Pinnacle Financial Partners Crosses $2 Billion in Deposits in Knoxville

Firm grows local deposits by 27.7%, retains No. 4 share of market

Pinnacle Financial Partners has grown its deposits in the Knoxville MSA to more than $2.1 billion as of June 30, 2020, according to new data from the Federal Deposit Insurance Corporation (FDIC), the first time the firm has been over the $2 billion mark in Knoxville.

During the 12 months ended June 30, 2020, Pinnacle grew local deposits by 27.7 percent to $2.1 billion, adding $464.2 million in deposits in that period for 10.6 percent of total deposit market share. Pinnacle moved up to No. 4 in the market in terms of deposits in 2019 and retained that position in 2020.

“Pinnacle’s entire Knoxville team has been focused intently on gathering deposits, and their success is evident in the double-digit growth rate,” said Mike DiStefano, Pinnacle’s Knoxville president. “Our clients are attracted by a level of service they can’t find anywhere else and the financial expertise and custom solutions our experienced advisors provide.”

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, Pinnacle’s growth rate was the highest among the top 10 banks in the Knoxville MSA, and five of those lost market share despite gaining in dollar amounts.

Statewide in Tennessee, Pinnace grew deposits by $5.1 billion, or 37.5 percent, for a total of $18.6 billion. That’s 9.65 percent of the state’s deposit market share. In Nashville, the firm grew deposits by $3.8 billion in a single year, a 38.4 percent growth rate. Chattanooga saw deposits grow 50.9 percent to nearly $1.3 billion, while the Memphis team grew deposits 41.3 percent to $1.2 billion. In both those markets, Pinnacle crossed the billion-dollar mark for the first time.

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 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 fourth-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 $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.