Pinnacle is the Third Largest Bank in Roanoke by Deposits

Firm grows local deposits by 28.3% to $752.3 million

Pinnacle Financial Partners has grown its deposits in the Roanoke MSA to more than $752.3 million as of June 30, 2020, according to new data from the Federal Deposit Insurance Corporation (FDIC). That moves the firm up to No. 3 in the deposit market share rankings from No. 4 in 2019. 

During the 12 months ended June 30, 2020, Pinnacle grew local deposits by $166 million, or an increase of 28.3 percent, for 9.1 percent of total market share. 

“I credit our associates for the terrific growth we’ve seen here in the last three years, as well as Pinnacle’s intentional investment in our people and presence in Virginia,” said David Allen, Pinnacle’s regional president in Western Virginia. “Our team is packed with locals who know what the people and businesses of the Valley need, and we’ve all put in a lot of hard work to help them through a difficult year. We’re honored to have earned their trust.” 

As businesses and individuals sought more liquidity in the face of economic turbulence, nearly every bank in the market saw a significant increase in deposit totals. Still, Pinnacle’s growth rate was the highest among the top 10 banks in the Roanoke MSA, as was its gain in market share, while five of those 10 lost market share despite gaining in dollar amounts. 

For the first time, Pinnacle also holds deposits in Lynchburg, having converted a loan production office into a full-service one in June. In that short period, the firm pulled in $12 million in local deposits. Statewide in Virginia, Pinnacle holds $764 million in deposits and moved to No. 38 in state deposit market share, up from No. 41 at June 30, 2019. 

Between June 30, 2017, and June 30, 2020, Pinnacle grew its Roanoke deposit base by 47.4 percent, adding $252 million to its total. Earlier this year, Pinnacle finished and opened its new main office in Roanoke at the gateway to downtown, the corner of Campbell Avenue and Williamson Road SE. 

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

Pinnacle entered the Virginia 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 was recognized as the No. 6 Best Place to Work in Virginia byVirginia Businessmagazine in 2020.  

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 atwww.pnfp.com.