Pinnacle Financial Partners announced Friday morning the completion of its merger with Synovus Financial Corp. — a transaction valued at about $8.6 billion.
According to a release, though the newly combined company is taking the Nashville-based Pinnacle name, it will be a Georgia corporation with the headquarters of the holding company in Atlanta and the headquarters of the bank in Nashville. The banks will operate under both the Pinnacle and Synovus brands in 2026, with consolidation under the Pinnacle name to become official by early 2027.
The combined bank holding company as of the end of September holds an estimated $117.2 billion in assets, $95.7 billion in deposits, and $80.4 billion in loans. Originally announced in July, the merger received shareholder and bank regulatory approvals in November. The holding companies merger was officially completed Jan. 1 and the bank merger was completed on Jan. 2.
Co-founder and former Pinnacle President and CEO Terry Turner now serves as Pinnacle board chair. Synovus President and CEO Kevin Blair is serving as CEO and president of the newly combined company.
“We are marrying the best of both our companies together so we can continue to win for our team members, clients and shareholders,” Turner said in the release.
“Rob McCabe and I helped found this firm and led the team that built it into what it is today. As board chair, I’m bringing a founder’s mentality and 25 years of experience as CEO to bear in supporting Kevin and his team as they lead us into the next chapter.”
McCabe, co-founder and former Pinnacle chairman, will serve as vice chairman of the new company and chief banking officer of Pinnacle. The firm’s board also includes seven directors from the original Pinnacle board and seven directors from the Synovus board (read more here).
“This merger unites two trusted legacies to create one bright future,” Blair said in the release.
“Thanks to the incredible work of our team members and partners, we’re now more than 8,000 strong and building the bank of the future from a position of strength — with a shared goal to be the best financial services firm and the best place to work in the country.”
With the completion of the merger, shares of the legacy Pinnacle common stock were converted to equal shares of common stock for the new Pinnacle. Shares of Synovus common stock were converted into the right to receive 0.5237 of new Pinnacle common stock. Legacy Pinnacle and Synovus will be delisted from the Nasdaq and NYSE.
Pinnacle shares (ticker: PFNP) started the Friday trading session priced at $95.01, up from the previous closing price of $93.26.
The combined firm now operates more than 400 locations in nine states.
