Pinnacle Financial Partners and Synovus Financial have announced a merger in an all-stock transaction valued at $8.6 billion, based on the closing prices as of July 21, 2025. This merger will form the highest-performing regional bank in the Southeast.
The new company will operate as Pinnacle Financial Partners and Pinnacle Bank, with Kevin Blair as President and CEO and Terry Turner as Chairman of the Board.
Under the agreement, Synovus and Pinnacle shares will be converted based on a fixed exchange ratio of 0.5237 Synovus shares for each Pinnacle share, resulting in a value of $61.18 per Synovus share. Following the merger, Synovus shareholders will own about 48.5%, while Pinnacle shareholders will own approximately 51.5%.
The merger is projected to enhance Pinnacle’s estimated operating earnings per share (EPS) by about 21% in 2027, with a tangible book value earnback period of 2.6 years. It is expected to be tax-free for both companies’ shareholders.
This is the deal rationale:
1.) This deal forms the largest bank holding company in Georgia and Tennessee, with Pinnacle Financial Partners in Atlanta and Pinnacle Bank in Nashville. The combined entity is set to thrive in high-growth markets, projected to see a household growth rate of 4.6% from 2025 to 2030, 170% of the national average. Pinnacle and Synovus rank in the top five in ten of our fifteen key Southeastern metropolitan areas, with ample growth opportunities.
2.) By focusing geographically and empowering local leaders, the combined company enhances decision-making and employee engagement. This strategy, along with specialized client expertise, positions us for continued loan and deposit growth, strong credit quality, and operational efficiency.
3.) Experienced Leadership – Synovus’ leadership team has extensive experience from larger financial institutions in critical areas like risk, compliance, and operations, preparing us for a successful transition to a $100+ billion asset institution.
The leadership team will harness the capabilities of Pinnacle and Synovus, bringing over 120 years of combined experience in financial services and a track record of successful transactions.
Following the close of the transaction:
1.) Turner will become Chairman of the combined company’s Board of Directors;
2.) Blair will serve as President and Chief Executive Officer of the combined company;
3.) Jamie Gregory, Chief Financial Officer of Synovus, will serve as Chief Financial Officer of the combined company;
4.) Rob McCabe, Chairman of Pinnacle, will become Vice Chairman and Chief Banking Officer of the combined company; and
5.) The combined company’s Board mix will comprise 15 directors, eight of whom will be from the Pinnacle Board and seven of whom will be from the Synovus Board.
The following will serve as regional leaders of their respective markets under McCabe:
1.) Georgia: Charlie Clark, President of the Community Bank at Synovus;
2.) Tennessee and Kentucky: Bryan Bean, Senior Lending Officer at Pinnacle;
3.) Alabama: Chris Abele, Executive Director, Middle Market Banking at Synovus;
4.) The Carolinas and Virginia: Rick Callicutt, Chairman of the Carolinas and Virginia at Pinnacle;
5.) North and Central Florida: Scott Keith, Regional President at Pinnacle; and
6.) South Florida: Mike Walker, Executive Director, Middle Market Banking at Synovus.
The combined company’s common stock will trade on the New York Stock Exchange under the ticker symbol PNFP.
KEY QUOTES:
“Over the last 25 years, we have attracted extraordinary talent to a bank that closely partners with its clients, developing ‘raving fans’ and delivering industry-leading growth. We are pleased to join forces with Synovus in a combination that prioritizes client experience and inspires associates. 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. I have tremendous admiration for Kevin and look forward to partnering with him and the rest of the Synovus team to bring our two banks together seamlessly.”
Terry Turner, Chairman of the Board
“We are two high-performing institutions with one powerful future. 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. Building on a rich tradition of service and accelerating momentum, Synovus is well-positioned for growth. Together with Terry and the Pinnacle team, we are primed for continued outperformance, as we are not just combining forces – we are multiplying our impact.”
Kevin Blair