Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com. About Synovus Financial Corp. Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $60 billion in assets. Synovus provides commercial and consumer banking and a full suite of specialized products and services, including wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lendin ...

NASHVILLE, Tenn. & ATLANTA--(BUSINESS WIRE)--Pinnacle Financial Partners, Inc. today announced that once merged with Synovus in January 2026, the newly combined firm will release fourth quarter 2025 financial results for both Pinnacle Financial Partners (Nasdaq/NGS: PNFP) and Synovus Financial Corp. (NYSE: SNV) on Wednesday, Jan. 21, 2026, after market close. Leaders will also host a live webcast on Thursday, Jan. 22, at 8:30 a.m. ET to review financial results, business outlook for the newly combined firm ...

PresentationUnknown Analyst Awesome. Well, up next, we have the Pinnacle and Synovus team joining us for the fifth or sixth time for some of us, while others, it's joining us for the first time. I think it's safe to say this group has probably had the busiest year of any company here announcing their Transformational Merger of Equals in July and they recently received regulatory approval and on target to close early next year. Once the deal closes, Kevin Blair will be the CEO of the combined company. Kevin ...

Pinnacle Financial Partners Conference Summary Company Overview - **Company**: Pinnacle Financial Partners (NasdaqGS: PNFP) - **Event**: Conference Call on December 09, 2025 - **Key Event**: Announcement of a transformational merger of equals with Synovus, expected to close early next year after receiving regulatory approval [1][4][5] Core Points and Arguments Merger Strategy - The merger is positioned as a unique opportunity, with a focus on maintaining the Pinnacle brand and model, contrasting with past merger failures in the industry [5][6] - Concerns about value destruction similar to previous mergers (e.g., Truist) have been addressed by establishing a long-term CEO and a clear go-to-market strategy [4][6][7] - The merger will leverage the scalable FIS platform used by Synovus, minimizing risks associated with system changes [7] Market Overlap and Cultural Integration - Only 11 overlapping markets identified, representing about 6% of pro forma deposits, reducing execution risk [8][10] - Cultural integration is emphasized, with both companies aiming to create a best place to work and maintain high employee engagement scores (Pinnacle at 93%, Synovus at 89%) [10][11] Growth Projections - Projected loan and deposit growth for 2026 is set at 9%-11%, with Pinnacle's historical growth rate at 12% and Synovus at around 3% [21][22] - Growth will be driven by hiring additional revenue producers and leveraging existing specialties from both companies [22][23] Revenue Synergies - Expected revenue synergies of $100-$130 million over two to three years, with contributions from both legacy companies [35] - Focus on integrating products and capabilities from both banks to enhance service offerings and client relationships [34][35] Hiring Strategy - Plans to hire approximately 500 incremental employees over the next two years, focusing on experienced bankers with established relationships [36][38] - Continuous recruitment methodology will be employed to ensure a steady influx of talent [38][40] Capital Management - Targeting a CET1 ratio of over 10% post-merger, with a focus on growth rather than share repurchases [87][93] - The company aims to generate capital through growth initiatives, with dividends expected to be lower than historical levels [95] Important but Overlooked Content - The merger is framed as a strategic move to build a bank with scale while maintaining a strong corporate culture and client focus, contrasting with larger banks that have lower net promoter scores [66][68] - The leadership emphasizes the importance of maintaining a unique client experience and employee satisfaction to prevent high attrition rates post-merger [62][74] - The potential liquidity event for BHG, a significant investment, is acknowledged, with plans to replace any lost revenue through strategic partnerships and capital allocation [121][123] Conclusion - Pinnacle Financial Partners is positioned for significant growth post-merger, with a strong focus on cultural integration, strategic hiring, and maintaining a client-centric approach. The leadership is optimistic about the future, aiming to become the fastest-growing regional bank with high profitability and efficiency by 2027 [127][128]

Core Viewpoint - Pinnacle Financial Partners and Synovus Financial Corp. announced the board of directors for their proposed combined company, which will retain the name Pinnacle Financial Partners [1] Company Structure - The board will consist of eight directors from Pinnacle and seven from Synovus, including six independent directors from each company [1]

Core Viewpoint - Boston Partners reduced its holdings in Pinnacle Financial Partners by 7.8% in Q2, indicating a shift in investment strategy among institutional investors [1][2]. Institutional Holdings - Boston Partners owned 76,630 shares after selling 6,510 shares, representing 0.10% of Pinnacle Financial Partners valued at $8,458,000 [2]. - Other hedge funds have modified their positions: - Cetera Investment Advisers increased its stake by 36.1%, owning 16,725 shares worth $1,774,000 [3]. - HB Wealth Management LLC raised its position by 46.8%, now holding 4,734 shares valued at $502,000 [3]. - TD Asset Management Inc increased its holdings by 1.1%, owning 41,574 shares worth $4,409,000 [3]. - Zurcher Kantonalbank Zurich Cantonalbank lifted its stake by 2.3%, now owning 20,848 shares valued at $2,211,000 [3]. - LPL Financial LLC increased its position by 8.6%, owning 30,679 shares worth $3,253,000 [3]. - Institutional investors and hedge funds own 87.40% of the stock [3]. Analyst Ratings and Price Targets - Barclays raised its price target from $120.00 to $125.00, maintaining an "overweight" rating [4]. - Cowen initiated coverage with a "buy" rating and a target price of $122.00 [4]. - Keefe, Bruyette & Woods reduced their target price from $125.00 to $95.00, rating it as "market perform" [4]. - Wells Fargo decreased its target from $110.00 to $100.00, assigning an "equal weight" rating [4]. - The consensus rating is "Hold" with an average price target of $109.55 [4]. Insider Transactions - Chairman Robert A. McCabe, Jr. sold 6,775 shares at an average price of $93.00, totaling $630,075, reducing his ownership by 3.24% [5]. - Director G Kennedy Thompson purchased 5,000 shares at an average cost of $87.63, totaling $438,150, increasing his position by 17.62% [5]. - Company insiders currently own 1.46% of the stock [5]. Financial Performance - Pinnacle Financial Partners reported an EPS of $2.27 for the last quarter, exceeding the consensus estimate of $2.05 by $0.22 [7]. - Revenue for the quarter was $544.80 million, surpassing expectations of $526.40 million [7]. - The company had a net margin of 19.17% and a return on equity of 9.91% [7]. - Analysts expect the company to post an EPS of 7.85 for the current fiscal year [7]. Dividend Information - The company declared a quarterly dividend of $0.24, representing an annualized dividend of $0.96 and a yield of 1.0% [8]. - The payout ratio is currently 12.20% [8]. Company Overview - Pinnacle Financial Partners operates as a bank holding company providing various banking products and services in the U.S. [9].

