Pinnacle Grows to No. 1 Bank in Nashville for Deposits

FDIC data show the firm leads every other bank in market share

Pinnacle Financial Partners is the No. 1 bank in the Nashville-Davidson-Murfreesboro-Franklin MSA by deposit market share, according to the June 30, 2018 data from the FDIC. The firm leapt ahead of a large regional bank and one of the biggest banks in the nation to earn the top spot. Last year, Pinnacle sat at No. 3 below Regions (No. 2) and Bank of America (No. 1).

“Nashville likes banking locally, and that’s why we’ve gathered so many local deposits this year,” said M. Terry Turner, Pinnacle’s president and CEO. “Our strategy has always been to get underneath the large regional and national banks and take their market share by offering what we believe is a better banking experience. That’s exactly what we’ve done in Middle Tennessee and our other markets, and it’s why we’re No. 1 here at home.”

Pinnacle grew its locally held deposits by more than 26 percent from June 30, 2017 to June 30, 2018 to just over $9 billion. That represents 14.67 percent of all deposits in the area and is nearly $377 million ahead of the No. 2 bank. The firm now holds more deposits in the Nashville MSA than in all of its other markets combined.

In Rutherford County, Pinnacle held strong to the No. 1 spot in deposit market share. The firm grew deposits by 10 percent year-over-year to $1 billion at June 30, 2018, which is 22 percent of the market share. Similarly in Wilson County, Pinnacle’s deposits grew by 12 percent year-over-year to $319 million at June 30, 2018, enough to hold on to No. 2 in market share at more than 23 percent.

“You can’t overstate the importance of Nashville’s No. 1 bank also being locally owned and operated,” Turner said. “Our city deserves a local bank of consequence that cares about the community. We’ve worked and sweated and scrapped for 18 years to get to this point, and I couldn’t be more humbled by the success.”

In Tennessee as a whole, Pinnacle displaced Bank of America for the No. 4 position in statewide market share. Deposits in the four combined markets of Middle Tennessee, Memphis, Knoxville and Chattanooga grew nearly 27 percent year-over-year to $12.2 billion at June 30, 2018. In Knoxville, deposits shot up by 50 percent over June 30, 2017 levels to $1.3 billion. And in Memphis, deposits grew by 28 percent year-over-year to just over $1 billion at June 30, 2018.

“These numbers speak to the power of our model in seeking complete relationships with clients who want more from their financial institution,” Turner said. “When you can offer the full slate of sophisticated products and services of a big bank with the community bank level of service, your business will grow. That approach will beat a battle over interest rates any day.”

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 2018 deposit data from the FDIC. Pinnacle earned a place on FORTUNE’s 2017 and 2018 lists of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as one of America’s Best Banks to Work For six years in a row.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $24.0 billion in assets as of June 30, 2018. 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.