According to data from the Federal Deposit Insurance Corporation, Pinnacle Financial Partners has grown its Upstate deposits in combined MSAs to $367.2 million.
During a 12-month period, which ended June 30, 2020, the Nashville-based banking company grew local deposits by 15.9% in the market by adding $50.4 million.
“Many businesses and their owners have been focused on shoring up their finances during a tough year, and our associates have been there to help,” said Pinnacle’s Upstate regional president Ed Stein. “In times of need, they turn to banks that earn their trust and make it easy to do business. Our team does both, which is why they’ve been able to drive such incredible growth.”
In addition, Pinnacle was elevated from 13th to 12th in deposit market share due to Greenville and Anderson’s deposits growing 17.3% to $305.7 million. The company also experienced a 14.6% growth rate to $61.5 million in Spartanburg.
Pinnacle grew deposits by 14% or $172.9 million, for a total of $1.4 billion statewide, which is 1.34% of South Carolina’s deposit market share.
The banking company has been in South Carolina since 2017, when it acquired BNC Bancorp. For more information, visit pnfp.com.