Pinnacle Grows Deposit Market Share by 67 Percent in Memphis MSA

Firm breaks into the top 10 for the first time

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) is now the seventh largest bank in the Memphis metropolitan statistical area (MSA) in terms of deposits, according to a recent Federal Deposit Insurance Corporation (FDIC) report.

During the 12 months ended June 30, 2017, Pinnacle added more than $315 million in deposits in the MSA, representing a growth rate of 67 percent. That’s enough to move the firm from No. 11 in 2016 to No. 7 in 2017 among the 56 financial institutions that operate in the market.

“It’s a special thing to enter a market through acquisition and achieve high levels of organic growth this quickly,” said Kirk Bailey, Pinnacle’s Memphis Chairman. “I am proud of the growth our team has accomplished in two years in Memphis. We will continue to work our strategy of hiring the best bankers in the market so we can continue to take market share from our competitors.”

All other banks in the top 10 we either flat, made very modest gains or, in the case of one large regional bank, lost significant market share. Pinnacle’s deposits in the market at June 30, 2017 were nearly $787 million.

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 list of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as the sixth-best bank to work for in 2017.

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 $20.9 billion in assets as of June 30, 2017. 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.