Pinnacle Grew Deposits in National Capital Region by 56% to $995.1 Million

Firm rose to be No. 24 largest bank in the Washington, D.C. MSA in less than three years

Pinnacle Financial Partners, a Tennessee bank, is now a top 25 bank in the Washington D.C. MSA, rising to be the No. 24 largest bank by deposits as of June 30, 2024. That comes less than three years after the firm entered the market in late 2021. Pinnacle added $357.4 million in deposits in the 12 months ended June 30, 2024, for a total of $995.1 million and a growth rate of 56.1 percent—the second highest in the MSA. That’s more deposit dollar growth than any other Pinnacle market for this period.

Further to the north in the Baltimore MSA, Pinnacle earned a spot in the FDIC ranking for the first time, coming in at No. 32 of 42 with $85.7 million in deposits.

“Our growth trajectory is truly a reflection of the trust that our communities have placed in us,” said Carolyne Pelton, Pinnacle’s regional president in Northern Virginia and Maryland. “We’re so grateful for that trust, and our associates work hard every day to be worthy of it. They go above and beyond to make sure every client feels like they matter. That’s the Pinnacle way.”

Despite a difficult operating environment for banks, Pinnacle has remained on a growth trajectory thanks to a favorable competitive landscape. In the same period, two of the region’s largest banks lost significant deposits and market share, according to FDIC data. The firm’s award-winning culture and nationally recognized service levels attract the region’s most experienced and successful bankers along with their best clients. In the 12 months ended June 30, 2024, Pinnacle hired 15 new revenue producing bankers in Virginia and 12 in Maryland, including 14 in the D.C. area and nine for its Columbia-Merriweather office outside Baltimore.

Statewide, Pinnacle is the No.19 largest bank in Virginia by deposits and No. 55 in Maryland. Across its footprint, Pinnacle grew deposits in 18 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 15 of those markets, taking a greater percentage of overall local deposit pools, at a time when competition for bank deposits has been incredibly fierce.

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 entered the National Capital Region in November 2021 by recruiting six local financial services professionals to open an office in Northern Virginia. The firm is the No. 24 largest bank in the Washington, D.C. MSA by deposits, according to FDIC data as of June 30, 2024.

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 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.