09/22/2020 | Press release | Distributed by Public on 09/22/2020 11:50
Pinnacle Financial Partners has grown its deposits in Charleston to $728 million, according to new data from the Federal Deposit Insurance Corporation (FDIC). During the 12 months ended June 30, 2020, Pinnacle grew local deposits by 21 percent, adding $128.4 million. Pinnacle held steady at No. 8 in the market in terms of deposits.
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 one of the highest among the top 10 banks in the Charleston MSA, and six of those lost market share despite gaining in dollar amounts.
'The growth we've seen is due completely to our associates, who have earned the trust of their clients through dedication and hard work,' said Mary Garcia, Pinnacle's regional president on the South Carolina coast. 'They deliver the kind of service and advice that makes a difference in people's lives. That's never more important than during a difficult year when everyone is re-evaluating their finances. We're proud to help the people and businesses of Charleston navigate through the economic downturn.'
Statewide in South Carolina, Pinnace grew deposits by $172.9 million, or 14 percent, for a total of $1.4 billion. That's 1.34 percent of the state's deposit market share, enough to rise to No. 11 in the ranking, up from No. 12 at June 30, 2019. In the combined Greenville-Spartanburg MSAs that make up the Upstate, the firm grew deposits by 15.9 percent to $367.2 million.
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 earned a spot on FORTUNE's 2020 list of the 100 Best Companies to Work For® in the U.S., its fourth consecutive appearance. American Banker recognized Pinnacle as one of America's Best Banks to Work For seven years in a row.
Pinnacle entered the South Carolina market in 2017 when it acquired BNC Bancorp. Pinnacle continues BNC's practice of offering community bank service with the resources and sophistication of a larger firm.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $33.3 billion in assets as of June 30, 2020. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.
Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.