Pinnacle Financial’s Growth in Deposit Market Share Outpaces Top 3 Competitors in Nashville MSA
Pinnacle Financial Partners, Inc. (Nasdaq/NGS: PNFP) grew its deposit market share within the Nashville-Davidson-Murfreesboro-Franklin metropolitan statistical area (Nashville MSA) more than the top three regional banks for the 12 months ended June 30, 2014, according to a recent Federal Deposit Insurance Corporation (FDIC) report.
At June 30, 2014, Pinnacle ranked fourth in total deposits among the 65 financial institutions that operate in the Nashville MSA. Pinnacle grew its deposit market share in the Nashville MSA to 9.36 percent as of June 30, 2014 from 8.85 percent as of June 30, 2013 for an increase of 0.51 percentage points.
Pinnacle added more than $512 million in deposits since June 30, 2013 for a growth rate of 14.2 percent.
“Our deposit market share gains continue the trend of smaller competitors taking share from larger regional and national banks,” said M. Terry Turner, Pinnacle’s president and chief executive officer. “Pinnacle’s model is to create a great work environment so we can attract the best financial services professionals whose clients will follow them to our firm. These market share growth figures, along with the fact that we were recently named the fifth-best medium-sized workplace in the country, shows that it’s an effective strategy.”
In the Knoxville MSA, Pinnacle grew its deposits by approximately $61 million since June 30, 2013, giving the firm 3.45 percent market share at June 30, 2014. The firm’s deposit growth rate in the Knoxville MSA was 13.7 percent from June 30, 2013 to June 30, 2014, which was higher than any other bank in the top 10. Pinnacle retained its No. 6 position in the Knoxville MSA.
Pinnacle maintained the top spot in Rutherford County with 26.38 percent market share and is the third-largest financial institution in Wilson County with 11.12 percent market share.
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 began operations in a single downtown Nashville location in October 2000 and has since grown to approximately $5.8 billion in assets at June 30, 2014. At June 30, 2014, Pinnacle is the second-largest bank holding company headquartered in Tennessee, with 29 offices in eight Middle Tennessee counties and four offices in Knoxville. Additionally, Great Place to Work(R) named Pinnacle one of the best workplaces in the United States on its 2014 Best Small & Medium Workplaces list published in FORTUNE magazine. The American Banker has recognized Pinnacle as the best bank to work for in the country.
Additional information concerning Pinnacle, which is included in the NASDAQ Financial-100 Index, can be accessed at www.pnfp.com.
Certain of the statements in this release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words “expect,” “anticipate,” “goal,” “objective,” “intend,” “plan,” “believe,” “should,” “seek,” “estimate” and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Pinnacle Financial to differ materially from any results expressed or implied by such forward-looking statements. Such risks include, without limitation, (i) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (ii) continuation of the historically low short-term interest rate environment; (iii) the inability of Pinnacle Financial to grow its loan portfolio; (iv) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (v) effectiveness of Pinnacle Financial’s asset management activities in improving, resolving or liquidating lower-quality assets; (vi) increased competition with other financial institutions; (vii) greater than anticipated adverse conditions in the national or local economies including the Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, particularly in commercial and residential real estate markets; (viii) rapid fluctuations or unanticipated changes in interest rates on loans or deposits; (ix) the results of regulatory examinations; (x) the ability to retain large, uninsured deposits; (xi) the development of any new market other than Nashville or Knoxville; (xii) a merger or acquisition; (xiii) any matter that would cause Pinnacle Financial to conclude that there was impairment of any asset, including intangible assets; (xiv) the ability to attract additional financial advisors or to attract customers from other financial institutions; (xv) further deterioration in the valuation of other real estate owned and increased expenses associated therewith; (xvi) inability to comply with regulatory capital requirements, including those resulting from changes to capital calculation methodologies and required capital maintenance levels; (xvii) risks associated with litigation, including the applicability of insurance coverage; (xviii) approval of the declaration of any dividend by Pinnacle Financial’s board of directors and (xix) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including regulatory or legislative developments arising out of current unsettled conditions in the economy, including implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. A more detailed description of these and other risks is contained in Pinnacle Financial’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission on February 25, 2014. Many of such factors are beyond Pinnacle Financial’s ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. Pinnacle Financial disclaims any obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.
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