Pinnacle Climbs to No. 3 Bank by Deposits in the Greensboro-High Point MSA

Firm holds more than $2.3 billion in the Triad as a whole

Pinnacle Financial Partners is now the third-largest bank in the Greensboro-High Point 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 deposits by more than $133 million to $1.37 billion – a growth rate of more than 10 percent year-over-year. That’s the MSA’s second biggest deposit growth rate of the year and enough to put Pinnacle in the No. 3 spot overall at 11.36 percent of market share. Last year, Pinnacle rose to No. 4 by adding $92 million to its local deposit base.

“We are a bank with a lot of history in this community, and we are humbled that so many of our neighbors and local companies have chosen to do business with us,” said Rick Callicutt, Pinnacle’s chairman of the Carolinas and Virginia. “The Pinnacle name is still fairly new to this region, but our people have deep local roots. Our financial advisors have exceled at meeting their clients’ every need and winning new business with a level of service and advice that can’t be matched.”

In the Triad region as a whole, which is split into two different MSAs in the FDIC data, Pinnacle holds more than $2.3 billion in deposits. Statewide in North Carolina, Pinnacle is the 11^th largest bank in terms of deposits with $3.97 billion at June 30, 2018. Deposits shot up 74 percent year-over-year in Raleigh to nearly $294 million, which launched the firm from the No. 17 spot to No. 14 in market share. And in Charlotte, they 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.