09/08/2021 | Press release | Distributed by Public on 09/08/2021 08:34
Pinnacle Financial Partners has grown its deposits in the combined MSAs that make up the Triangle by $138.2 million to $883.6 million, according to the latest FDIC deposit data. That's a growth rate of 18.5 percent over the 12 months ended June 30, 2021.
In the Raleigh-Cary MSA, the firm added $89.4 million to its local total of $575.2 million, a growth rate of 18.4 percent, while in the Durham-Chapel Hill MSA it added $48.8 million to its total of $308.4 million, a growth rate of 18.8 percent. Pinnacle ranks No. 13 by deposits in the Raleigh-Cary MSA and No. 9 in the Durham-Chapel Hill MSA.
'We've given bankers a better place to work and their clients a better place to bank. Growth like this is the result,' said Mark Carlton, Pinnacle's regional president in Eastern North Carolina. 'We have one of the hottest economies in the nation, and the competition to bank all these growing businesses is tight. By and large, clients choose Pinnacle because we attract the best bankers in the state and give them a place to serve clients free of bureaucracy. That's how we stand apart.'
Carlton and his leaders have grown the team to 47 revenue producing associates, with five associates coming on board so far in 2021. They include several commercial financial advisors like Ron Schappell and Dillon Ortman, who both came from BBVA earlier this year, and Matt Brearley, a trust portfolio advisor who joined from Fidelity Investments.
Statewide in North Carolina, Pinnacle grew deposits by $350.8 million, or 7.0 percent, for a total of $5.4 billion. That's 1.06 percent of the state's deposit market share. In the Charlotte MSA, the firm grew deposits by $287.2 million, or 23.9 percent, to $1.5 billion, while the Greensboro-High Point MSA saw deposits grow by 11.0 percent to $1.9 billion.
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 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America's Best Banks to Work For eight years in a row and No. 1 among banks with more than $10 billion in assets in 2020.
Pinnacle entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. 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 $35.4 billion in assets as of June 30, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 14 primarily urban markets across the Southeast.
Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.