Recruiting power and differentiated model lead to significant growth in FDIC deposit data

Pinnacle Financial Partners (Nasdaq/NGS: PNFP) remains the largest bank in the Nashville MSA by deposits, marking eight consecutive years at No. 1. According to FDIC data, the firm held $21.34 billion in local deposits at June 30, 2025, which is 21.72 percent of the total market and more than 64 percent above its closest competitor. Despite an already massive lead, the firm added more deposit dollars than any other bank in the market during the preceding 12 months.

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Pinnacle was also the biggest deposit grower in Tennessee, holding the No. 2 spot statewide at June 30, 2025 with 12.94 percent market share—less than half a percentage point behind the leader and the only bank in the state’s top five to have grown share In the preceding 12 months. Such dominant growth shows that Pinnacle is the top choice for people seeking a local bank to trust with their finances.

“Pinnacle is and will remain Nashville’s hometown bank, and this data drives home just how much Tennessee trusts and relies on us for financial safe keeping,” said Pinnacle President and CEO Terry Turner. “We’ve worked for 25 years to build a track record of delivering unmatched local service, and our capabilities have grown substantially more sophisticated. It’s an experience that clients literally cannot get anywhere else and has proven effective everywhere we’ve taken it across the Southeast. We fully intend to continue delivering it into the next leg of this race.”

Firmwide, Pinnacle grew deposits in 23 out of 27 MSAs measured by the FDIC, including eight with double-digit growth and three with triple-digit growth. The firm grew share in 22 of those markets and was a top five grower in 15 of those.

“The power of our model to attract and retain the very best banking talent in every market is the engine for this growth,” Turner said. “Our significant investment in people pays off long-term as they bring their clients to us over time, adding deposits and loans to our balance sheet for years after their first day. That’s fueled core deposit growth at nine times the rest of the industry and five times our peers during the current rate cycle and why our model has proven to be sustainable through nearly any economic environment.”

Pinnacle hired 161 revenue producing associates in 2024 and another 71 in the first half of 2025. This model for rapid growth is one of the primary factors that led to the merger agreement between Pinnacle and Synovus, announced in July. The two firms will come together with similar cultures, complementary footprints, heavy investments in operational excellence and a banking model that will propel the combined firm to be the Southeast growth champion.

Highlights from other Pinnacle markets in the most recent FDIC report include*:

Tennessee

Knoxville

• No. 3 biggest bank by market share, up from No. 4 at June 30, 2024
• $3.36 billion in deposits, 12.65% market share
• $509.22 million added
• 17.84% annual growth rate
• No. 1 in dollar growth

Chattanooga

• No. 2 biggest bank by market share
• $2.35 billion in deposits, 15.32% market share
• $153.42 million added
• 6.98% annual growth rate
• No. 1 in dollar growth

Cleveland

• No. 1 biggest bank by market share
• $512.31 million in deposits, 18.51% market share
• $21.53 million added
• 4.39% annual growth rate
• No. 1 in dollar growth

Memphis

• No. 3 biggest bank by market share
• $2.47 billion in deposits, 5.87% market share
• $125.07 million added
• 5.34% annual growth rate
• No. 3 in dollar growth

Georgia

Atlanta

• No. 23 biggest bank by market share, up from No. 25 at June 30, 2024
• $1.06 billion in deposits, 0.43% market share
• $314.68 million added
• 42.15% annual growth rate
• No. 5 in growth rate

Virginia / Maryland

Washington, D.C. / Northern Virginia

• No. 16 biggest bank by market share, up from No. 23 at June 30, 2024
• $2.19 billion in deposits, 0.70% market share
• $1.20 billion added
• 120.22% annual growth rate
• No 3 in growth rate
• No. 4 in dollar growth

Roanoke

• No. 4 biggest bank by market share
• $890.76 million in deposits, 10.28% market share
• $89.67 million added
• 11.19% annual growth rate
• No. 1 in dollar growth
• No. 4 in growth rate

Lynchburg

• No. 12 biggest bank by market share
• $85.50 million in deposits, 1.40% market share
• $2.09 million added
• 2.51% annual growth rate

