Pinnacle Grows Deposits by 74% in Raleigh MSA

Firm adds $125 million to local deposits

Pinnacle Financial Partners is one of the fastest growing banks in the Raleigh MSA with a year-over-year growth rate of 74 percent for the 12 months ended June 30, 2018. That was enough to lift the firm to No. 14 in market share, up from No. 17 last year.

In that period, Pinnacle grew local deposits in Raleigh by more than $125 million to a total of $293 million and increased its market share by more than 72 percent.

“Raleigh is on a growth trajectory, and we at Pinnacle are in a great position to help drive it,” said Mark Carlton, Pinnacle’s regional president in the Triangle. “Our goal is to meet a client’s every need, whether business, personal or wealth-related. We have a team of local, client-focused financial advisors who are skilled at building deep relationships and delivering the service and advice that Pinnacle is known for. The partnerships we build will lead to more great things for our community.”

Pinnacle operates three offices in Raleigh, with another four in Durham, Chapel Hill and Cary. For the Triangle region as a whole, which is split into two different MSAs in the FDIC data, Pinnacle grew deposits by 30 percent year-over-year to $562 million at June 30, 2018. Statewide in North Carolina, Pinnacle is the 11^th largest bank in terms of deposits with $3.97 billion at June 30, 2018. Deposits rose by more than $133 million year-over-year in Greensboro-High Point to nearly $1.37 billion, which moved the firm from No. 4 to No. 3 in market share. And in Charlotte, deposits are up 7 percent year-over-year to $733 million 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 entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.

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.