Pinnacle and Synovus to Combine and Create Southeast-Focused Regional Bank

Pinnacle Financial Partners and Synovus Financial plan to combine and create a regional bank focused on the fastest-growing markets in the Southeast.

The companies plan to combine in an all-stock transaction valued at $8.6 billion, they said in a Thursday (July 24) press release.

They have entered into a definitive agreement that was unanimously approved by their boards of directors, and they expect the transaction to close in the first quarter of 2026, subject to regulatory approvals, approval by shareholders and other customary closing conditions, according to the release.

The combined company will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand, with Synovus Chairman, CEO and President Kevin Blair serving as president and CEO and Pinnacle President and CEO Terry Turner serving as chairman of the board of directors, per the release.

Currently, Pinnacle operates in several primarily urban markets across the Southeast, while Synovus has 244 branches in Georgia, Alabama, Florida, South Carolina and Tennessee, according to the release.

“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,” Turner said in the release.

Blair said in the release: “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.”

It was reported July 14 that while the country’s banking giants are flourishing, regional banks are having a tougher time.

During the second quarter, the KBW Nasdaq Bank Index, which monitors the country’s largest banks, was up 14%, while the KBW Nasdaq Regional Banking Index, which covers smaller lenders, rose less than 3%.

Synovus said in a July 16 earnings release that it delivered 28% year-over-year growth in adjusted earnings per share in the second quarter.

Pinnacle said in a July 15 earnings release that its fully diluted earnings per share after adjustments were up 22.7% year over year. The bank also reported that it was “very active on the recruiting front” and had expanded into Richmond, Virginia.