Pinnacle Repeats with Double-digit Growth in Memphis Deposits and Jump in Market Share

Firm adds $223 million to local deposits

Pinnacle Financial Partners is now the sixth-largest bank in the Memphis MSA in terms of deposits, according to new data from the Federal Deposit Insurance Corporation (FDIC), and crossed the $1 billion mark for the first time.

During the 12 months ended June 30, 2018, Pinnacle grew local deposits by more than $223 million, a growth rate of 28.4 percent. That’s enough to climb into the No. 6 spot overall at 3.17 percent market share. Last year, Pinnacle broke into the top 10 in Memphis for the first time with a year-over-year deposit growth rate of 67 percent.

“We continue to be impressed by our all-star team of financial advisors who hustle for new business like no others I’ve seen,” said Kirk Bailey, Pinnacle’s Memphis chairman. “And we all continue to be grateful for a Memphis community that was ready for our style of banking. Our model is to seek complete relationships with people who want more from their financial institution. We offer a full slate of sophisticated products and services with a community bank level of service. You can’t beat that, and it’s why we’ve been able to grow so quickly.”

In Tennessee as a whole, Pinnacle displaced Bank of America for the No. 4 position in statewide market share. Deposits in the four combined markets of Middle Tennessee, Memphis, Knoxville and Chattanooga grew nearly 27 percent year-over-year to $12.2 billion at June 30, 2018. In Knoxville, deposits shot up by 50 percent over June 30, 2017 levels to $1.3 billion. And in Nashville, Pinnacle became the No. 1 bank in terms of deposits with a year-over-year growth rate of 26 percent to just over $9 billion at June 30, 2018.

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 earned a place on FORTUNE’s 2017 and 2018 lists of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as one of America’s Best Banks to Work For six years in a row.

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.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $24.0 billion in assets as of June 30, 2018. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.

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