Pinnacle Financial Partners, a Tennessee-based bank holding company, and Synovus Financial, a financial services company headquartered in Columbus, Georgia, have agreed to merge in an all-stock transaction valued at $8.6bn.
This merger aims to create a leading regional bank focused on rapidly growing markets in the Southeast US.
The newly formed company will operate under the Pinnacle Financial Partners and Pinnacle Bank names.
Kevin Blair, chairman, CEO and president of Synovus, will serve as president and CEO of the combined entity. Terry Turner, currently president and CEO of Pinnacle Financial Partners, will become chairman of the board of directors.
Turner said: “By combining Pinnacle’s operating model, which is anchored in a disciplined entrepreneurial spirit, with Synovus’ talented team and strong presence in attractive and fast-growing Southeastern markets, we will extend our legacy of building share in the most attractive markets nationally.”
Following the merger, Pinnacle Financial Partners will be headquartered in Atlanta, with Pinnacle Bank retaining its Nashville base. This transaction positions the merged entity as Georgia’s largest bank holding company and Tennessee’s largest bank.
The combined company seeks to leverage high-growth markets in the US, where projected household growth is estimated at 4.6% from 2025 to 2030, surpassing the national average.
Currently, Pinnacle Financial Partners operates across various urban areas in the Southeast, holding approximately $54.8bn in assets as of 30 June 2025. Founded in October 2000 in Nashville, Tennessee, the firm offers a range of banking services for businesses and individuals.
Synovus reported assets of around $61bn as of the same date. It provides commercial and consumer banking services along with specialised products such as wealth services and capital markets solutions.
The firm operates 244 branches across five Southeastern states.
The terms approved by both companies’ boards specify that Synovus and Pinnacle Financial Partners shareholders will exchange their shares into a new parent company using a fixed ratio of 0.5237 Synovus shares per Pinnacle Financial Partners share.
This reflects a Synovus per share value of $61.18 and includes approximately a 10% premium to its stock value.
Upon completion, Synovus shareholders are expected to hold roughly 48.5% of the new company while Pinnacle Financial Partners shareholders will own about 51.5%.
The merger is projected to be 21% accretive to Pinnacle Financial Partners’ operating earnings per share by 2027 and achieve a tangible book value per share earnback over 2.6 years.
Blair said: “Our belief in the success of this merger is grounded in a decade of strong results and proven execution from both companies, each delivering top-tier earnings and total shareholder returns. Building on a rich tradition of service and accelerating momentum, Synovus is well-positioned for growth.”
The transaction is anticipated to close in Q1 2026, contingent on regulatory approvals and shareholder consent from both entities.
