Federal Reserve Board announces approval of application by Steel Newco, Inc

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]