Pinnacle Grows to $3 Billion in Local Triad Deposits

Firm added $331.4 million to 2021 total for 12.28% growth

Pinnacle Financial Partners grew local deposits to more than $3.0 billion in the Triad region, as of June 30, 2022, up from $2.7 billion one year prior for a growth rate of 12.28 percent. According to data from the FDIC, the firm saw significant growth in each of the three MSAs that make up the Triad region:

• Greensboro-High Point
  • $2.2 billion in deposits
  • $276.2 million increase
  • 14.72 percent growth rate
  • No. 4 bank by deposits
• Winston-Salem
  • $791.1 million in deposits
  • $47.7 million increase
  • 6.42 percent growth rate
  • No. 7 bank by deposits
• Burlington
  • $86.0 million in deposits
  • $7.6 million increase
  • 9.63 percent growth rate
  • No. 9 bank by deposits

“Pinnacle’s success in the Triad is the result of hundreds of hard working associates creating a recognizably different banking experience,” said Reid Marks, Pinnacle’s regional president in central North Carolina. “Pinnacle is at home here, and our friends and neighbors honor us with their trust. At a time when our communities need to know their banks are dedicated to remaining local, Pinnacle is growing in this region at a pace few can match.”

The Triad is Pinnacle’s home base in the Carolinas and Virginia, with a significant number of client-facing and support associates based there, as well as Carolinas and Virginia Chairman Rick Callicutt. The local team grew by 35 from August 2021 to August 2022, due in large part to the firm’s award-winning workplace culture. Earlier in 2022, Pinnacle was named the No. 1 best workplace by the Triad Business Journal for the fourth consecutive year.

Statewide in North Carolina, Pinnacle ranks No. 12 in terms of deposits with $6.0 billion as of June 30, 2022. That’s an increase of $654 million from one year prior, a growth rate of 12.22 percent. In the Triad region, the total is $3.0 billion with a 12.28 percent growth rate, while the Triangle is up $68.0 million to $941.6 million total and a 7.69 percent growth rate.

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 North Carolina market in 2017 when it acquired BNC Bancorp, offering community bank service with the resources and sophistication of a larger firm. Pinnacle is ranked as the No. 1 workplace in the Triad, Triangle and Charlotte markets, as listed by the Triad Business Journal, Triangle Business Journal and Charlotte Observer.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $40.1 billion in assets as of June 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.