- Pinnacle Bank and Synovus Bank announced an $8.6 billion all-stock merger to form a major regional bank in the Southeast United States.
- The combined bank will hold approximately $115.8 billion in assets, with boards of directors from both companies unanimously approving the deal.
- Shareholders of Synovus and Pinnacle will own about 48.5% and 51.5% of the merged company, respectively.
- The new entity expects a 21% increase in earnings per share by 2027 and aims for rapid financial integration by 2026, subject to regulatory and shareholder approvals.
- Kevin Blair will serve as CEO, and Terry Turner will become Chairman of the board for the combined bank.
Pinnacle Bank and Synovus Bank have announced a merger valued at $8.6 billion, forming what they describe as one of the fastest-growing regional banks in the Southeast. The all-stock deal, expected to close in early 2026, will combine their operations under the Pinnacle Financial Partners name and will be headquartered across major cities in the region.
The merger values Synovus shares at $61.18 each, using a fixed exchange ratio of 0.5237 Synovus shares for each Pinnacle share, reportedly giving Synovus shareholders a 10% premium. Together, they will manage total assets of nearly $115.8 billion. Post-merger, Synovus shareholders will own approximately 48.5% and Pinnacle shareholders 51.5% of the combined company, which will be the largest bank holding company in Georgia and the largest bank in Tennessee.
The new leadership structure will have Kevin Blair as Chief Executive Officer and Terry Turner as Chairman of the Board. The leadership team brings over 120 years of combined financial services experience. “Over the last 25 years, we have attracted extraordinary talent to a bank that closely partners with its clients… Joining forces with Synovus will extend our legacy in the nation’s most attractive markets,” Turner said. Blair added, “We are two high-performing institutions with one powerful future. Our belief in the success of this merger is grounded in a decade of strong results.”
The merged bank will operate in high-growth Southeastern states and expects a deposit-weighted household growth rate of 4.6% from 2025 to 2030. Both banks currently hold top customer satisfaction rankings, including #1 and #2 spots for associate satisfaction on workplace review site Glassdoor. The banks have won 45 Best Bank Awards from Coalition Greenwich in 2025.
Pending regulatory and shareholder approvals, the new bank aims to start trading on the New York Stock Exchange under the ticker symbol PNFP. The combined entity will maintain operations in major Southeastern cities, including Columbus, Nashville, and Atlanta. Integration planning is already underway to ensure a smooth transition after the deal closes.
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