Pinnacle and Synovus Strike $8.6 Billion All-Stock Merger

Pinnacle Financial Partners and Synovus Financial agreed to merge in an all-stock transaction valued at about $8.6 billion, creating one of the largest regional lenders in the US Southeast with more than $115 billion in combined assets. Under the terms, Pinnacle shareholders will own roughly 51.5 percent of the new parent company and Synovus investors about 48.5 percent, implying a price of $61.18 a share for Synovus—about 10 percent above its last close before reports of the talks. Synovus shareholders will receive 0.5237 Pinnacle shares for each Synovus share they hold. Kevin Blair, currently chief executive of Synovus, will lead the combined bank as CEO and president, while Pinnacle CEO Terry Turner will become chairman. The companies said they expect the merger, projected to lift Pinnacle’s operating profit by roughly 21 percent in 2027, to close in the first quarter of 2026, pending regulatory and shareholder approvals. The transaction highlights a renewed appetite for consolidation among mid-size US banks as they seek scale to compete on technology spending and diversify funding bases. Analysts said the deal could spur additional regional-bank tie-ups if regulators maintain a more permissive stance toward mergers.