Pinnacle is the No. 30 Bank by Deposits in the Washington, D.C. MSA After Just 18 Months in Operation

Firm added $637.68 million in deposits in 12 months

Just 18 months after hiring its first local associates in the National Capital Region and with just one year of deposit gathering, Pinnacle Financial Partners is among the top 50 percent of banks by deposit market share in the Washington, D.C. MSA. The bank added $637.68 million in deposits in the 12-month period ended June 30, 2023, according to FDIC data. That represents 0.21 percent of available market share, enough for the No. 30 ranking out of 72 total banks in the market—all of this despite very limited physical offices being open in this time period.

“You can’t get this level of growth without a team of the very best bankers,” said Carolyne Pelton, Pinnacle’s regional president. “We are a magnet for top talent because we’re one of the best places to work anywhere. Their clients follow and honor us with their trust because we’re able to serve them free of the bureaucracy that often holds them back at other banks. Pinnacle offers the best of both worlds, giving us the ideal experience for both associates and clients. This growth is just the beginning, we have so much to offer this market and have no plans to slow down.”

Pinnacle’s story in the National Capital Region has moved quickly, with the first associates hired in December 2021, its first permanent space in McLean, VA, opening in spring 2023, a retail office in the same building that summer and another location in Columbia, MD, shortly after. Another Maryland office is in the planning stages now, and additional office construction at Tysons Corner is underway to accommodate the rapid pace of hiring.

Statewide in Virginia, Pinnacle rose from No. 35 by deposits to No. 22 with $626.07 million in growth for a total of $1.60 billion and 0.53 percent of market share as of June 30, 2023. In Lynchburg in central Virginia, Pinnacle grew deposits by 165.64 percent annually, or $37.60 million to a total of $60.30 million and 0.95% market share at June 30, 2023. In Roanoke in western Virginia, the firm lost 5.18 percent of deposits, taking it to a total of $901.05 million at June 30, 2023.

Across its footprint, Pinnacle grew deposits by $5.21 billion in the 12 months ended June 30, 2023, for an annual growth rate of 15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs measured by the FDIC, it saw growth in 19, including 10 with double-digit growth rates, two hitting triple-digits and seven where it is the fastest growing bank by deposit dollars. 

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 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC and is listed by Forbes as No. 27 among America’s Best Banks, higher than any other bank headquartered in Tennessee, North Carolina, South Carolina or Georgia. Pinnacle also earned a spot on the 2023 list of 100 Best Companies to Work For® in the U.S., its seventh consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 10 years in a row and No. 1 among banks with more than $11 billion in assets in 2022.

Pinnacle entered the National Capital Region in November 2021 by recruiting six local financial services professionals to open an office in Northern Virginia. The firm was recognized as the No. 6 Best Place to Work in Virginia by Virginia Business magazine in 2020.

Pinnacle began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $46.9 billion in assets as of June 30, 2023. As the second-largest bank holding company headquartered in Tennessee, the firm operates in 17 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.