Pinnacle Grows Local Myrtle Beach Deposits by $134.1 Million in One Year for 49.23% Growth

Pinnacle Financial Partners grew its local deposits in the Myrtle Beach MSA by $134.1 million in a single year for a total of $406.4 million in deposits as of June 30, 2022. That’s a year-over-year growth rate of 49.23 percent, according to data from the FDIC, the second largest deposit growth rate in the entire market. This makes Pinnacle the No. 14 bank in Myrtle Beach by deposits, up from No. 15 in 2021.

“This is aggressive growth and shows how strongly Pinnacle is committed to the Myrtle Beach community,” said Aaron Butner, Pinnacle’s area manager on the South Carolina coast. “Pinnacle as a firm regularly posts strong growth numbers, but even by our standards this is significant. It’s a testament to our team, made up of the very best bankers on the coast who serve clients with a level of service and advice they can’t get anywhere else. We’re grateful for the trust our clients place in us, and we’re ready to keep going and keep investing in Myrtle Beach. This is just getting started.”

Statewide in South Carolina, Pinnacle is the 10^th largest bank by deposits, up from No. 11 in 2021, with $1.9 billion in total deposits statewide as of June 30, 2022. That represents an increase of $187.2 million over 2021 for a growth rate of 11.1 percent. The Myrtle Beach MSA alone represents 71.6 percent of that increase, with the Greenville-Anderson MSA growing deposits by $20.4 million, Spartanburg by $19.0 million and Charleston by $19.2 million. Pinnacle’s deposits in Hilton Head shrank by $5.6 million in the 12-month period ending June 30, 2022.

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 2022 deposit data from the FDIC, is listed by Forbes among the top 25 banks in the nation and earned a spot on the 2022 list of 100 Best Companies to Work For® in the U.S., its sixth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle entered the South Carolina market in 2017 when it acquired BNC Bancorp, offering community bank service with the resources and sophistication of a larger firm. Pinnacle was named the No. 1 Top Workplace in South Carolina, midsize companies category, in 2022 and 2021 by Charleston Business Magazine, Greenville Business Magazine and Columbia Business Monthly, with top 10 finishes in 2019 and 2020. 

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $41.0 billion in assets as of September 30, 2022. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 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.