Pinnacle Grows Local Deposits by 21% in Raleigh-Cary MSA
Firm holds more than $600 million in the Triangle as a whole
Pinnacle Financial Partners’ growth in the Raleigh area has continued as the firm added nearly $63 million in local deposits during the 12 months ended June 30, 2019, for a total of $356 million, according to new data from the Federal Deposit Insurance Corporation (FDIC). When added to the Durham-Chapel Hill MSA, which is measured separately by the FDIC, Pinnacle held more than $603 million in deposits in the area on that day.
“This is a heavily competitive market, so we are very grateful to our clients for their business and their trust,” said Mark Carlton, Pinnacle’s regional president in eastern North Carolina. “This area has seen tremendous growth, and we’re positioned to take part and help develop it further. We believe no one in the Triangle can offer what we can, which is a team of local bankers giving small bank service with the capabilities of a larger firm. It’s a powerful combination.”
Between June 30, 2017, and June 30, 2019, Pinnacle grew its Raleigh-Cary MSA deposit base by 111 percent and by 40 percent across the Triangle as a whole. That places the firm at No. 14 in the Raleigh-Cary MSA, No. 8 in the Durham-Chapel Hill MSA and No. 13 in the combined area. Statewide in North Carolina, Pinnacle is the 12th largest bank in terms of deposits, with $4.18 billion at June 30, 2019.
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 2019 list of the 100 Best Companies to Work For® in the U.S., its third consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.
Pinnacle entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $26.5 billion in assets as of June 30, 2019. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.
Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.
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