Pinnacle Financial Completes $8.6B All-Stock Merger With Synovus

Pinnacle Financial Partners, Inc. PNFP has completed its previously announced all-stock merger with Synovus Financial Corporation, valued at $8.6 billion. With all required shareholder and regulatory approvals in place, the merger closed on Jan. 2, 2026. Following completion, Pinnacle shareholders own approximately 51.5% of the combined company, while Synovus shareholders hold about 48.5%.

Kevin Blair, chief executive officer and president of Pinnacle Financial, stated, “The leadership team we’ve assembled is built to lead Pinnacle into the future as the fastest-growing, most profitable regional bank in the nation.” Blair added, “By bringing our organizations together, we gain scale while staying true to what matters most—creating long-term, trusted relationships. This merger is about growth with purpose, combining strength and heart to deliver scale with a soul.”

On a pro forma basis as of Sept. 30, 2025, the combined bank holding company had $117.2 billion in assets, $95.7 billion in deposits and $80.4 billion in loans. It now operates over 400 locations across nine states in the Southeast and Atlantic Coast, positioning PNFP among the largest regional banking franchises in the region.

Details of the Pinnacle Financial–Synovus Merger

The transaction resulted in a single bank holding company operating under the name Pinnacle Financial Partners, with Pinnacle Bank serving as the surviving bank following the merger of Synovus Bank. The combined company also became a member bank of the Federal Reserve System.

The holding company is headquartered in Atlanta, GA, while banking operations are headquartered in Nashville, TN. Under the merger agreement, each share of legacy Pinnacle common stock was converted into an equal number of shares of new Pinnacle common stock. Meanwhile, each share of Synovus common stock was exchanged for 0.5237 shares of new Pinnacle common stock.

During the transition period, customer-facing banking services will continue to be delivered under both the Pinnacle and Synovus brands. Management expects full system integration and brand consolidation under the Pinnacle name in early 2027, emphasizing that client disruption should remain minimal throughout 2026.

Following completion of the transaction, Pinnacle Financial’s common stock now trades on the New York Stock Exchange under the ticker symbol “PNFP” after the delisting of legacy Pinnacle and Synovus shares.

Strategic Implications Behind the Merger

The merger creates one of the largest and fastest-growing regional banking platforms in the United States. It combines Pinnacle Financial’s relationship-driven hiring and client service model with Synovus’ established franchise, deep talent pool and operational capabilities. The transaction positions the combined entity to accelerate organic growth across attractive Southeastern and Atlantic Coast markets.

The combined firm has a strong presence across Southeastern markets, where deposit-weighted household growth is expected to exceed the national average through 2030. With this expanded footprint and scale, the combined company is expected to capture continued market share gains across both commercial and consumer banking segments.

The combined company also benefits from enhanced operating leverage as it moves beyond the $100 billion asset threshold, supported by Synovus’ experience operating at greater scale.

Further, the transaction is projected to generate meaningful financial benefits, including roughly 21% operating earnings accretion by 2027, along with a tangible book value per share earn-back period of 2.6 years. Together, these benefits are expected to strengthen the combined company’s long-term return profile and position PNFP among the highest-return regional banks in the Southeast.

PNFP’s Price Performance & Zacks Rank

Shares of Pinnacle Financial have gained 1.6% over the past three months compared with the industry’s growth of 3.4%.

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

Similar Moves by Other Financial Firms

Last week, Commerce Bancshares, Inc. CBSH completed the all-stock deal to acquire FineMark Holdings, which was announced in June 2025. The operational system conversion required for full integration is expected to take place in the second half of 2026.

With the transaction now closed, CBSH is positioned to meaningfully expand its private banking and wealth management franchise. The acquisition strengthens Commerce Bancshares’ existing footprint in Florida, while extending its presence into new high-growth markets, including Arizona and South Carolina.

In December 2025, The PNC Financial Services Group, Inc. PNC secured the regulatory approvals needed to complete its previously announced $4.1 billion cash-and-stock acquisition of FirstBank Holding Company, including its banking subsidiary, FirstBank. This marks a key milestone toward closing the transaction. Approvals were granted by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Colorado Division of Banking. The transaction is expected to close on or about Jan. 5, 2026, subject to the satisfaction of customary closing conditions.

With this acquisition, PNC will more than triple its Colorado branch footprint to 120, making Denver one of its largest markets for commercial and business banking. PNC will become the leading bank in Denver by retail deposit share (20%) and branch share (14%).

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This article originally published on Zacks Investment Research (zacks.com).

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