CapitalMark Bank & Trust, a division of Pinnacle Bank, saw double-digit deposit growth in all of its markets over the past year, according to the Federal Deposit Insurance Corporation (FDIC).
The FDIC’s summary of deposits for June 30, 2014, through June 30, 2015, shows that CapitalMark grew its deposits by approximately $83.8 million over the prior year in the Chattanooga metropolitan statistical area (MSA), giving the firm 6.6 percent market share, up from 6.0 percent in 2014. CapitalMark grew deposits 16.4 percent year over year and remains the fourth-largest out of 27 financial institutions in the Chattanooga market.
CapitalMark merged with Pinnacle Bank in July and will operate as a division of Pinnacle Bank until the firms’ operations converge in March 2016.
“We were attracted to CapitalMark in part because of its strong record of growth, and we will continue to pursue aggressive deposit and loan goals in Chattanooga and nearby markets,” said M. Terry Turner, Pinnacle’s president and CEO. “Pinnacle will use the strategy that has worked well for us in Nashville and Knoxville—taking market share from larger regional competitors.”
CapitalMark is the fastest-growing bank in both the Cleveland MSA, where it grew deposits 53.4 percent year over year, and Anderson County, where its Oak Ridge office grew deposits by 31.3 percent from 2014. It also moved up a ranking in both locations, from No. 7 to No. 6 in the Cleveland market and from No. 6 to No. 5 in Anderson County.
The biggest jump occurred in the Knoxville MSA, where CapitalMark moved from No. 18 in 2014 to No. 12 in 2015. The firm grew deposits by $48.1 million for a year-over-year growth rate of 32.9 percent.
"CapitalMark has grown quickly since our founding in 2007, and we expect to continue that momentum as we join forces with Pinnacle,” said R. Craig Holley, Pinnacle’s Chattanooga chairman.
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. Pinnacle’s focus begins in recruiting top financial professionals. Great Place to Work named Pinnacle one of the best workplaces in the United States on its 2014 Best Small & Medium Workplaces list published in FORTUNE magazine. The American Banker also recognized Pinnacle as the third best bank to work for in the country.
The firm began operations in a single downtown Nashville location in October 2000 and has since grown to approximately $6.5 billion in assets at June 30, 2015. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in Middle Tennessee, Memphis, East Tennessee and Chattanooga.