Pinnacle Financial, the parent company of Pinnacle Bank, and Morris State Bancshares, the parent company of Morris Bank, have announced plans to merge in a strategic partnership that will create one of Georgia’s largest and most influential community banking institutions. The combined company will operate 35 branches across some of the state’s fastest-growing markets. It will manage $3.8 billion in assets, $3.3 billion in deposits, and $2.8 billion in loans based on financial data as of September 30, 2025.
The partnership brings together two longstanding Georgia community banking franchises with no overlapping markets. The combined institution aims to strengthen its market position, expand its lending capacity, enhance its technology, and offer a more extensive suite of financial products to customers and local businesses. Executives from both organizations emphasized that customers will continue to interact with familiar bankers, benefit from localized decision-making, and gain access to expanded services.
The merger will also position the organization as a competitive acquirer in Georgia’s consolidating banking landscape. Company leaders expect the expanded scale, broadened footprint, and shared leadership structure to unlock new growth opportunities for shareholders and provide a foundation for stronger earnings performance.
Under the terms of the definitive agreement unanimously approved by both boards, each outstanding share of Morris common stock will be exchanged for 0.1095 shares of the combined company’s common stock. Morris shareholders will additionally receive a one-time special cash dividend of $0.54 per share before closing. Upon completion of the merger, Pinnacle shareholders will own approximately 54 percent of the combined entity, while Morris shareholders will own approximately 46 %.
The companies plan to launch a new unified name and corporate brand before the transaction closes. Upon completion, the combined company’s common stock will trade on the OTCQX under a new ticker symbol. The headquarters will remain in Elberton, Georgia, with teams from both banks continuing to operate from their current offices.
The expanded branch network will include Pinnacle’s 26 locations across northeast and eastern Georgia—such as Elberton, Athens, Gainesville and Augusta—along with Morris’ nine branches across central and southeastern Georgia, including Dublin, Statesboro, Macon and Houston County.
The combined company will be governed by a board comprising nine directors from Pinnacle and eight directors from Morris. Executive leadership roles will span both institutions. Jackson McConnell of Pinnacle will serve as Chairman of the Board and Chief Executive Officer of the combined company and Executive Chairman of the bank. David Voyles will serve as President of the combined company and Chief Executive Officer of the combined bank. Spence Mullis will become Director of Community Banking for the combined company and President of the combined bank. Leonard Blount will serve as Lead Independent Director, while Scott Wilson and Chris Bond will serve as Chief Financial Officer and Chief Accounting Officer, respectively. All remaining officers from both banks are expected to stay in similar roles to ensure continuity.
Pinnacle Financial Corporation currently oversees a $2.2 billion asset bank headquartered in Elberton, Georgia, operating across 17 counties since its founding in 1934. Morris State Bancshares, headquartered in Dublin and managing $1.5 billion in assets, was recently recognized on Forbes’ Best-In-State Banks 2025 list and has served Georgia communities since 1954.
Support: The deal is anticipated to close in late Q1 or early Q2 of 2026, pending regulatory approvals and Morris shareholders’ approval. Pinnacle was advised by Piper Sandler, with Fenimore Kay Harrison serving as legal counsel. Morris received financial advisory support and a fairness opinion from Keefe, Bruyette and Woods, with Alston & Bird acting as legal counsel.
KEY QUOTES:
“We are excited to announce the combination of Pinnacle Bank and Morris Bank. As we unite our two institutions, we strengthen our ability to serve people and businesses in communities across the state of Georgia. After years of knowing one another and working together on industry issues, we are thrilled to bring our teams together. More than ever before, this partnership allows us to focus on continued growth by sharing our core banking services with more community customers.”
Jackson McConnell, Chairman And Chief Executive Officer, Pinnacle
“I’ve known both Jackson McConnell and David Voyles for more than 20 years and have watched them build and grow a great community bank in their markets, while we’ve done the same with Morris in our markets. Over the years, we’ve often compared notes, sharing strategies and philosophies on how to keep our communities and customers at the heart of everything we do. Our leadership teams have weathered all types of economic cycles, including the Great Financial Crisis, often conferring and collaborating along the way, which has strengthened both of our organizations. I am truly excited to now bring our two teams together under one new name and brand, solidifying our shared values and long-standing relationship. Together, we’ll be a leading Georgia community bank the entire state can be proud to call its own.”
Spence Mullis, Chairman, President And Chief Executive Officer, Morris
