Pinnacle Grows Triangle Deposits by 23.5% to $745.4 Million

Pinnacle Financial Partners has grown its deposits in the combined MSAs that make up the Triangle to $745.4 million, according to new data from the Federal Deposit Insurance Corporation (FDIC).

During the 12 months ended June 30, 2020, Pinnacle grew local deposits by 23.5 percent in the market as a whole, adding $142.2 million. In Raleigh-Cary, deposits grew 36.2 percent to $485.8 million, rising to No. 13 in deposit market share from No. 14 at June 30, 2019. In Durham-Chapel Hill, the growth rate was 5 percent to $259.5 million, with Pinnacle holding steady at No. 8 in deposit market share.

“When people need financial advice and service in our community, they’re turning to Pinnacle in greater numbers,” said Mark Carlton, Pinnacle’s regional president in Eastern North Carolina. “This has been a tough year for a lot of families and businesses, and they need trusted financial partners in their corner. That’s why most of us got into this business: To help our neighbors and lift our local economy. We’re grateful for the chance to do our part for the Triangle.”

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, 11 of the top 20 banks in the Raleigh-Cary MSA lost market share despite an increase in deposit dollar amounts. Pinnacle increased both. 

Statewide in North Carolina, Pinnace grew deposits by $824.1 million, or 19.7 percent, for a total of $5.0 billion. That’s 1.0 percent of the state’s deposit market share. In Greensboro-High Point, the firm grew deposits by 20.0 percent to $1.7 billion. In Charlotte, Pinnacle saw deposits increase 46.2 percent growth to $1.2 billion, the first time the firm has crossed the billion-dollar mark in that market.

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 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 $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.