Pinnacle Is the No. 1 and Fastest Growing Bank in Nashville by Deposit Share With $16.7 Billion in Local Deposits, No. 3 in Tennessee With $23.4 Billion

NASHVILLE, Tenn.--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) is the No. 1 bank in Nashville in terms of deposits for the fifth consecutive year and is also the fastest growing based on deposit growth. According to FDIC data from June 30, 2022, Pinnacle holds $16.7 billion in deposits within the Nashville-Murfreesboro-Franklin MSA, which represents Davidson, Williamson and Rutherford counties. That's an increase of more than $2 billion from one year earlier, an annual increase greater than any other bank in the market, for a growth rate of 13.97 percent. Pinnacle's total market share in the MSA is 18.03 percent, compared to 16.43 percent at June 30, 2021.

Statewide in Tennessee, Pinnacle is now the third-largest bank in terms of deposits, moving up one place from 2021, and the second largest with headquarters in Tennessee behind First Horizon, which has announced that it is being acquired by Canadian firm TD Bank. Pinnacle added $2.9 billion in Tennessee deposits in the 12 months ended June 30, 2022, bringing its total deposits at that date to $23.4 billion for an annual growth rate of 13.90 percent, market share of 10.52 percent and the biggest dollar amount gain in the state during this period.

Across its footprint, Pinnacle held $32.8 billion in deposits at June 30, 2022, up $4.3 billion from one year earlier, for 15.00 percent growth. Of the 23 Pinnacle MSAs measured by the FDIC, 20 grew local deposits during the 12-month period ended June 30, 2022. Of those, 12 grew local deposits by double or triple digits, including 154.55 percent growth in the Atlanta MSA and 31.88 percent growth in the Memphis MSA year-over-year.

"In the banking industry, it is hard to achieve a differentiated position that attracts clients in large numbers from other financial institutions," said M. Terry Turner, Pinnacle's president and CEO. "But this last year, we pulled away from the pack and further solidified the dominant position in our hometown of Nashville while also achieving growth that's impressive by any measure in other high-growth markets like Atlanta, Charlotte, Memphis and more. This is what happens when you hire the best financial professionals and give them the room and resources they need to serve their clients. It sounds too simple, but that always has been and always will be our strategy."

Each of the other top five banks in Nashville either lost deposits and market share or made much more modest gains than Pinnacle. The Nashville MSA as a whole gained nearly $3.5 billion in deposits from June 30, 2021, to June 30, 2022, and Pinnacle's deposit gain of $2 billion in the same period represents 57 percent of that increase.

Highlights from other markets in the most recent FDIC report include:


As of June 30, 2022, Pinnacle's team in the Atlanta MSA more than doubled their deposit base with $321.2 million in local deposits, up from $126.2 million one year earlier. That's a growth rate of 154.55 percent—the largest in the firm and enough to be ranked No. 42 out of 83 banks in the Atlanta MSA on the most recent FDIC list. The market as a whole lost $26.9 billion in deposits, largely at megabanks like Wells Fargo, which lost $33.4 billion from its local total, and Truist, which lost $2.9 billion from its Atlanta offices.

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Pinnacle is now the third largest and fastest growing bank in the Memphis MSA in terms of deposits, reaching a goal set by the firm's leadership when it entered the market in 2015. Pinnacle held $2.2 billion in local deposits at June 30, 2022, adding $541.7 million and continuing a streak of impressive growth in West Tennessee. This is the first time the firm has crossed $2 billion in deposits in the Memphis MSA and its first time with more than 5 percent market share at 5.36 percent. Nos. 2 and 3 on the list hold a much greater percentage of market share but either lost deposits (First Horizon down $912 million) or made much more modest gains (Regions added $223.8 million).


Pinnacle grew Charlotte MSA deposits by $235.8 million during the 12 months ended June 30, 2022, for a total of $1.7 billion and a growth rate of 15.86 percent. In the banking center of the Southeast, where three national megabanks hold nearly 92 percent of all available deposits, Pinnacle gained ground with a fraction of the number of associates and offices, coming in at No. 8 in the market in terms of deposits.


