Pinnacle Grows Upstate Deposits by 15.9% to $367.2 Million

Market share rank in Greenville MSA rises to No. 12

Pinnacle Financial Partners has grown its deposits in the combined MSAs that make up Upstate South Carolina to $367.2 million, according to new data from the Federal Deposit Insurance Corporation (FDIC).

During the 12 months ended June 30, 2020, Pinnacle grew local deposits by 15.9 percent in the market as a whole, adding $50.4 million. In Greenville-Anderson, deposits grew 17.3 percent to $305.7 million, elevating Pinnacle to No. 12 in deposit market share from No. 13 at June 30, 2019. In Spartanburg, the growth rate was 14.6 percent to $61.5 million, holding the firm steady at No. 14 in deposit market share.

“Many businesses and their owners have been focused on shoring up their finances during a tough year, and our associates have been there to help,” said Ed Stein, Pinnacle’s regional president in the Upstate. “In times of need, they turn to banks that earn their trust and make it easy to do business. Our team does both, which is why they’ve been able to drive such incredible growth.”

Statewide in South Carolina, Pinnace grew deposits by $172.9 million, or 14 percent, for a total of $1.4 billion. That’s 1.34 percent of the state’s deposit market share, enough to rise to No. 11 in the ranking, up from No. 12 at June 30, 2019. In Charleston, the firm grew deposits by 21 percent to $728 million.

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 2020 list of the 100 Best Companies to Work For^® in the U.S., its fourth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.

Pinnacle entered the South Carolina market in 2017 when it acquired BNC Bancorp. 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 $33.3 billion in assets as of June 30, 2020. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.