Pinnacle Grew Local Triad Deposits to $3.1 Billion, Gained Market Share Ranking in Winston Salem and Greensboro High Point MSAs

FDIC data show Pinnacle grew in the region and North Carolina as a whole

In the combined MSAs that make up Pinnacle's NC Central region, the firm grew local deposits by $57.8 million in the 12 months ended June 30, 2024, for a total of $3.1 billion. In Winston-Salem, Pinnacle is the No. 6 largest bank by deposits, up from No. 7 in 2023, according to FDIC data. That comes from $122.7 million in growth for a total of $1 billion, a 13.7 annual percent growth rate for 7.0 percent of market share. In Greensboro-High Point, the firm also rose in the rankings to become the third largest bank in the MSA by deposits, by growing to 12.1 percent market share and a total of $2 billion.

In nearby Burlington, Pinnacle is the No. 7 largest bank with $132.1 million. That's up by $21.2 million over June 30, 2023, representing a 19.1 annual percent annual growth rate and the largest dollar increase of any bank in the MSA in the 12 months ended June 30, 2024.

"We don't take it for granted when clients choose Pinnacle," said David Allen, Pinnacle's regional chairman. "Our growth trajectory is a direct result of the care and attention our associates give to every client. They're the ones making it happen."

Despite a difficult operating environment for banks, Pinnacle has remained on a growth trajectory thanks to a favorable competitive landscape. The firm's award-winning culture and nationally recognized service levels attract the area's most experienced and successful bankers along with their best clients. In the 12 months ended June 30, 2024, Pinnacle hired 26 new revenue producing bankers in North Carolina, including seven in the Triad region.

Statewide, Pinnacle is the No. 11 largest bank in North Carolina by deposits. The firm added $289.8 million of deposits across the state during the 12 months ended June 30, 2024, bringing its total to $6.5 billion and 0.9 percent market share. In the Charlotte MSA, Pinnacle is No. 7 with $2.0 billion in deposits, having grown by $230.5 million in the same period for an annual growth rate of 13.1 percent. In the Durham-Chapel Hill MSA, the firm rose to the No. 9 ranking with $323.2 million in deposits and 1.9 percent market share, while in the Raleigh-Cary MSA its No. 15 with $692.6 million.

Across its footprint, Pinnacle grew deposits in 21 out of 27 MSAs measured by the FDIC, including 12 with double-digit growth and one with triple-digit growth. The firm grew share in 20 of those markets, taking a greater percentage of overall local deposit pools, at a time when competition for bank deposits has been incredibly fierce.

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 2024 deposit data from the FDIC. Pinnacle is No. 11 on FORTUNE magazine's 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America's Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.

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 $49.4 billion in assets as of June 30, 2024. As the second-largest bank holding company in Tennessee, Pinnacle operates in several 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.