Pinnacle's Growth in Deposit Market Share Outpaces Top 3 Competitors in Nashville MSA

Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) grew its deposit market share within the Nashville-Davidson-Murfreesboro-Franklin metropolitan statistical area (Nashville MSA) more than the top three regional banks for the 12 months ended June 30, 2014, according to a recent Federal Deposit Insurance Corporation (FDIC) report.

At June 30, 2014, Pinnacle ranked fourth in total deposits among the 65 financial institutions that operate in the Nashville MSA. Pinnacle grew its deposit market share in the Nashville MSA to 9.36 percent as of June 30, 2014 from 8.85 percent as of June 30, 2013 for an increase of 0.51 percentage points.

Pinnacle added more than $512 million in deposits since June 30, 2013 for a growth rate of 14.2 percent.

“Our deposit market share gains continue the trend of smaller competitors taking share from larger regional and national banks,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Pinnacle’s model is to create a great work environment so we can attract the best financial services professionals whose clients will follow them to our firm. These market share growth figures, along with the fact that we were recently named the fifth-best medium-sized workplace in the country, shows that it’s an effective strategy.”

In the Knoxville MSA, Pinnacle grew its deposits by approximately $61 million since June 30, 2013, giving the firm 3.45 percent market share at June 30, 2014. The firm’s deposit growth rate in the Knoxville MSA was 13.7 percent from June 30, 2013 to June 30, 2014, which was higher than any other bank in the top 10. Pinnacle retained its No. 6 position in the Knoxville MSA.

Pinnacle maintained the top spot in Rutherford County with 26.38 percent market share and is the third-largest financial institution in Wilson County with 11.12 percent market share.

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 began operations in a single downtown Nashville location in October 2000 and has since grown to approximately $5.8 billion in assets at June 30, 2014. At June 30, 2014, Pinnacle is the second-largest bank holding company headquartered in Tennessee, with 29 offices in eight Middle Tennessee counties and four offices in Knoxville. Additionally, Great Place to Work^® named Pinnacle one of the best workplaces in the United States on its 2014 Best Small & Medium Workplaces list published in FORTUNE magazine. The American Banker has recognized Pinnacle as the best bank to
work for in the country.

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

 

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