Pinnacle Grew Deposits by $75.7 Million in the Upstate, Rose in Greenville MSA Deposit Rankings

According to data from the FDIC, firm is the No. 11 largest bank in the Greenville MSA

In the combined MSAs that make up Pinnacle's Upstate South Carolina region, the firm grew local deposits by $75.7 million in the 12 months ended June 30, 2024, for a total of $519.5 million. That's an annual growth rate of 17.1 percent, according to FDIC data. In the Greenville-Anderson-Greer MSA, Pinnacle grew to be the No. 11 largest bank in the market by deposits, up from No. 14 on June 30, 2023, thanks to $36.4 million in local deposit growth to $402.4 million. In Spartanburg, the firm is No. 13 with $117.1 million, which represents $9.4 million in growth year-over-year.

"The growth in deposits is something we're proud of, but it's really about the people behind it," said Will Hodge, Pinnacle's regional president for Upstate South Carolina. "Our associates are committed to serving each client like family, and that's what has allowed us to grow."

Despite a difficult operating environment for banks, Pinnacle has remained on a growth trajectory thanks to a favorable competitive landscape. During the same period, six of the Greenville MSA's top 10 banks lost deposits and market share, according to FDIC data. The firm's award-winning culture and nationally recognized service levels attract the Upstate's most experienced and successful bankers along with their best clients. In the 12 months ended June 30, 2024, Pinnacle hired 12 new revenue producing bankers in South Carolina.

Statewide, Pinnacle is the 10th largest bank by deposits. The firm added $34.6 million during the 12 months ended June 30, 2024, bringing its total to $2.1 billion and 1.7 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 the South Carolina market in 2017 when it acquired BNC Bancorp, offering community bank service with the resources and sophistication of a larger firm. Pinnacle was named the No. 1 Top Workplace in South Carolina, midsize companies category, in 2022 and 2021 by Charleston Business Magazine, Greenville Business Magazine and Columbia Business Monthly, with top 10 finishes in 2019 and 2020.

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.