North Carolina

Winston-Salem

• No. 5 biggest bank by market share, up from No. 6 at June 30, 2024
• $1.11 billion in deposits, 7.49% market share
• $89.95 million added
• 8.81% annual growth rate
• No. 2 in dollar growth

Greensboro-High Point

• No. 3 biggest bank by market share
• $2.14 billion in deposits, 13.21% market share
• $107.12 million added
• 5.26% annual growth rate
• No. 1 in dollar growth

Raleigh-Cary

• No. 13 biggest bank by market share, up from No. 15 at June 30, 2024
• $928.33 million in deposits, 0.91% market share
• $235.77 million added
• 34.04% annual growth rate
• No. 3 in dollar growth
• No. 5 in growth rate

Durham-Chapel Hill

• No. 10 biggest bank by market share, down from No. 9 at June 30, 2024
• $325.77 million in deposits, 1.89% market share
• $2.57 million added
• 0.79% annual growth rate

Charlotte

• No. 8 biggest bank by market share, down from No. 7 at June 30, 2024
• $1.99 billion in deposits, 0.42% market share
• $4.19 million loss
• -4.55% annual growth rate

Asheville

• No. 14 biggest bank by market share, down from No. 13 at June 30, 2024
• $62.43 million in deposits, 0.59% market share
• $7.94 million added
• 14.56% annual growth rate

Burlington

• No. 7 biggest bank by market share
• $143.31 million in deposits, 5.30% market share
• $11.24 million added
• 8.51% annual growth rate
• No. 2 in dollar growth
• No 3 in growth rate

South Carolina

• Greenville
• No. 12 biggest bank by market share, down from No. 11 at June 30, 2024
• $401.20 million in deposits, 1.54% market share
• $1.20 million loss
• -0.30% annual growth rate

Spartanburg

• No. 13 biggest bank by market share
• $119.18 million in deposits, 1.84% market share
• $2.12 million added
• 1.81% annual growth rate

Charleston

• No. 6 biggest bank by market share
• $1.24 billion in deposits, 5.37% market share
• $123.68 million added
• 11.07% annual growth rate
• No. 5 in dollar growth

Myrtle Beach

• No. 12 biggest bank by market share, up from No. 13 at June 30, 2024
• $476.43 million in deposits, 3.98% market share
• $36.07 million added
• 8.19% annual growth rate
• No. 5 in growth rate

Hilton Head

• No. 15 biggest bank by market share, up from No. 14 at June 30, 2024
• $63.49 million in deposits, 0.91% market share
• $8.33 million loss
• -11.60% annual growth rate

Florida

Jacksonville

• No. 30 biggest bank by market share, up from No. 31 at June 30, 2024
• $76.78 million in deposits, 0.06% market share
• $47.97 million added
• 166.48% annual growth rate
• No. 2 in growth rate

Alabama

Birmingham

• No. 19 biggest bank by market share, up from No. 22 at June 30, 2024
• $485.20 million in deposits, 0.92% market share
• $163.00 million added
• 50.59% annual growth rate
• No. 4 in growth rate

Huntsville

• No. 8 biggest bank by market share, up from No. 11 at June 30, 2024
• $524.54 billion in deposits, 4.29% market share
• $176.74 million added
• 50.82% annual growth rate
• No. 1 in dollar growth

Kentucky

Bowling Green

• No. 12 biggest bank by market share
• $172.88 million in deposits, 3.63% market share
• $26.71 million added
• 18.27% annual growth rate
• No. 2 in growth rate
• No. 5 in dollar growth

Louisville

• No. 23 biggest bank by market share, up from No. 31 at June 30, 2024
• $262.67 billion in deposits, 0.58% market share
• $214.11 million added
• 440.91% annual growth rate
• No. 1 in growth rate
• No. 4 in dollar growth

*All according to FDIC data as of and for the 12 months ended June 30, 2025

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. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2025 deposit data from the FDIC. Pinnacle is No. 9 on FORTUNE magazine’s 2025 list of 100 Best Companies to Work For® in the U.S., its ninth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 12 years in a row and No. 1 among banks with more than $10 billion in assets in 2024.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $54.8 billion in assets as of June 30, 2025. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in several 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.

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