Pinnacle’s growth rate was one of the highest among the top 10 banks in the Charleston MSA, and six of those competitors lost market share despite gaining in dollar amounts. The firm held steady at No. 8 in terms of deposits, according to FDIC data as of June 30, 2020.
Pinnacle’s coastal South Carolina team passed the $1 billion mark in deposits, and the firm began an initiative to provide specialty services to community associations and property managers. The Community Association Program team is based in Myrtle Beach, a top market for the client base. Three of Pinnacle’s four new revenue producers in Coastal SC were attracted from Truist, produced by the recent merger of BB&T and SunTrust.
Pinnacle Growth
4
Revenue Producers Hired
-7%
Loan Growth to $828.6 million
12%
Deposit Growth to $1.087 billion
#8
Market Share
$107.2M
PPP Lending