Pinnacle Grows Deposits 20% in Greensboro-High Point MSA

Firm maintains just over $1 billion in deposits in Winston-Salem

Pinnacle Financial Partners has grown its deposits in the Greensboro-High Point MSA to $1.7 billion as of June 30, 2020, according to new data from the Federal Deposit Insurance Corporation (FDIC).

During the 12 months ended June 30, 2020, Pinnacle grew local deposits by 20 percent, adding $282.4 million in deposits in that period for 11 percent of total deposit market share. Pinnacle retains its No. 4 position in the market in terms of deposits.

“Our roots in this community go back more than a century, so our neighbors know who they can turn to during a tough year,” said Reid Marks, Pinnacle’s regional president in Central North Carolina. “Pinnacle’s track record of service and advice has earned the trust of people across the Triad. That’s what happens when you hire the best and empower them to do right by their clients.”

Statewide in North Carolina, Pinnace grew deposits by $824.1 million, or 19.7 percent, for a total of $5.0 billion. That’s 1.0 percent of the state’s deposit market share. In Charlotte, the firm grew deposits by 46.2 percent to $1.2 billion, while the Triangle saw 23.5 percent growth to $745 million. In Winston-Salem, Pinnacle held steady with just over $1 billion in local deposits.

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 2020 list of the 100 Best Companies to Work For^® in the U.S., its fourth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.

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 $33.3 billion in assets as of June 30, 2020. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.

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