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VOL. 132 | NO. 198 | Thursday, October 5, 2017

FDIC Report Shows Top Memphis Banks

By Andy Meek

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With a few exceptions, the Top 10 banks in the Memphis metro area as ranked by deposits by the Federal Deposit Insurance Corp. in its latest annual report hasn’t changed much this time around.

One of those exceptions is Nashville-based Pinnacle Bank, which added more than $315 million in customer deposits in the Memphis metro in the 12 months ended June 30. That was enough to move Pinnacle into the Top 10 this year, from the 11th spot on the list last year to No. 7.

The June 30 FDIC data, released in October each year, makes the rankings depicted in the report something of a lagging snapshot of the local banking market.

But because it does capture a moment in time, the report is still useful in assessing the banking landscape in an area. And Pinnacle’s top executive in Memphis said this year’s report shows that its approach to banking is paying off.

KIRK BAILEY

“It’s a special thing to enter a market through acquisition and achieve high levels of organic growth this quickly,” said Pinnacle’s Memphis chairman Kirk Bailey about his bank, which entered the Memphis market by acquiring Magna Bank here in 2015.

“I am proud of the growth our team has accomplished in two years in Memphis. We will continue to work our strategy of hiring the best bankers in the market so we can continue to take market share from our competitors.”

His reference to market share points to the fact that the rest of the Top 10 list didn’t change much this year compared to 2016. There was barely any change in the percentage of deposits held, for example, by First Tennessee, Regions and SunTrust banks, which occupy the first, second and third spots on the list, respectively. They held those same spots in 2016.

TOP 10 MEMPHIS METRO BANKS BY DEPOSIT SHARE

1. First Tennessee

2. Regions 

3. SunTrust

4. Bank of America

5. BancorpSouth

6. Independent Bank

7. Pinnacle Bank

8. Trustmark National Bank

9. Landmark Community Bank 

10. Metropolitan Bank

Source: FDIC

Memphis-based First Tennessee Bank is far and away the top bank on the deposit share ranking. It has almost 33 percent of customer deposits in the Memphis metro market, which translates to about $9.78 billion.

Last year, First Tennessee’s percentage of local deposits was 33.1 percent. Rounding out the rest of the 2017 Top 10, following SunTrust in the No. 3 spot, are Bank of America, BancorpSouth, Independent Bank, Pinnacle, Trustmark National Bank, Landmark Community Bank and Metropolitan Bank.

Among other key facts presented in the FDIC report, almost 50 percent of the market’s $28 billion in deposits belongs to two institutions, split between First Tennessee and Regions. First Tennessee and Regions are also the only two banks on the list shown as having a double-digit percentage of local customer deposits.

There’s an abundance of banks shown has having around 1 percent or so of customer deposits in the local market. But the report even shows growth there in places, including at Triumph Bank.

WILL CHASE

Triumph added about $77 million in deposits from 2016.

“I think what our growth in market share points to is that we have three divisions within our bank,” said Triumph CEO Will Chase. “The bank itself is growing, and we’ve been able to acquire new customers over the last 12 months, actually. Our mortgage division has grown substantially, and so the amount of mortgages that we carry on our books awaiting sale to investors has grown also. And then our asset-based lending division has gone up by about 50 percent since January.

“So we’ve been very blessed in having new customers and we continue to grow, because we have more capital that allows us to continue to grow. So that’s a good place to be.”

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 76 133 1,342
MORTGAGES 83 131 1,047
FORECLOSURE NOTICES 8 19 170
BUILDING PERMITS 190 277 3,028
BANKRUPTCIES 39 73 691
BUSINESS LICENSES 12 22 298
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0