Pinnacle Financial Partners has grown its deposits in the Chattanooga MSA to more than $1.28 billion as of June 30 according to new data from the Federal Deposit Insurance Corporation, the first time the firm has been over the billion-dollar mark in Chattanooga.
During the 12 months ended June 30, Pinnacle grew local deposits by 50.9 percent to $1.28 billion, adding $434.2 million in deposits in that period for 10.6 percent of total deposit market share. Pinnacle retains its No. 4 position in the market in terms of deposits.
“We never stop working for our clients, especially in times of financial uncertainty,” said Craig Holley, Pinnacle’s Chattanooga chairman. “This year has brought a lot of changes for local families and businesses, and our team’s commitment to helping them is stronger than ever. We’re honored to earn more and more of our community’s trust.”
Officials said, "As businesses and individuals sought more liquidity in the face of economic turbulence, nearly every bank in the market saw a significant increase in deposit totals. Still, Pinnacle’s growth rate was the highest among the top 10 banks in the Chattanooga MSA and more than twice the growth rate of its nearest competitor. Six of those 10 lost market share despite gaining in dollar amounts."
Statewide in Tennessee, Pinnace grew deposits by $5.1 billion, or 37.5 percent, for a total of $18.6 billion. That’s 9.65 percent of the state’s deposit market share. In Nashville, the firm grew deposits by $3.8 billion in a single year, a 38.4 percent growth rate. Knoxville saw deposits grow 27.7 percent to $2.1 billion, while the Memphis team grew deposits 41.3 percent to $1.2 billion. Pinnacle crossed the $2 billion and $1 billion milestones respectively in those markets for the first time.