Pinnacle Grows Local Charleston Deposits by $234.97 Million in One Year for $1.19 Billion Total

Pinnacle Financial Partners has grown its deposits in the Charleston MSA to $1.19 billion, according to new data from the FDIC, crossing the billion dollar milestone for the first time and capturing the No. 6 ranking in market share. During the 12 months ended June 30, 2023, Pinnacle grew local deposits by 24.73 percent, or $234.97 million, the only bank among the top seven by market share in Charleston to see deposit growth at a time when the overall pool of deposits in the market shrank.

“This level of growth is a testament to the experienced Pinnacle bankers who consistently provide clients with distinctive service and advice,” said Mary Garcia, regional president for the South Carolina coast. “When you give clients more than they can get at other banks, the choice of where to put your money gets a lot easier. We’re locally led, and our associates are empowered to make decisions right here in the best interests of their clients. It’s clearly a winning formula.”

Pinnacle also grew deposits slightly in Hilton Head to $66.96 million at June 30, 2023, or 0.94 percent of market share, and saw a modest decline of 4.46 percent annually in Myrtle Beach for a new total of $388.30 million and 2.82 percent of market share as of the same date.

Statewide in South Carolina, the firm added $239.15 million in deposits during the 12 months ended June 30, 2023, for a total of $2.11 billion to be the 10^th largest bank in the state by deposits. Pinnacle was the fastest growing bank in Spartanburg, adding $23.2 million for a total of $107.71 million and rising from No. 13 in the FDIC ranking to No. 12. In Greenville, deposits remained essentially flat, declining by $1.18 million, or 0.32 percent annually, to $366.04 million and the No. 14 spot.

Across its footprint, Pinnacle grew deposits by $5.21 billion in the 12 months ended June 30, 2023, for an annual growth rate of 15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs measured by the FDIC, it saw growth in 19, including 10 with double-digit growth rates, two hitting triple-digits and seven where it is the fastest growing bank by deposit dollars. 

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 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC and is listed by Forbes as No. 27 among America’s Best Banks, higher than any other bank headquartered in Tennessee, North Carolina, South Carolina or Georgia. Pinnacle also earned a spot on the 2023 list of 100 Best Companies to Work For® in the U.S., its seventh consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 10 years in a row and No. 1 among banks with more than $11 billion in assets in 2022.

Pinnacle entered the South Carolina market in 2017 when it acquired BNC Bancorp, offering community bank service with the resources and sophistication of a larger firm. Pinnacle was named the No. 1 Top Workplace in South Carolina, midsize companies category, in 2022 and 2021 by Charleston Business Magazine, Greenville Business Magazine and Columbia Business Monthly, with top 10 finishes in 2019 and 2020.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $46.9 billion in assets as of June 30, 2023. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 17 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.