Pinnacle Financial Partners Continues Rapid Growth in Huntsville MSA

The firm holds $347.8 million in local deposits according to FDIC data

Pinnacle Financial Partners, a bank based in Nashville, TN, continues its rapid growth in northern Alabama. The firm grew local deposits in the Huntsville MSA by $46.6 million in the 12 months ended June 30, 2024, for a total of $347.8 million. That's an annual growth rate of 15.5 percent to reach 3.1 percent of local market share. That places the firm at No. 11 on the list of biggest banks by deposit market share, up from No. 12 in 2023, according to FDIC data.

"We're incredibly thankful for the trust this community has placed in us," said Jason Baldwin, regional president. "Our associates are passionate about what they do, and their commitment to our clients is why we've been able to grow so much."

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 North Alabama's most experienced and successful bankers along with their best clients. In the 12 months ended June 30, 2024, Pinnacle hired 10 new revenue producing bankers in Alabama.

Statewide, Pinnacle is the No. 37 largest bank in Alabama by deposits, up from No. 38 the year prior. The firm added $117.8 million during the 12 months ended June 30, 2024, bringing its total to $670.0 billion and 0.5 percent market share. In the Birmingham MSA, Pinnacle is No. 22 with $322.2 million in deposits, having grown by $34.1million in the same period for an annual growth rate of 11.9 percent and 0.7 percent market share.

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 Alabama in the summer of 2021 by hiring a team of local financial services professionals to open offices in Huntsville and Birmingham.

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