Pinnacle Grows Charleston Deposits by 27.9% to $931 Million, Coastal Deposits by 23% to $1.3 Billion

Firm grew 8.3% in Myrtle Beach and 25.4% in Hilton Head

Pinnacle Financial Partners has grown its deposits in the Charleston MSA by $203.0 million in the 12 months ended June 30, 2021, according to the latest data from the FDIC. That gives the firm a total of $931.0 million in local deposits—a growth rate of 27.9 percent. Pinnacle is now the sixth largest bank in Charleston by deposits, up from No. 8 in 2020.

To the north in Myrtle Beach, Pinnacle grew deposits by 8.3 percent to $272.4 million, and to the south in Hilton Head, deposits grew 25.4 percent to $72.3 million. On the South Carolina coast as a whole, Pinnacle holds $1.3 billion in deposits with year-over-year growth of $238 million, or 23.0 percent.

“We feel humbled to have earned the trust of so many clients in such competitive markets,” said Mary Garcia, Pinnacle’s regional president on the South Carolina coast. “Our economies are among the fastest growing in the nation, and we’re fortunate to be part of that story. To stand out as a bank, you need to have the best bankers in South Carolina. We’ve worked hard to assemble a team of top talent and given them the space to serve their clients the best they can. We’ll keep going and seek out more financial professionals to join us.”

Pinnacle’s growth rate in Charleston is the biggest of any bank in the top 10. In Myrtle Beach, the firm ranks No. 15 in deposit market share, while in Hilton Head it’s No. 14 with just one location.

Statewide in South Carolina, Pinnacle grew deposits by 20.2 percent to $1.7 billion. That’s 1.43 percent of the state’s market share, enough to rank No. 11. In the combined Greenville-Spartanburg MSAs that make up the Upstate, the firm grew deposits by 12.2 percent to $412.3 million.

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 South Carolina 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 $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.