KNOXVILLE – Pinnacle Financial Partners is now the fifth-largest bank in the Knoxville MSA in terms of deposits, according to new data from the Federal Deposit Insurance Corporation (FDIC).
During the 12 months ended June 30, 2018, Pinnacle grew local deposits by more than 50 percent to $1.36 billion – crossing the $1 billion mark for the first time. The firm added $458 million to its deposit base year-over-year and climbed to the No. 5 spot overall at 7.94 percent of total market share. In 2017, Pinnacle ranked No. 6 in deposits with just over $903 million, or 5.55 percent of market share.
“We are humbled to be the bank of record for a growing number of businesses and individuals in our community,” said Mike DiStefano, Pinnacle’s Knoxville president. “Deposits are the centerpiece of any banking relationship. As a full-service firm, we can do so much for our clients, and we work hard to meet all their needs. People come to Pinnacle because they want more from their bank, and our team of all-stars are only too happy to give it to them.”
In Tennessee as a whole, Pinnacle displaced Bank of America for the No. 4 position in statewide market share. Deposits in the four combined markets of Middle Tennessee, Memphis, Knoxville and Chattanooga grew nearly 27 percent year-over-year to $12.2 billion at June 30, 2018. In Memphis, deposits grew by 28 percent year-over-year to just over $1 billion at June 30, 2018. And in Nashville, Pinnacle became the No. 1 bank in terms of deposits with a year-over-year growth rate of 26 percent to just over $9 billion 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 expanded to East Tennessee in 2007 by hiring a team of local financial services professionals to start an office in Knoxville. Pinnacle now operates five offices in Knox County, one in Oak Ridge and one in Maryville. The firm is the sixth-largest bank in the Knoxville MSA in terms of deposits.
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.
Source: Pinnacle
