Pinnacle Financial Partners Grows Charlotte Deposits by 24% to $1.5 Billion

Firm adds $287 million to local deposits, has grown 81% since 2019

Pinnacle Financial Partners has grown its deposits in the Charlotte MSA to more than $1.5 billion as of June 30, 2021, according to the latest data from the FDIC, growing by $287.2 million in a single year for a growth rate of 23.9 percent. At June 30, 2019, Pinnacle held just $820.0 million in local deposits, meaning the firm has grown 81.3 percent in the face of competition from three megabanks that control 91.9 percent of market share.

“The competition in Charlotte is fierce, with just a few dominant institutions controlling virtually all of the local deposits,” said Rob Ellenburg, Pinnacle’s regional president in Charlotte. “Growth like ours is possible only because we have the best of the best bankers and give them the room to excel by removing the barriers that can hold them back at other banks. Pinnacle was designed to go toe-to-toe with much bigger banks by being a magnet for top talent and the best clients. It’s a formula that works well in Charlotte, where people are looking for an alternative to the megabanks uptown.”

Ellenburg and his leaders have grown the team to 60 revenue producing associates, with seven coming on board so far in 2021. They include a well-known team of wealth advisors who started this month at Pinnacle’s location in Huntersville.

Statewide in North Carolina, Pinnacle grew deposits by $350.8 million, or 7.0 percent, for a total of $5.4 billion. That’s 1.06 percent of the state’s deposit market share. In the Raleigh-Cary and Durham-Chapel Hill MSAs that make up the Triangle region, the firm grew deposits by $138.2 million, or 18.5 percent, to $883.6 million, while the Greensboro-High Point MSA saw deposits grow by 11.0 percent to $1.9 billion.  

Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. Pinnacle earned a spot on FORTUNE's 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For eight years in a row and No. 1 among banks with more than $10 billion in assets in 2020.

Pinnacle entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $35.4 billion in assets as of June 30, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 14 primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.