Pinnacle Grows Local Deposits to $973 Million, Adding $169 Million in a Single Year

Firm achieves growth rates of 20.05% in Roanoke and 83.56% in Lynchburg

Pinnacle Financial Partners grew local deposits to $973.0 million in western Virginia, as of June 30, 2022, up from $803.9 million one year prior for a growth rate of 21.03 percent. According to data from the FDIC, the firm saw significant growth in each of the two MSAs that make up the market:

• Roanoke
  • $950.3 million in deposits
  • $158.7 million increase
  • 20.05 percent growth rate
  • No. 3 bank by deposits
• Lynchburg
  • $22.7 million in deposits
  • $10.3 million increase
  • 83.56 percent growth rate
  • No. 15 bank by deposits

“Pinnacle is a perfect match for the Roanoke Valley and Lynchburg because we offer a level of service you normally see at small town community banks yet have the resources to meet almost any need,” said David Allen, Pinnacle’s regional chairman in western Virginia. “We’re built differently from other banks, and our associates work hard to demonstrate that difference in the way they serve our clients. Because of all that, our friends and neighbors have honored us with their trust and their business in greater and greater numbers. Success like this is both gratifying and humbling.”

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 154.55 percent growth in 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 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 was recognized as the No. 6 Best Place to Work in Virginia by Virginia Business magazine in 2020.

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.