Pinnacle Sees High Local Growth

Pinnacle Financial Partners has announced its continued growth across Alabama following its merger with Synovus, reaching $8.2 billion in local deposits as of June 30, according to newly released Federal Deposit Insurance Corp. (FDIC) data. Pinnacle says it now ranks No. 5 statewide, with a 5.7% market share, and is the fastest-growing financial institution in Mobile. Pinnacle experienced its biggest market share gains in the Daphne-Fairhope-Foley and Mobile markets, growing deposits by nearly $200 million. These results come during Pinnacle’s first year as a combined company following its January merger with Synovus. Throughout integration, local financial advisors have continued to serve clients and pursue new relationships while dedicated teams work on the operational integration behind the scenes. At the same time, Pinnacle added 12 new revenue-producing employees in Alabama and the Florida panhandle through July 15.