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 all competitors, including the larger regional banks, for the 12 months ended June 30, 2013, according to a recent Federal Deposit Insurance Corporation (FDIC) report.
Pinnacle grew its deposit market share in the Nashville MSA from 8.15 percent as of June 30, 2012, to 8.85 percent as of June 30, 2013, an increase of 0.70 percent. The increase in market share was greater than any other financial institution doing business in the Nashville MSA. At June 30, 2013, Pinnacle ranked fourth in total deposits among the 66 financial institutions that operate in the Nashville MSA.
According to the FDIC, the three largest financial institutions accounted for 43.98 percent of the total deposit market share in the Nashville MSA as of June 30, 2013, compared to 46.68 percent as of June 30, 2012, a decrease of 2.70 percent.
“Our deposit market share gains are a direct result of hiring the best financial services professionals in both of our markets,” said M. Terry Turner, Pinnacle president and CEO. “Great associates attract and retain great clients. We built this company primarily to compete with large regional banks based on our service and the depth of our relationship with our clients.”
Many community banks among the 66 financial institutions in the Nashville MSA gained market share, continuing the trend of smaller competitors gaining market share from larger regional and national banks.
In the Knoxville MSA, Pinnacle grew its deposits by approximately $36 million over the prior year, giving the firm 3.07 percent market share, up from 2.72 percent at June 30, 2012. Pinnacle retained its No. 6 position in the Knoxville MSA.
Pinnacle maintained the top spot in Rutherford County with 23.58 percent market share and remains the second-largest financial institution in Wilson County with 13.12 percent market share.