Synovus Secures Federal Regulatory Approval for Merger With Pinnacle

Synovus Financial Corp. SNV and Pinnacle Financial Partners PNFP moved a step closer to completing their merger after receiving approval from the board of governors of the Federal Reserve System.

On July 24, 2025, Pinnacle and Synovus announced that they would merge in an all-stock transaction worth $8.6 billion. Following the close of the transaction, Synovus shareholders will own approximately 48.5% and Pinnacle shareholders will own approximately 51.5% of the combined company.

With Federal Reserve approval now secured, both firms expect the merger to close on 1 Jan. 2026, subject to standard closing conditions. Until full integration, Synovus branches will continue operating under the Synovus brand.

Details of SNV- PNFP Merger

The Federal Reserve’s approval marks a significant milestone in the merger announced in July 2025. The deal’s structure remains consistent with earlier plans and supports the firms’ joint strategy to deepen their presence across high-growth Southeastern markets.

Under the terms of the agreement, Synovus and Pinnacle shareholders will receive shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share.

Once completed, the combined company will operate under the Pinnacle Bank and Pinnacle Financial Partners brand. The holding company will be headquartered in Atlanta, GA, while Pinnacle Bank will be based in Nashville, TN.

The merger brings together Pinnacle’s relationship-driven operating model, characterized by high associate engagement and a strong community banking culture, and Synovus’ broad, established branch network across fast-growing Southeastern metropolitan markets. Together, the companies create a larger platform for organic growth.

Progress of Integration Planning of SNV and PNFP

Integration management teams are actively preparing for Day One operations. The focus includes organizational structures, technology decisions, benefit plans, leadership mapping, and market continuity. The firms expect to bring systems, processes, and branding under the Pinnacle name throughout 2026.

Full system and brand conversions are scheduled for the first half of 2027. Until then, clients should expect no material changes in daily banking activities.

Synovus’ Rationale Behind the Merger

This merger enables Synovus to become part of the fastest-growing, highest-return regional bank in the Southeast by combining with Pinnacle. The combined company will operate in the most attractive Southeastern markets, supported by a deposit-weighted household growth forecast of 4.6% between 2025 and 2030, 170% above the national average.

The combined entity is expected to hold approximately $116 billion in assets, pushing it past the $100 billion threshold and positioning PNFP among the largest regional banking franchises in the U.S. Southeast.

The transaction also aligns both firms under a simple, highly compatible operating model that empowers local leaders, strengthens associate engagement, and supports continued peer-leading loan and deposit growth. Further, SNV benefits from Pinnacle’s disciplined entrepreneurial model and strong customer satisfaction record, reinforcing its ability to sustain long-term profitable growth.

The merger is expected to drive significant financial upside, including approximately 21% operating EPS accretion and a tangible book value earn-back period of 2.6 years, positioning the combined company for continued outperformance.

SNV Price Performance & Zacks Rank

Shares of Synovus have gained 1.3% over the past six months against the industry’s decline of 0.1%.

Currently, SNV carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Steps Taken by Other Financial Firms

In October 2025, Huntington Bancshares, Inc. HBAN completed its merger with Veritex Holdings, Inc. in a $1.9 billion all-stock transaction, strengthening its commitment to the Texas market. Both Huntington and Veritex customers will continue to bank as normal at their existing branches. Veritex customer accounts will be converted to Huntington's systems in the first quarter of 2026.

The merger with Veritex represents HBAN’s strategic plan to accelerate its strong organic growth in Texas by expanding its presence in Dallas/Fort Worth and Houston.

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