Pinnacle Financial Partners Rises 12 Spots in Atlanta Deposit Market Share Ranking, Grows Local Deposits by $213.07 Million in One Year

The firm is No. 30 of 82 banks in the market and posts a 66.33% growth rate

Pinnacle Financial Partners, a bank based in Nashville, TN, grew local deposits in the Atlanta MSA by $213.07 million during the 12 months ended June 30, 2023, for a total of $534.28 million and an annual growth rate of 66.33 percent year-over-year. According to data from the FDIC, the firm rose 12 spots in the deposit market share rankings to No. 30 with a market share of 0.23 percent. This growth is in spite of the fact that the top five banks on this list control more than 70 percent of all local deposits. In the same period the top three of those banks lost or removed a combined $9.5 billion in deposits from their local offices.

“We continue to be consistently impressed by our financial advisors who continue to garner new business like no others I’ve seen,” said Rob Garcia, Pinnacle’s regional president in Atlanta. “Our model is to seek complete relationships with people who want more from their financial institution. We offer a full slate of sophisticated products and services with a community bank level of service. You can’t beat that, and it’s why we’ve been able to grow so quickly while the biggest banks in town are shrinking.”

Team Pinnacle in Atlanta added a new full-service office this year to serve more of the Atlanta MSA alongside their existing offices in southern Cobb County and Buckhead. The new location in the Avalon area of Alpharetta opened in March of 2023. Pinnacle now has 86 associates serving the market, with its hiring success due largely to an award-winning workplace culture that has consistently been named one of the best in Atlanta.

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 growth in 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 expanded to Georgia in 2020 by hiring a team of local financial services professionals to start an office in Atlanta. The firm was named to the list of Best Places to Work in Atlanta, medium company category, three years in a row by the Atlanta Business Chronicle, including a No. 1 ranking in 2022 and No. 2 in 2023.

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.