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 - Seite 2

Each of the other top five banks in Nashville either lost deposits and market share or made much more modest gains than Pinnacle. The Nashville MSA as a whole gained nearly $3.5 billion in deposits from June 30, 2021, to June 30, 2022, and Pinnacle’s deposit gain of $2 billion in the same period represents 57 percent of that increase.

Highlights from other markets in the most recent FDIC report include:

Atlanta

As of June 30, 2022, Pinnacle’s team in the Atlanta MSA more than doubled their deposit base with $321.2 million in local deposits, up from $126.2 million one year earlier. That’s a growth rate of 154.55 percent—the largest in the firm and enough to be ranked No. 42 out of 83 banks in the Atlanta MSA on the most recent FDIC list. The market as a whole lost $26.9 billion in deposits, largely at megabanks like Wells Fargo, which lost $33.4 billion from its local total, and Truist, which lost $2.9 billion from its Atlanta offices.

Memphis

Pinnacle is now the third largest and fastest growing bank in the Memphis MSA in terms of deposits, reaching a goal set by the firm’s leadership when it entered the market in 2015. Pinnacle held $2.2 billion in local deposits at June 30, 2022, adding $541.7 million and continuing a streak of impressive growth in West Tennessee. This is the first time the firm has crossed $2 billion in deposits in the Memphis MSA and its first time with more than 5 percent market share at 5.36 percent. Nos. 2 and 3 on the list hold a much greater percentage of market share but either lost deposits (First Horizon down $912 million) or made much more modest gains (Regions added $223.8 million).

Charlotte

Pinnacle grew Charlotte MSA deposits by $235.8 million during the 12 months ended June 30, 2022, for a total of $1.7 billion and a growth rate of 15.86 percent. In the banking center of the Southeast, where three national megabanks hold nearly 92 percent of all available deposits, Pinnacle gained ground with a fraction of the number of associates and offices, coming in at No. 8 in the market in terms of deposits.

Chattanooga

Pinnacle is still the fourth biggest bank in the Chattanooga MSA by deposits, with $1.6 billion as of June 30, 2022. That’s up by $213.5 million from one year earlier, or 15.71 percent, in a rapidly growing market that saw a significant increase in the total amount of available deposits. The MSA as a whole grew deposits by $1.4 billion, with Pinnacle’s growth representing approximately 15 percent of that. The second MSA in Pinnacle’s Chattanooga market is nearby Cleveland, TN, where Pinnacle grew deposits by $10.3 million to $310.6 million or 12.26 percent market share to rank No. 5.