Pinnacle Remains the No. 1 and Fastest Growing Bank in Nashville by Deposits, Rises to No. 2 in Tennessee, Grows Firmwide Total by 15.90%

Pinnacle Financial Partners is the No. 1 bank in the Nashville MSA based on deposits for the sixth consecutive year, according to FDIC data as of June 30, 2023, and rose to be the second biggest bank in Tennessee. The firm overtook Regions for the No. 2 spot statewide, adding $3.49 billion in Tennessee deposits for a total of $26.85 billion and an annual growth rate of 14.94 percent. That represents 12.10 percent of statewide market share.

Locally in the Nashville MSA, Pinnacle now holds $19.49 billion in deposits, having grown by $2.79 billion in 12 months for a 16.73 percent growth rate and 20.83 percent of market share. Its nearest competitor, Bank of America, is No. 2 with 14.48 percent of market share and $13.55 billion in deposits as of June 30, 2023. Pinnacle had far and away the highest deposit growth of any other bank in the market, outpacing second place by more than $2.4 billion.

"Given the volatility of the last eight months, these numbers are a remarkable reminder of the power of the Pinnacle model to earn trust and build lasting relationships," said M. Terry Turner, Pinnacle's president and CEO. "Coalition Greenwich data show us leading the pack in virtually every measure of client satisfaction and therefore seemingly best positioned to continue winning new business away from our competitors. We have built a people-first approach to 'high touch and high tech' banking, and it’s yielded these demonstrably different results. I am incredibly proud of our team and ready to continue building on our long-standing momentum."

Pinnacle was the only bank among the top six in Nashville to add deposits in the 12 months ended June 30, 2023. The Nashville MSA grew its total deposit pool by $952.40 million. Pinnacle added nearly three times that amount to its books, and its competitors ranked just below suffered significant drops of up to $921.60 million.

Across its footprint, Pinnacle grew deposits by $5.21 billion in the 12 months ended June 30, 2023, for an annual growth rate of 15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs measured by the FDIC, it saw growth in 19, including 10 with double-digit growth rates, two hitting triple-digits and seven where it is the fastest growing bank by deposit dollars.

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

Washington, D.C. and Virginia

After opening in the Washington, D.C. MSA in December 2021, Pinnacle is now the No. 30 bank overall by deposits out of 72 total. The firm grew its deposits to a total of $637.68 million, or 0.21 percent of local market share. Pinnacle opened its first full-service, retail office in McLean, VA, in May 2023, having only very limited physical offices until then, and has since opened an additional, limited-service office in Columbia, MD. Statewide in Virginia, Pinnacle rose from No. 35 by deposits to No. 22 with $626.07 million in growth to a total of $1.60 billion and 0.53 percent of market share. In Lynchburg in central Virginia, Pinnacle grew deposits by 165.64 percent, or $37.60 million, to a total of $60.30 million and 0.95 percent market share. In Roanoke, in western Virginia, the firm lost 5.18 percent for a total of $901.05 million.