Pinnacle Grows to the Fourth Largest Bank by Deposits in the Greensboro-High Point MSA

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) is now the fourth largest bank in the Greensboro-High Point 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 $92 million in deposits in the MSA, giving the firm 10.4 percent market share. That’s enough to land at the No. 4 spot, overtaking a large regional bank that slipped from No. 3 to No. 5.

“This is exactly the movement and trajectory we want,” said Rick Callicutt, Pinnacle’s chairman in the Carolinas and Virginia. “Our firm’s strategy is to enter a market and then achieve aggressive organic growth through hiring and taking competitors’ market share. That storyline is already starting to play out in the Triad, and we have momentum behind us.”

In the previous year’s report, High Point Bank and Bank of North Carolina held a combined 9.8 percent market share and ranked at Nos. 6 and 8, respectively. Those firms combined in late 2016 and then merged with Pinnacle in June 2017. Pinnacle had no presence in the market prior to 2017.

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 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 $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.