Pinnacle Financial Partners has grown its deposits in Chattanooga to more than $1.28 billion as of June 30, new data from the Federal Deposit Insurance Corporation shows. This marks the first time the firm has been over the billion-dollar mark in the city.
During the 12 months ended June 30, Pinnacle grew local deposits by 50.9% to $1.28 billion, adding $434.2 million in deposits in that period for 10.6% of total deposit market share. Pinnacle retains its No. 4 position in the market in terms of deposits.
Statewide in Tennessee, Pinnace grew deposits by $5.1 billion, or 37.5%, for $18.6 billion, or 9.65% of the state’s deposit market share.
In Nashville, the firm grew deposits by $3.8 billion in a single year, a 38.4% growth rate. Knoxville saw deposits grow 27.7% to $2.1 billion, while the Memphis team grew deposits 41.3% to $1.2 billion.
Pinnacle crossed the $2 billion and $1 billion milestones respectively in those markets for the first time.
Pinnacle began serving Chattanooga in 2015 when it acquired CapitalMark Bank & Trust.
The firm began operations in a single location in downtown Nashville in Oct. 2000 and has since grown to approximately $33.3 billion in assets as of June 30, 2020.
Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.
Source: Pinnacle Financial Partners