Pinnacle Financial Partners Crosses $1 Billion in Deposits in Chattanooga

Firm grows local deposits by 50.9%, retains No. 4 share of market

Pinnacle Financial Partners has grown its deposits in the Chattanooga MSA to more than $1.28 billion as of June 30, 2020, according to new data from the Federal Deposit Insurance Corporation (FDIC), the first time the firm has been over the billion-dollar mark in Chattanooga.

During the 12 months ended June 30, 2020, Pinnacle grew local deposits by 50.9 percent to $1.28 billion, adding $434.2 million in deposits in that period for 10.6 percent of total deposit market share. Pinnacle retains its No. 4 position in the market in terms of deposits.

“We never stop working for our clients, especially in times of financial uncertainty,” said Craig Holley, Pinnacle’s Chattanooga chairman. “This year has brought a lot of changes for local families and businesses, and our team’s commitment to helping them is stronger than ever. We’re honored to earn more and more of our community’s trust.”

As businesses and individuals sought more liquidity in the face of economic turbulence, nearly every bank in the market saw a significant increase in deposit totals. Still, Pinnacle’s growth rate was the highest among the top 10 banks in the Chattanooga MSA and more than twice the growth rate of its nearest competitor. Six of those 10 lost market share despite gaining in dollar amounts.

Statewide in Tennessee, Pinnace grew deposits by $5.1 billion, or 37.5 percent, for a total of $18.6 billion. That’s 9.65 percent of the state’s deposit market share. In Nashville, the firm grew deposits by $3.8 billion in a single year, a 38.4 percent growth rate. Knoxville saw deposits grow 27.7 percent to $2.1 billion, while the Memphis team grew deposits 41.3 percent to $1.2 billion. Pinnacle crossed the $2 billion and $1 billion milestones respectively in those markets for the first time.

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. Pinnacle earned a spot on FORTUNE’s 2020 list of the 100 Best Companies to Work For^® in the U.S., its fourth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.

Pinnacle began serving Chattanooga in 2015 when it acquired CapitalMark Bank & Trust, a community institution with an excellent record of service and growth. Pinnacle continues that tradition: the firm is the fourth-largest bank in Chattanooga in terms of deposits and is also one of the fastest growing.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $33.3 billion in assets as of June 30, 2020. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.

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