Two Southeastern US banking organisations, Pinnacle Financial Partners and Synovus Financial Corp, have reached an agreement to merge in an all-stock transaction valued at $8.6 billion.
The deal, which aims to create the largest bank in Tennessee and the largest bank holding company in Georgia, is expected to close in Q1 2026, subject to regulatory approvals.
Under the agreement terms, the shares of Synovus and Pinnacle shareholders will be “converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. This exchange ratio represents a Synovus per share value of $61.18, a transaction value of $8.6 billion and an approximate 10% premium to Synovus on an unaffected basis”, according to a joint statement.
The new entity will operate under the Pinnacle Financial Partners and Pinnacle Bank name, with Kevin Blair, the current Synovus chairman, CEO, and president, to assume the role of president and CEO of the merged company. Meanwhile, Terry Turner, who has led Pinnacle since its founding, will transition to chairman of the board of directors.
Established in 2000, Pinnacle operates its banking business from Nashville and manages $54.8 billion in assets. Synovus, headquartered in Georgia, oversees approximately $61 billion in assets through its network of 244 branches, which span A
Source: https://www.fintechfutures.com/
