Pinnacle Forges $117B Banking Powerhouse with Synovus Merger

ATLANTA, GA – January 02, 2026 – The Southeastern banking landscape was fundamentally reshaped today as Pinnacle Financial Partners, Inc. and Synovus Financial Corp. officially completed their monumental merger. The deal creates a new regional banking titan, operating under the Pinnacle name, with a staggering pro forma $117.2 billion in assets and a formidable presence across nine states.

The combined firm, now headquartered in Atlanta as a holding company with its bank headquarters in Nashville, begins trading today on the New York Stock Exchange under Pinnacle’s existing ticker, “PNFP.” The move solidifies the new entity's position as a dominant force, aiming to blend Pinnacle's celebrated corporate culture and growth model with Synovus's extensive talent pool and market reach.

“This merger unites two trusted legacies to create one bright future,” said Kevin Blair, who transitions from his role as Synovus CEO to become the chief executive officer and president of the new Pinnacle Financial Partners. “We’re now more than 8,000 strong and building the bank of the future from a position of strength—with a shared goal to be the best financial services firm and the best place to work in the country.”

A New Regional Colossus

The scale of the newly formed institution is immense. Based on figures from September 30, 2025, the combined bank commands $95.7 billion in deposits and $80.4 billion in loans, making it the largest bank holding company headquartered in Georgia and the largest bank headquartered in Tennessee. Its network spans over 400 locations in Tennessee, Georgia, Florida, the Carolinas, Alabama, Kentucky, Virginia, and Maryland.

This expanded footprint gives the new Pinnacle significant market share in key metropolitan areas. It maintains Pinnacle’s No. 1 deposit market share in the Nashville MSA and now holds the No. 4 position in the competitive Atlanta market. This geographic and financial scale is central to the company’s strategy for accelerated growth.

For shareholders, the transition is now complete. Under the terms of the agreement, legacy Pinnacle shares converted on a one-to-one basis, while each share of Synovus common stock was converted into the right to receive 0.5237 shares of the new Pinnacle stock. With the merger finalized, Synovus has been delisted from the NYSE, consolidating all trading under the PNFP ticker. The deal, first announced in July 2025, received the necessary shareholder and regulatory approvals late last year, paving the way for the January 1st and 2nd closing dates.

The Blueprint for Integration

Executing a merger of this magnitude presents significant operational and cultural challenges, a reality the new leadership team is confronting head-on. The integration will be a carefully phased process. For now, clients will see both the Pinnacle and Synovus brands in the market, with a full consolidation under the single Pinnacle brand and the completion of systems conversions slated for early 2027.

The leadership structure is a blend of talent from both legacy institutions, designed to steer the combined firm. While Blair takes the helm as CEO, Pinnacle’s co-founder and long-time CEO Terry Turner has assumed the role of board chair. “Rob McCabe and I helped found this firm and led the team that built it into what it is today,” Turner stated. “As board chair, I’m bringing a founder’s mentality and 25 years of experience as CEO to bear in supporting Kevin and his team as they lead us into the next chapter.” McCabe, Pinnacle's other co-founder, will serve as chief banking officer, leading all banking teams.

While so-called "mergers of equals" have a history of integration difficulties in the financial industry, Blair has expressed confidence in the plan. The company projects the combination will be financially powerful, estimating a 21% operating earnings accretion by 2027. The leadership's stated goal is to become the "fastest-growing, most profitable regional bank in the nation."

“By bringing our organizations together, we gain scale while staying true to what matters most—creating long-term, trusted relationships,” Blair commented. “This merger is about growth with purpose, combining strength and heart to deliver scale with a soul.”

Culture and Customers at a Crossroads

Perhaps the most delicate part of the integration will be merging the human elements of the two banks. Pinnacle has built a national reputation as a premier employer, landing at No. 9 on FORTUNE magazine’s 2025 list of "100 Best Companies to Work For" and consistently ranking as a top bank to work for by American Banker. A remarkable 97-98% of its associates have reported it as a great place to work.

Maintaining that award-winning culture while integrating over 8,000 employees is a core challenge. The company has stated it anticipates a relatively low staff reduction of around 5% across both banks, emphasizing a "best athlete" approach to staffing roles. The goal is to marry Pinnacle's intensive recruiting model and banking culture with Synovus’s deep talent and capabilities.

For the hundreds of thousands of customers across the Southeast, the company’s message is one of continuity and enhancement. Leaders have promised that clients will experience little to no disruption in their day-to-day banking until the full brand and systems conversion in 2027. During this interim period, Synovus branches will continue to operate under their existing name. To keep customers informed, the bank has launched dedicated informational websites at PNFP.com/Future and synovus.com/future.

However, the merger does combine two institutions with differing public feedback on customer service. While Pinnacle has long touted its high-touch, relationship-based service model, online customer reviews for Synovus have been more varied, with some clients reporting excellent service while others have voiced concerns. The success of the merger will hinge, in part, on the new Pinnacle's ability to standardize its acclaimed client experience across the entire, much larger, network.

Navigating the Path Forward

After receiving crucial approvals from the Federal Reserve and other regulators in late 2025, the path was cleared for the creation of this new banking behemoth. The transaction, valued at approximately $8.6 billion when announced, initially saw a tepid response from investors, reflecting a broader market caution regarding large-scale bank mergers.

Despite initial market skepticism, the combined leadership team is focused on executing its vision of a bank that leverages its newfound scale without losing its community-focused identity. The strategic logic rests on combining Pinnacle’s proven model for attracting top banking talent and fostering a strong service culture with Synovus's established presence and deep operational capabilities in key growth markets.

As integration teams work behind the scenes over the next year, the banking world will be watching closely. The merger of Pinnacle and Synovus is more than just a financial transaction; it's a test case for whether a large regional bank can truly deliver "scale with a soul" and create a unified culture that wins for employees, customers, and shareholders alike. The full picture of its success will become clearer as the two brands officially become one in 2027.