Pinnacle Now 3rd Largest Bank In Chattanooga Market

  • Wednesday, September 27, 2023

Pinnacle Bank grew local deposits in the Chattanooga MSA by $365.70 million in the 12 months ended June 30, 2023, for a total of $1.94 billion, an annual growth rate of 23.26 percent and 13.10 percent of local market share, officials said.

The firm is now the third largest bank in the market, according to FDIC data, up from No. 4 at June 30, 2022.

In the Cleveland MSA, Pinnacle is now the second biggest bank by deposits, rising from No. 5 in 2022 by growing deposits 25.36 percent annually in the MSA, or $78.75 million, for a total of $389.34 million.

In the combined MSAs, the firm held $2.33 billion in deposits at June 30, 2023.

“Pinnacle is perfectly positioned to succeed because of its unique combination of distinctive client service and the resources to bank major industry players,” said Craig Holley, Pinnacle’s chairman in Southeast Tennessee. “Our growth is rooted in our culture and the fact that Pinnacle is a values and relationship-based firm, builds long lasting partnership with its clients and is one of the best places to work anywhere in the country.”

Statewide, Pinnacle is now the second largest and fastest growing bank in Tennessee by deposits. The firm added $3.49 billion in the 12 months ended June 30, 2023, bringing its total to $26.85 billion and 12.10 percent market share. In the Nashville MSA, Pinnacle is No. 1 with $19.49 billion in deposits, having grown by $2.79 billion in the period for an annual growth rate of 16.73 percent. In the Memphis MSA, Pinnacle grew deposits by $146.02 million, or 6.52 percent annually, for a total of $2.39 billion and a No. 3 ranking. In the Knoxville MSA, it was $88.69 million in annual growth to $2.53 billion to be the fourth largest bank by deposits. 

Across its footprint, Pinnacle grew deposits by $5.21 billion in the 12 months ended June 30, 2023, for an annual growth rate of 15.90% and a total of $37.97 billion. Of Pinnacle’s 25 MSAs measured by the FDIC, it saw growth in 19, including 10 with double-digit growth rates, two hitting triple-digits and seven where it is the fastest growing bank by deposit dollars. 

                Pinnacle began serving Chattanooga in 2015 when it acquired CapitalMark Bank & Trust. The firm is the fourth-largest bank in the market in terms of deposits and is also one of the fastest growing.

The firm began operations in a single location in downtown Nashville in October 2000 and has since grown to approximately $46.9 billion in assets as of June 30, 2023. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 17 primarily urban markets across the Southeast.

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