Pinnacle is the Second Largest Bank in Chattanooga MSA by Deposits, Adds More Local Dollars Than Any Other Bank in The Market

The firm grew by $258.9 million in deposits and passed $2 billion for the first time locally

Pinnacle is now the second largest bank in the Chattanooga MSA by deposits, having grown deposits by $258.9 million in the 12 months ended June 30, 2024, for a total of $2.2 billion—the firm’s first time over the $2 billion mark locally. That’s an annual growth rate of 13.36 percent to reach 14.58 percent of local market share, according to FDIC data. No other bank in the market added more deposit dollars than Pinnacle in the period.

In nearby Cleveland, Pinnacle is the No. 1 largest bank in the MSA by deposits despite having just one office in the area. The firm climbed into the top spot as of June 30, 2024, by adding $101.4 million in local deposits during the 12 months ended June 30, 2024 for a total of $490.8 million and 18.36 percent market share.

“Our differentiated model of providing distinctive service and effective advice continues to attract clients in large numbers from other financial institutions,” said Craig Holley, Pinnacle’s Southeast Tennessee Chairman. “It’s a privilege to be trusted, and we’re thankful for the hard work of our associates who put clients first every day.”

Despite a difficult operating environment for banks, Pinnacle has remained on a growth trajectory thanks to a favorable competitive landscape. The firm’s award-winning culture and nationally recognized service levels attract Chattanooga’s most experienced and successful bankers along with their best clients. Some of Pinnacle’s chief competitors in the market experienced dramatic losses in both local deposits and market share, according to FDIC data as of June 30, 2024. That includes:

Statewide, Pinnacle is the second largest bank by deposits. The firm added $858.1 million during the 12 months ended June 30, 2024, bringing its total to $27.7 billion and 12.40 percent market share. In the Nashville MSA, Pinnacle is No. 1 with $19.7 billion in deposits, having grown by $215.2 million in the same period for an annual growth rate of 1.1 percent. In Knoxville, the firm is the No. 4 largest bank in, achieving 12.62 percent growth to a total of $2.9 billion and 11.39 percent of market share. And in Memphis, Pinnacle notched a 1.84 percent deposit loss for a total of $2.3 billion and a No. 3 ranking. 

Across its footprint, Pinnacle grew deposits in 21 out of 27 MSAs measured by the FDIC, including 12 with double-digit growth and one with triple-digit growth. The firm grew share in 20 of those markets, taking a greater percentage of overall local deposit pools, at a time when competition for bank deposits has been incredibly fierce.

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 2024 deposit data from the FDIC. Pinnacle is No. 11 on FORTUNE magazine’s 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.

 Pinnacle began serving Chattanooga in 2015 when it acquired CapitalMark Bank & Trust. The firm is the second-largest bank in the market in terms of deposits and is also one of the fastest growing. Pinnacle was named a top 10 Top Workplace in Chattanooga by the Chattanooga Times Free Press 2020-2024.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $49.4 billion in assets as of June 30, 2024. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several 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.