Chattanooga Sees Pinnacle Bank Climb to New Heights
In Chattanooga, there’s exciting news on the banking front as Pinnacle Bank has officially become the second largest bank in the Chattanooga Metropolitan Statistical Area (MSA) by deposits. Between now and June 30, 2024, Pinnacle increased its deposits by an impressive $258.9 million, bringing its total local deposits to an astonishing $2.2 billion. This is the first time the bank has crossed that $2 billion mark locally, marking a significant milestone in its growth journey!
Stellar Growth Rate
With an annual growth rate of 13.36 percent, the bank now boasts a market share of 14.58 percent according to the Federal Deposit Insurance Corporation (FDIC). What’s truly noteworthy is that no other financial institution in the local market added more deposit dollars than Pinnacle did during this period.
Pinnacle’s Rising Star in Nearby Cleveland
Over in nearby Cleveland, Pinnacle has also made waves, becoming the largest bank in that area as well, even without a significant physical presence—just one little office! By June 30, Pinnacle had added $101.4 million in local deposits, bringing its total there to $490.8 million and achieving an impressive 18.36 percent market share. This achievement only underscores how attractive Pinnacle’s services are to clients!
A Model of Distinction
Craig Holley, the chairman for Pinnacle in Southeast Tennessee, shared his thoughts on this exciting growth, stating, “Our differentiated model of providing distinctive service and effective advice continues to attract clients in large numbers from other financial institutions.” He emphasized how honored they feel to be trusted by their clients, a sentiment that resonates strongly with everyone at Pinnacle, especially those hard-working associates dedicated to the client-first philosophy.
A Tough Road, But Not For Pinnacle
In a challenging environment for banks, Pinnacle has managed to stay on a growth journey, fueled by what officials describe as a favorable competitive landscape. Pinnacle’s award-winning culture and nationally recognized service levels certainly help attract some of Chattanooga’s most seasoned bankers and their most valuable clients. It’s remarkable to note that while Pinnacle has surged ahead, some of its main competitors have seen dramatic losses in both their local deposits and market share.
Not Just a Local Phenomenon
Looking at the bigger picture across the state, Pinnacle is currently the second largest bank by deposits, with a total of $27.7 billion and a market share of 12.40 percent. In Nashville, Pinnacle proudly holds the top spot with $19.7 billion in deposits. Meanwhile, in Knoxville, the bank ranks fourth with a strong growth of 12.62 percent.
Consistency in Growth
Pinnacle has seen growth in deposits in 21 out of 27 MSAs measured by the FDIC, including having double-digit growth in 12 areas and even achieving triple-digit growth in another! It’s a fantastic moment for the firm, indicating not only adaptability but also a significant grasp on the local banking needs.
Starting Strong in Chattanooga
Pinnacle first made its entrance into the Chattanooga market in 2015 by acquiring CapitalMark Bank & Trust. Fast forward to today, and it’s clear that this move has paid off tremendously, both for the bank and its clientele who are benefitting from the expanding services and trust in a local bank that is on the rise.
With a fresh outlook and a commitment to growth, Pinnacle Bank continues to not just be a player but is quickly becoming a leader in the Chattanooga MSA and beyond. As it grows, clients can look forward to more of the distinct services that set Pinnacle apart from the others!
