NASHVILLE, Tenn. -- The Titans supported their long-time partnership with Pinnacle Financial Partners by hosting an orientation for new associates at Nissan Stadium on Thursday, Oct. 11. The orientation focuses on the firm’s mission, vision and values.
Pinnacle Financial Partners recently earned a place on Fortune Magazine’s list of the “100 Best Companies to Work For” which marks the eighth national workplace award in the firm’s history. The ranking is based on employee ratings of workplace culture, including the level of trust they feel toward leaders, the pride they take in their jobs and the camaraderie they experience with co-workers.
Adding to the recent award, Pinnacle Financial Partners is now the No. 1 bank in the Nashville metropolitan statistical area (MSA) in terms of deposits, according to June 30, 2018 data from the Federal Deposit Insurance Corporation (FDIC). The firm grew deposits in its home market by more than 26 percent year-over-year to just over $9 billion at June 30, 2018 and captured 14.67 percent of total market share.
The orientation is conducted by Pinnacle’s President and CEO Terry Turner and other senior leaders. It focuses on building teamwork and providing a clear sense of the Pinnacle culture, which ensures the associates all share the same goal. The interactive orientation culminates with a half day of team building exercises, including "going over the wall," which is taken literally: teammates help each other scale a 12-foot, flat-surfaced wall. The exercises focus on two of their most important values – partnership and results – to have associates work together to accomplish extraordinary things.
“Today we have 56 new associates that were hired in the last quarter to gather here and do some teambuilding exercises,” said Terry Turner, Pinnacle’s president and CEO. “So much of what we’re about is working together as a team and we think it is so critical to the success we’ve enjoyed thus far. We get everybody here and get them oriented to what our values are and how we work together as a team.”
“Obviously, with Pinnacle now being the largest depositor here in the Nashville market they are trying to create a culture for their team members and what better place to do it than here at Nissan Stadium,” said Titans Vice President of Marketing and Broadcast & Digital Rights, Ralph Ockenfels. “It’s all about working together as a team and Coach Vrabel and GM Jon Robinson preach that every single day. I think the success that our friends at Pinnacle have had speaks for itself. A big part of that is creating a team culture and a team environment by having their new-hires here for team building exercises. It’s a fantastic partnership.”
“They learn core values, what Pinnacle is about, what we stand for and how we treat our clients,” said Karen Brunetti, Pinnacle’s Vice President & Office Leader. Everything from integrity to giving distinctive service and good advice to our clients. They learn how to work together as a team.”
“All the exercises may look like recess and fun, but they are more than that. They are all intended to show something about how we all work together as a team. How we own each other’s success, how we support and help each other, how we communicate even when it’s hard are all lessons we are trying to teach here,” said Turner.
“We are financial sound and we are big on paper but still have that hometown feel,” said Brunetti. “We pride ourselves on knowing our customers and providing that service. When you come into our office, we hope it feels like you are coming into our living room and then we provide wonderful service while you’re there.”
“We’ve been partners with the Titans for a long time and people everywhere I go ask me what’s it like to work with the Titans? I always tell them they are the best partners I’ve ever had! We have a genuine relationship, we work together for each other’s successes and it’s fabulous to be involved. We started with the goal to be Nashville’s bank, we expanded to be Tennessee’s bank and to be associated with the Titans - there’s no better Tennessee brand,” said Turner.
Nashville likes banking locally, and that’s why Pinnacle has gathered so many local deposits this year. Their strategy has always been to get underneath the large regional and national banks and take their market share by offering what they believe is a better banking experience. That’s exactly what Pinnacle has done in all of their other markets, and it’s why they are No. 1 here at home.
Across its footprint, Pinnacle grew deposits in 13 out of 17 MSAs reported by the FDIC as of June 30, 2018, including some with double-digit growth and increases in market share ranking. Here are the market highlights outside of Nashville.
Knoxville, TN Pinnacle displaced a large regional bank to rise to No. 5 in market share. The firm grew deposits by more than 50 percent year-over-year with $458 million added to its total of $1.36 billion. This is the first time Pinnacle has held more than $1 billion in the MSA.
Memphis, TN Pinnacle rose to No. 6 in market share with a year-over-year growth rate of 28.4 percent and crossed the $1 billion mark for the first time in the MSA.
Chattanooga, TN With an additional $38 million in deposits year-over-year, Pinnacle held $686 million in deposits at June 30, 2018 and 7 percent of market share for the No. 4 spot. The large regional banks in the top three spots all lost ground from 2017 to 2018.
Greensboro-High Point, NC Pinnacle rose to No. 3 in market share with $1.37 billion in local deposits at June 30, 2018. The firm added 10 percent to its total in the preceding 12 months.
Raleigh, NC Pinnacle is one of the fastest growing banks in the MSA with a year-over-year deposit growth rate of 74 percent for the 12 months ended June 30, 2018. The firm added $125 million to its local deposit base for a total of $293 million to rank No.14 in market share.
Charlotte, NC As the top three large national franchises lost market share, Pinnacle added more than $48 million in the 12 months ended June 30, 2018 for a total of $733 million and a rank of ninth in market share.
Greenville, SC The top four large national banks all lost market share while Pinnacle moved up one spot to No. 14 with an increase of $2 million to $219 million in total local deposits.
Myrtle Beach, SC Pinnacle grew deposits by 13 percent year-over-year for a total of $245 million, landing at No. 13 in market share.
Roanoke, VA Pinnacle grew deposits by more than $17 million year-over-year for a total of $527 million, enough for the No. 5 position in the market.
Pinnacle also saw modest increases in deposits in the Durham-Chapel Hill, NC; Hilton Head, SC; and Burlington, NC MSAs, as well as decreases in Asheville, NC; Winston-Salem, NC; Charleston, SC; and Spartanburg, SC.
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 is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2018 deposit data from the FDIC. Pinnacle earned a place on FORTUNE’s 2017 and 2018 lists of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as one of America’s Best Banks to Work For six years in a row.
The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $24.0 billion in assets as of June 30, 2018. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 primarily urban markets in Tennessee, the Carolinas and Virginia.
Additional information concerning Pinnacle, which is included in the NASDAQ Financial-100 Index, can be accessed at www.pnfp.com.