Chattanooga’s biggest banks
The $9.4 billion of bank deposits in metropolitan Chattanooga are held by 27 different banks. The biggest banks as of June 30, 2016, and their local deposits were:1. First Tennessee, $2.3 billion2. SunTrust, $1.7 billion3. Regions, $1.2 billion4. Pinnacle, $615.3 million5. First Volunteer, $429.8 millionSource: Federal Deposit Insurance Corp.
Less than two years after entering the Chattanooga market by buying the former CapitalMark Bank, Pinnacle Bank has set its sight on being one of the local market leaders by more than doubling its size in the Chattanooga region.
Rob McCabe, a founder and chairman of the Nashville-based Pinnacle Financial Partners, said Thursday Pinnacle wants to grow in the Chattanooga market to be one of the three biggest banks in the market to eventually top $2.5 billion in local assets.
Although businesses often cut the staff of other businesses they buy, Pinnacle maintained the CapitalMark staff when it bought the Chattanooga bank in July 2015 and has since hired 17 additional bankers. Pinnacle plans to open another bank office on Shallowford Road by May.
“Chattanooga has been one of our better performing markets and we see a lot of opportunity here for more growth,” McCabe said in an address to the Chattanooga Rotary Club. “We started targeting this area in 2013, and we were very fortunate the acquire CapitalMark with its great people and market knowledge.”