Pinnacle is still the fourth biggest bank in the Chattanooga MSA by deposits, with $1.6 billion as of June 30, 2022. That's up by $213.5 million from one year earlier, or 15.71 percent, in a rapidly growing market that saw a significant increase in the total amount of available deposits. The MSA as a whole grew deposits by $1.4 billion, with Pinnacle's growth representing approximately 15 percent of that. The second MSA in Pinnacle's Chattanooga market is nearby Cleveland, TN, where Pinnacle grew deposits by $10.3 million to $310.6 million or 12.26 percent market share to rank No. 5.

Greensboro-High Point-Winston-Salem

In the three MSAs that make up Pinnacle's North Carolina Central market, Pinnacle grew deposits by $331.4 million during the 12 months ended June 30, 2022, for a total of $3.0 billion. In the Greensboro-High Point MSA, where Pinnacle is the fourth largest bank by deposits, the firm increased deposits by $276.2 million to $2.2 billion for 11.54 percent market share. In the Winston-Salem MSA, Pinnacle added another $47.7 million for a $791.1 million total, 5.30 percent market share and a No. 7 ranking. In the small community of Burlington, Pinnacle added $7.6 million to $86 million, 3.05 percent market share and the No. 9 spot. The growth rate for the combined market was 12.28 percent, crossing $3 billion for the first time.

Charleston and Surrounding Cities

On the South Carolina coast, Pinnacle's three MSAs grew deposits by 11.58 percent to $1.4 billion as of June 30, 2022. The Myrtle Beach MSA saw the largest increase, adding $134.1 million to its local deposit total of $406.4 million for a 49.23 percent growth rate and a rank of No. 14. In the Charleston MSA, the firm added 2.07 percent for $950.3 million and the No. 7 spot. Pinnacle's office in Hilton Head saw a decrease of $5.6 million but maintained its No. 14 ranking.

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Roanoke and Western Virginia

Pinnacle is still the third largest bank in the Roanoke MSA by deposits, inching closer to 10 percent market share with an increase of $158.7 million to a total of $950.3 million as of June 30, 2022. That's a growth rate of 20.05 percent and market share of 9.76 percent. In nearby Lynchburg, with just one office, Pinnacle grew deposits by 83.56 percent, or $10.3 million, to a total of $22.7 million and the No. 15 spot.


Just two weeks past their one-year mark with the firm, Team Pinnacle in the Huntsville MSA moved into the top half of all banks in the market by deposits, ranking No. 15 out of 33. The firm held $215.6 million in local deposits as of June 30, 2022, representing 1.84 percent market share.

Raleigh-Durham-Chapel Hill

Pinnacle added $68.0 million in deposits in the two MSAs that make up the firm's North Carolina Eastern market: $36.9 million in Durham-Chapel Hill to rank No. 9 and $31.1 million in Raleigh-Cary for No. 13. Pinnacle now holds $951.6 million in these markets as a whole as of June 30, 2022, up 7.69 percent.

Upstate South Carolina

In Upstate South Carolina, which combines the Greenville and Spartanburg MSAs, Pinnacle held $451.7 million in deposits at June 30, 2022. That's up by $39.5 million from one year earlier, or 9.58 percent. In both markets combined, Pinnacle is the 13th largest bank by deposits.

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 2022 deposit data from the FDIC, is listed by Forbes among the top 25 banks in the nation and earned a spot on the 2022 list of 100 Best Companies to Work For® in the U.S., its sixth consecutive appearance. American Banker recognized Pinnacle as one of America's Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle owns a 49 percent interest in Bankers Healthcare Group (BHG), which provides innovative, hassle-free financial solutions to healthcare practitioners and other licensed professionals. Great Place to Work and FORTUNE ranked BHG No. 4 on its 2021 list of Best Workplaces in New York State in the small/medium business category.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $40.1 billion in assets as of June 30, 2022. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 primarily urban markets across the Southeast.

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


Joe Bass
(615) 743-8219
Filed Under: Business

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