Pinnacle Financial Partners is the Fastest Growing Bank in Bowling Green MSA and All of Kentucky

The firm more than doubled its local deposits, according to FDIC data

Pinnacle more than doubled its local deposits in the Bowling Green MSA in the 12 months ended June 30, 2024, for a total of $146.2 million and 3.2 percent of market share. That’s an annual growth rate of 101.9 percent, propelling the firm to be the fastest growing bank in both Bowling Green and all of Kentucky by year over year percentage growth in deposits, as well as the 12th largest bank in the MSA, according to FDIC data. That’s up from No. 15 in 2023, illustrating Pinnacle’s rapid rise as a go-to banking institution in South Central Kentucky.

"The growth we've seen here speaks volumes about the relationships we’ve built,” said Rick Seadler, Pinnacle’s regional president. “South Central Kentucky needs a bank like Pinnacle to fill the hole left by big banks that often overlook communities like ours. Our team is built of experienced bankers who are fully dedicated to serving our clients, and that’s why we’ve been able to earn and keep their trust.”

Despite a difficult operating environment for banks, Pinnacle has remained on a growth trajectory thanks to a favorable competitive landscape. The firm’s award-winning culture and nationally recognized service levels attract Bowling Green’s most experienced and successful bankers along with their best clients. In the 12 months ended June 30, 2024, Pinnacle hired eight new revenue producing bankers in Kentucky.

Statewide, Pinnacle added $122.3 million during the 12 months ended June 30, 2024, bringing its total to $194.7 million for a growth rate of 169.0 percent—the highest year over year percentage rate of growth in Kentucky. The firm is in a seven-way tie as the No. 89 largest bank in the state by deposits. In the Louisville MSA, Pinnacle appeared on the FDIC rankings for the first time, coming in at No. 34 with $48.6 million in deposits.

Across its footprint, Pinnacle grew deposits in 21 out of 27 MSAs measured by the FDIC, including 12 with double-digit growth and one with triple-digit growth. The firm grew share in 20 of those markets, taking a greater percentage of overall local deposit pools, at a time when competition for bank deposits has been incredibly fierce.

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 is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2024 deposit data from the FDIC. Pinnacle is No. 11 on FORTUNE magazine’s 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.

Pinnacle began working in Kentucky in 2017, serving clients from Nashville, TN. The firm officially launched its first locally-based teams and offices in the state in 2022 by recruiting high-performing teams of bankers to bring Pinnacle into Bowling Green, Louisville and the surrounding areas.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $49.4 billion in assets as of June 30, 2024. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several primarily urban markets across the Southeast.

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