Pinnacle Financial Partners Grows Chattanooga Deposits by $213.8 Million, Increases Market Share to More Than 10%

Firm also adds $10.3 million in local deposits in Cleveland for $1.9 billion total in the combined market

Pinnacle grew local deposits in the Chattanooga MSA by $213.8 million in the 12 months ended June 30, 2022, for a total of $1.6 billion, a growth rate of 15.71 percent and 10.30 percent of total market share. The firm is still the fourth biggest bank in the market, according to FDIC data, and also grew deposits by $10.3 million in the Cleveland MSA to $310.6 million for a total of $1.9 billion in the Chattanooga/Southeast Tennessee market as a whole.

“Controlling more than 10 percent of the market is a testament to the experienced Pinnacle bankers who consistently provide clients with distinctive service and effective advice,” said Craig Holley, Pinnacle’s chairman in Chattanooga. “When you give clients more than they can get at other banks, the choice of where to put your money gets a lot easier. No one can match our combination of sophisticated capabilities and small town service. We’re locally led, and our associates are empowered to make decisions right here in the best interests of their clients. That’s a real differentiator that Chattanooga has responded to very strongly.”

Pinnacle’s Chattanooga team added 18 new associates from August 2021 to August 2022. The firm’s success in recruiting is due largely to its award-winning workplace culture, which earned a place among the city’s 10 top workplaces as named by the Chattanooga Times Free Press three years in a row.

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 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.

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. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2022 deposit data from the FDIC, is listed by Forbes among the top 25 banks in the nation and earned a spot on the 2022 list of 100 Best Companies to Work For® in the U.S., its sixth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle began serving Chattanooga in 2015 when it acquired CapitalMark Bank & Trust. The firm is the fourth-largest bank in the market in terms of deposits and is also one of the fastest growing. Pinnacle was named a top 10 Top Workplace in Chattanooga by the Chattanooga Times Free Press in 2020, 2021 and 2022.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $40.1 billion in assets as of June 30, 2022. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 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.