Pinnacle Is the No. 1 and Fastest Growing Bank in Nashville by Deposit Share With $16.7 Billion in Local Deposits, No. 3 in Tennessee With $23.4 Billion

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) is the No. 1 bank in Nashville in terms of deposits for the fifth consecutive year and is also the fastest growing based on deposit growth. According to FDIC data from June 30, 2022, Pinnacle holds $16.7 billion in deposits within the Nashville-Murfreesboro-Franklin MSA, which represents Davidson, Williamson and Rutherford counties. That’s an increase of more than $2 billion from one year earlier, an annual increase greater than any other bank in the market, for a growth rate of 13.97 percent. Pinnacle’s total market share in the MSA is 18.03 percent, compared to 16.43 percent at June 30, 2021.

Statewide in Tennessee, Pinnacle is now the third-largest bank in terms of deposits, moving up one place from 2021, and the second largest with headquarters in Tennessee behind First Horizon, which has announced that it is being acquired by Canadian firm TD Bank. Pinnacle added $2.9 billion in Tennessee deposits in the 12 months ended June 30, 2022, bringing its total deposits at that date to $23.4 billion for an annual growth rate of 13.90 percent, market share of 10.52 percent and the biggest dollar amount gain in the state during this period.

Across its footprint, Pinnacle held $32.8 billion in deposits at June 30, 2022, up $4.3 billion from one year earlier, for 15.00 percent growth. Of the 23 Pinnacle MSAs measured by the FDIC, 20 grew local deposits during the 12-month period ended June 30, 2022. Of those, 12 grew local deposits by double or triple digits, including 154.55 percent growth in the Atlanta MSA and 31.88 percent growth in the Memphis MSA year-over-year.

“In the banking industry, it is hard to achieve a differentiated position that attracts clients in large numbers from other financial institutions,” said M. Terry Turner, Pinnacle’s president and CEO. “But this last year, we pulled away from the pack and further solidified the dominant position in our hometown of Nashville while also achieving growth that’s impressive by any measure in other high-growth markets like Atlanta, Charlotte, Memphis and more. This is what happens when you hire the best financial professionals and give them the room and resources they need to serve their clients. It sounds too simple, but that always has been and always will be our strategy.”