Core Insights - Synovus Financial Corp. and Pinnacle Financial Partners are progressing towards their merger after receiving Federal Reserve approval for the $8.6 billion all-stock transaction announced on July 24, 2025 [1][9] - The merger is expected to close on January 1, 2026, pending standard closing conditions, with Synovus branches continuing to operate under their brand until full integration [2][6] Merger Details - The merger structure remains consistent with initial plans, aiming to enhance the firms' presence in high-growth Southeastern markets [3] - Shareholders will receive shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share [3] - The combined entity will operate under the Pinnacle brand, headquartered in Atlanta, GA, with Pinnacle Bank based in Nashville, TN [4] Strategic Rationale - The merger combines Pinnacle's relationship-driven model with Synovus' extensive branch network, creating a larger platform for organic growth [5] - The combined company is projected to hold approximately $116 billion in assets, positioning it among the largest regional banking franchises in the U.S. Southeast [8][9] - The merger is expected to drive significant financial benefits, including approximately 21% operating EPS accretion and a tangible book value earn-back period of 2.6 years [10] Integration Planning - Integration management teams are preparing for Day One operations, focusing on organizational structures, technology, and market continuity [6] - Full system and brand conversions are scheduled for the first half of 2027, with no material changes expected in daily banking activities until then [6] Market Context - Synovus aims to become part of the fastest-growing regional bank in the Southeast, with a deposit-weighted household growth forecast of 4.6% from 2025 to 2030, significantly above the national average [7] - Synovus shares have gained 1.3% over the past six months, contrasting with a 0.1% decline in the industry [11]

Core Viewpoint - The merger between Pinnacle Financial Partners and Synovus Financial Corp has received regulatory approval and is expected to close on January 1, 2026, following shareholder approval on November 6, 2025 [1][15]. Company Overview - Pinnacle Financial Partners has approximately $56 billion in assets as of September 30, 2025, and is recognized as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA according to 2025 FDIC deposit data [5][6]. - Synovus Financial Corp has around $60 billion in assets and operates 244 branches across five states, providing a full suite of banking services [7]. Merger Details - The combined entity will have total assets of $116 billion, with headquarters in Atlanta, GA, and Pinnacle Bank based in Nashville, TN [4]. - Integration teams are actively working on plans for operational continuity and brand integration, with full system conversions expected in the first half of 2027 [3]. Leadership and Strategic Goals - Kevin Blair, CEO of Synovus, will serve as the president and CEO of the combined company, while Terry Turner, CEO of Pinnacle, will be the chairman of the board post-merger [2]. - The merger aims to leverage the strengths of both organizations to accelerate growth and enhance service delivery to clients and communities [2][4].

Group 1 - The Federal Reserve Board approved Steel Newco, Inc.'s application to become a bank holding company by merging with Synovus Financial Corporation and Pinnacle Financial Partners [1] - As a result of the merger, Steel Newco will indirectly acquire Synovus Bank and Pinnacle Bank [1] - The Board also approved the merger of Pinnacle Bank with Synovus Bank, allowing Pinnacle Bank to remain a state member bank under Federal Reserve supervision [2] Group 2 - Pinnacle Bank received approval to establish and operate branches at the locations of Synovus Bank [2]

Core Insights - Pinnacle Financial Partners has been recognized as the No. 4 Best Bank to Work For in the U.S. for 2025, improving from No. 5 in 2024 [1][2] - The bank is the largest in its category, with $56 billion in assets, and has consistently ranked No. 1 or No. 2 among banks with over $10 billion in assets since the rankings began [2][5] - Pinnacle has received multiple workplace awards in 2025, highlighting its commitment to employee satisfaction and corporate culture [3][11] Company Performance - Pinnacle Financial Partners operates with approximately $56 billion in assets as of September 30, 2025, making it the second-largest bank holding company headquartered in Tennessee [6] - The firm has maintained a strong presence in various urban markets across the Southeast and is recognized as the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA based on 2025 deposit data from the FDIC [5][6] Awards and Recognition - Pinnacle has been featured in several prestigious lists in 2025, including: - No. 9 on FORTUNE's 2025 100 Best Companies to Work For [5] - No. 3 in FORTUNE's 2025 Best Workplaces in Financial Services and Insurance [3] - No. 4 in FORTUNE's 2025 Best Workplaces for Women, up from No. 8 in 2024 [11] - The firm has appeared on the Best Banks to Work For list for 13 consecutive years since its inception in 2013 [2][5] Employee Engagement - Pinnacle's approach to employee engagement includes a two-step evaluation process for workplace satisfaction, which involves assessing workplace practices and surveying employees [4] - The bank's leadership emphasizes the importance of creating a supportive environment where employees feel valued, which in turn enhances client service [2]