Pinnacle Financial Partners is the Fastest Growing Bank in Huntsville

The firm holds $301.23 million in local deposits according to FDIC data

Pinnacle Financial Partners, a bank headquartered in Nashville, TN, is the fastest growing bank in Huntsville by deposits, adding $85.64 million to its total of $301.23 million in local dollars at June 30, 2023, a 38.72 percent annual growth rate. That places the firm at No. 12 on the list of biggest banks by deposit market share with 2.71 percent, up from No. 30 just one year earlier, according to data from the FDIC as of June 30, 2023.

“I am proud of the growth our team has accomplished in the short time we’ve been in Huntsville,” said Jason Baldwin, Pinnacle’s regional president. “We will continue to work our strategy of hiring the best bankers in the market so we can bring more of Pinnacle’s distinctive service and effective advice to more of our community. We’re just getting started.”

Statewide in Alabama, Pinnacle grew deposits by $227.52 million to a total of $552.22 million and 0.41 percent of market share as of June 30, 2023. That puts Pinnacle at No. 38 statewide, up from No. 52 at June 30, 2022. In Birmingham, deposits grew by an astonishing 291.28 percent in the 12 months ended June 30, 2023, adding $186.84 million for a $250.99 million total and 0.52 percent of market share. The firm ranks No. 23 in the Birmingham MSA, rising from No. 31.

Across its footprint, Pinnacle grew deposits by $5.21 billion in the 12 months ended June 30, 2023, for an annual growth rate of 15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs measured by the FDIC, it saw growth in 19, including 10 with double-digit growth rates, two hitting triple-digits and seven where it is the fastest growing bank by deposit dollars. 

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 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC and is listed by Forbes as No. 27 among America’s Best Banks, higher than any other bank headquartered in Tennessee, North Carolina, South Carolina or Georgia. Pinnacle also earned a spot on the 2023 list of 100 Best Companies to Work For® in the U.S., its seventh consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 10 years in a row and No. 1 among banks with more than $11 billion in assets in 2022.

Pinnacle entered Alabama in the summer of 2021 by hiring a team of local financial services professionals to open offices in Huntsville and Birmingham.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $46.9 billion in assets as of June 30, 2023. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 17 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.