Pinnacle Financial Partners is Roanoke's Fourth-Largest Bank by Deposits

Firm grew deposits by 11%, rising one spot in market share

Pinnacle Financial Partners’ growth in the Roanoke Valley continues as the firm added more than $58 million in local deposits during the 12 months ended June 30, 2019, for a total of $586 million, according to new data from the Federal Deposit Insurance Corporation (FDIC). That moves the firm up one spot to the No. 4 bank in the Roanoke MSA in terms of deposits.

“We’ve always said we’re serious about investing in Roanoke, and we’re seeing the fruits of that investment now,” said David Allen, Pinnacle’s regional president in western Virginia. “Our entire team is so grateful for the response from our neighbors and local businesses. They’re telling us that it just feels different when they bank with Pinnacle, so they’re trusting us to hold and help manage their finances.”

Between June 30, 2017, and June 30, 2019, Pinnacle grew its Roanoke MSA deposit base by 15 percent, while every bank ranked higher in market share has lost deposits during the same period. Pinnacle plans to continue that momentum as the firm finishes construction on a new building at the gateway to downtown, on the corner of Campbell Avenue and Williamson Road SE. It is expected to open in the first quarter of 2020.

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 2019 list of the 100 Best Companies to Work For^® in the U.S., its third consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.

Pinnacle entered the Virginia market in 2017 when it acquired BNC Bancorp. 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 $26.5 billion in assets as of June 30, 2019. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.

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