Pinnacle and Synovus Announce $8.6 Billion Merger to Form Regional Bank Leader

Pinnacle Financial Partners and Synovus Financial Corp. have announced a definitive agreement to merge in an all-stock transaction valued at $8.6 billion. This strategic consolidation aims to create a leading regional bank in the southeastern United States, with combined assets exceeding $115 billion.

Under the terms of the agreement, Synovus shareholders will receive 0.5237 shares of a new Pinnacle parent company for each Synovus share, resulting in Synovus shareholders owning approximately 48.5% and Pinnacle shareholders owning about 51.5% of the combined entity. The new company will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand.

Leadership roles have been designated, with Kevin Blair, current Chairman, CEO, and President of Synovus, set to serve as President and CEO of the combined company, and Terry Turner, President and CEO of Pinnacle, appointed as Chairman of the Board.

The merger is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.

This consolidation reflects a broader trend of banking sector mergers, aiming to enhance market presence and operational efficiencies in the competitive southeastern U.S. market.

Following the announcement, both companies experienced a decline in share prices, with Synovus shares dropping 8.3% and Pinnacle's falling 6%. Analysts attribute this to investor concerns over cultural differences between the two banks and the challenges associated with merging institutions of similar size.

The combined company will operate from approximately 400 offices in nine states—more than twice as much as Pinnacle’s current footprint.

The leadership team will include Rob McCabe as Chief Banking Officer, Jamie Gregory as Chief Financial Officer, Zack Bishop as Chief Operating Officer, Shellie Creson as Chief Risk Officer, and Allan Kamensky as Chief Legal Officer.

Pinnacle Financial Partners is headquartered in Nashville, Tennessee, operating in Tennessee, as well as North Carolina, South Carolina, Virginia, Georgia, and Alabama. Synovus Financial Corp. is based in Columbus, Georgia, operating 244 branches across Georgia, Alabama, Florida, South Carolina, and Tennessee.

The merger is expected to be approximately 21% accretive to Pinnacle’s estimated operating EPS in 2027, with a rapid tangible book value per share earnback period of 2.6 years. The transaction is expected to be tax-free to shareholders of both companies.

The combined company will be led by a highly experienced team with a shared growth mindset. Kevin Blair, Chairman, Chief Executive Officer, and President of Synovus, will serve as President and Chief Executive Officer of the combined company, and Terry Turner, President and Chief Executive Officer of Pinnacle, will serve as Chairman of the Board of Directors of the combined company.