. 1 metro area for economic growth potential. Atlanta is home to 26 Fortune 1000 companies, 16 Fortune 500 companies and 200 of the country’s fastest growth private companies. Atlanta now presents a once-in-a-generation opportunity to grow a big bank in a major American city.

Read more about Pinnacle's opportunity in Atlanta.

Atlanta on the Charts

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