Pinnacle Financial Completes $8.6B All-Stock Merger With Synovus

Core Insights - Pinnacle Financial Partners, Inc. has successfully completed an all-stock merger with Synovus Financial Corporation, valued at $8.6 billion, with Pinnacle shareholders owning approximately 51.5% and Synovus shareholders holding about 48.5% of the combined entity [1][9]. Merger Details - The merger resulted in a single bank holding company operating under the name Pinnacle Financial Partners, with Pinnacle Bank as the surviving bank [3]. - Each share of legacy Pinnacle common stock was converted into an equal number of shares of new Pinnacle common stock, while each share of Synovus common stock was exchanged for 0.5237 shares of new Pinnacle common stock [4]. - The combined bank holding company has $117.2 billion in assets, $95.7 billion in deposits, and $80.4 billion in loans as of September 30, 2025, and operates over 400 locations across nine states [2][9]. Strategic Implications - The merger creates one of the largest and fastest-growing regional banking platforms in the U.S., combining Pinnacle's relationship-driven model with Synovus' established franchise and operational capabilities [7]. - The combined entity is expected to capture market share gains in both commercial and consumer banking segments, particularly in the Southeastern and Atlantic Coast markets [8][9]. - The transaction is projected to generate approximately 21% operating earnings accretion by 2027, with a tangible book value per share earn-back period of 2.6 years [9]. Operational Integration - During the transition period, banking services will continue under both the Pinnacle and Synovus brands, with full integration and brand consolidation expected by early 2027 [5]. - The combined company is now a member bank of the Federal Reserve System, enhancing its operational capabilities [3]. Market Position - Following the merger, Pinnacle Financial's common stock trades on the New York Stock Exchange under the ticker symbol "PNFP" [6]. - The merger positions Pinnacle among the highest-return regional banks in the Southeast, strengthening its long-term return profile [10].