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

Group 1 - Pinnacle Financial Partners and Synovus Financial plan to merge in an all-stock transaction valued at $8.6 billion, with the transaction expected to close in the first quarter of 2026, pending regulatory and shareholder approvals [2][3] - The combined entity will operate under the Pinnacle Financial Partners and Pinnacle Bank brand, with Synovus Chairman Kevin Blair as president and CEO, and Pinnacle CEO Terry Turner as chairman of the board [3] - The merger aims to leverage Pinnacle's entrepreneurial operating model and Synovus' strong presence in fast-growing Southeastern markets to enhance market share [4] Group 2 - Both companies have demonstrated strong financial performance, with Synovus reporting a 28% year-over-year growth in adjusted earnings per share in the second quarter, while Pinnacle reported a 22.7% increase in fully diluted earnings per share [6][7] - The KBW Nasdaq Bank Index, which tracks larger banks, increased by 14%, while the KBW Nasdaq Regional Banking Index, covering smaller lenders, rose less than 3%, indicating a challenging environment for regional banks [5][6]