Pinnacle Financial Partners Grows Local Atlanta Deposits by 154.55% for a Total of $321 Million

The firm added $195 million in deposits, more than twice the previous year’s growth

Pinnacle Financial Partners, a bank based in Nashville, TN, grew local deposits in the Atlanta MSA by $195 million during the 12 months ended June 30, 2022, for a total of $321 million and a growth rate of 154.55 percent year-over-year. According to data from the FDIC, this puts Pinnacle among the top 50 banks in the market by deposits at a time when two megabanks that dominate the market saw a combined $36.3 billion moved out of local offices. Pinnacle ranks No. 42 on the FDIC’s market share list, up from No. 55 one year prior.

“Pinnacle is in Atlanta for the long haul, and our friends and neighbors continue to honor us with their trust in greater and greater numbers,” said Rob Garcia, Pinnacle’s regional president in Atlanta. “This time last year, we were celebrating $97.2 million of deposit growth in a new market, and today we announce more than twice as much. Momentum is clearly on our side thanks to our dedicated associates who serve their clients with a recognizably better banking experience. Pinnacle’s journey here is only beginning. We aim to become the bank of choice for the Atlanta area.”

The Atlanta team doubled their ranks from August 2021 to August 2022, now with 69 associates in three offices across the city. Hiring successes are largely due to Pinnacle’s award-winning workplace culture, which was recently honored with a No. 1 Best Place to Work award from the Atlanta Business Chronicle.

Elsewhere in Atlanta, the No. 1 bank in the market saw a $2.9 billion reduction in deposit totals shortly after its headquarters moved out of state, while another national megabank reduced local deposits by $33.4 billion.

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 the Atlanta MSA and 31.88 percent growth in the Memphis MSA year-over-year.

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 expanded to Georgia in 2020 by hiring a team of local financial services professionals to start an office in Atlanta.

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.