Pinnacle Grows Deposit Market Share in the Knoxville MSA

Pinnacle Financial Partners grew local deposits in the Knoxville MSA by $319.9 million in the 12 months ended June 30, 2024, for a total of $2.9 billion. That's an annual growth rate of 12.62 percent to reach 11.39 percent of local market share. The firm is the No. 4 largest bank in the MSA, according to FDIC data.

"Our deposit growth is the result of strong, meaningful relationships with our clients," said Mike Distefano, Pinnacle's Knoxville president. "We're fortunate to have such a hardworking team that truly cares about every person who walks through our doors."

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 Knoxville's most experienced and successful bankers along with their best clients. In the 12 months ended June 30, 2024, Pinnacle hired 31 new revenue producing bankers in Tennessee, including eight in Knoxville.

Statewide, Pinnacle is the second largest bank by deposits. The firm added $858.1 million in deposits during the 12 months ended June 30, 2024, bringing its total to $27.7 billion and 12.40 percent market share. In Nashville, Pinnacle is No. 1 with $19.7 billion in deposits, having grown by $215.2 million in the period for an annual growth rate of 1.1 percent. In Chattanooga, the firm is the No.3 largest bank by deposits, achieving 13.36 percent growth to a total of $2.2 billion and 14.6 percent of market share. And in Memphis, Pinnacle notched 1.84 percent deposit loss for a total of $2.3 billion and a No. 3 ranking.

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 expanded to East Tennessee in 2007 by hiring a team of local financial services professionals to start an office in Knoxville. Pinnacle now operates five offices in Knox County, one in Oak Ridge and one in Maryville. The firm is the fourth-largest bank in the Knoxville MSA in terms of deposits.

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 headquartered 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.