Memphis surpassed $1 billion in deposits, moving the firm up to No. 6 largest bank in terms of deposits in the market from No. 8 in 2019, according to FDIC data as of June 30, 2020. This is the first time the firm has been over the billion-dollar mark for deposits in Memphis.
Pinnacle’s growth rate was the highest among the top 10 banks in the Memphis MSA, and seven of those lost market share despite gaining in dollar amounts. Pinnacle benefitted from clients seeking liquidity and effective advice in the face of economic turbulence, as well as a new office in Bartlett that expanded service into a fast-growing area of the Memphis MSA. The firm recruited 10 revenue producers with an average of 18 years of experience, including regional president Phillip May, a West Tennessee banking veteran who founded and led Metropolitan Bank for 10 years. The firm has been the No. 1 Best Place to Work in the Memphis Business Journal’s large company category five out of the past six years.
One hundred percent of Memphis respondents to surveys from Greenwich Associates stated Pinnacle was a "Bank You Can Trust," offers "Ease of Doing Business" and "Values Long-Term Relationships," a leading score among all banks covered.
