Pinnacle is the Third Largest Bank in Memphis by Deposits, Crosses $2 Billion for the First Time

Firm adds $541.7 million in local deposits and moves from No. 5 to No. 3 in one year

Pinnacle grew local deposits in Memphis to $2.2 billion and is now the third largest bank in the MSA by deposits. According to data from the FDIC, the firm added $541.7 million in deposits in the 12 months ended June 30, 2022, for a growth rate of 31.88 percent. That was enough to move Pinnacle from No. 5 in the FDIC ranking to No. 3 with 5.36 percent market share. The Memphis MSA overall added $958.1 million in available deposits, with Pinnacle’s growth representing 56 percent of that number.

“The numbers from the FDIC show clearly that Pinnacle is becoming the bank of choice in Memphis,” said Phillip May, Pinnacle’s Memphis president. “Our associates have worked incredibly hard to win the trust of our clients by offering a banking experience they can’t get anywhere else. Clients know that when they speak with Pinnacle, they’re dealing with local financial professionals who are empowered to collaborate and make decisions right here in our community. That’s a key differentiator at a time when more banks are consolidating and leaving their local customers behind. I’m proud of our team and thankful to our clients who honor us with their business.”

Team Pinnacle in Memphis was 222 strong at the end of August 2022, with 20 new associates coming on board since one year prior. Strong recruiting success is due largely to the firm’s award-winning culture and work environment. Earlier this month, Pinnacle earned the No. 1 Best Place to Work award from the Memphis Business Journal in the large companies category, its seventh local No. 1 win in eight years.

Statewide in Tennessee, Pinnacle is now the third-largest bank in terms of deposits, moving up one place from 2021, and the second largest with headquarters in Tennessee behind First Horizon, which has announced that it is being acquired by Canadian firm TD Bank. Pinnacle added $2.9 billion in Tennessee deposits in the 12 months ended June 30, 2022, bringing its total deposits at that date to $23.4 billion for an annual growth rate of 13.90 percent, market share of 10.52 percent and the biggest dollar amount gain in the state during this period.  

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 has served Memphis since 2015 when it acquired Magna Bank. Since then Pinnacle has become the official bank of the Memphis Grizzlies and FedExForum and was named a “Top 10 Company to Watch in 2017” by the Greater Memphis Chamber. Pinnacle was named No. 1 “Best Place to Work” by the Memphis Business Journal in seven of the last eight years. 

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.