Pinnacle Financial Partners and Synovus Financial have agreed to merge in an all-stock deal, valued at $8.6bn.

This merger aims to establish the “highest-performing” regional bank in the Southeast, focusing on high-growth markets.

Completion of the merger is anticipated in the first quarter of 2026, pending regulatory approvals, shareholder consent from both Pinnacle and Synovus, and the fulfilment of standard closing conditions.

As per the agreed terms, Synovus and Pinnacle shareholders’ shares will be converted into shares of a new Pinnacle parent company at a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share, representing a Synovus per share value of $61.18.

These terms have secured unanimous clearance from both companies’ boards.

Post-merger, Synovus shareholders will own about 48.5% of the new company, while Pinnacle shareholders will hold approximately 51.5%.

The combined entity will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand.

Kevin Blair, currently the chairman, CEO, and president of Synovus, will become the president and CEO of the enlarged business, while Terry Turner, president and CEO of Pinnacle, will serve as chairman of the board.

Blair said: “Building on a rich tradition of service and accelerating momentum, Synovus is well-positioned for growth.

“Together with Terry and the Pinnacle team, we are primed for continued outperformance, as we are not just combining forces – we are multiplying our impact.”

As of 30 June 2025, Pinnacle reported approximately $54.8bn in assets and is said to be a major bank in the Nashville-Murfreesboro-Franklin metropolitan area.

Synovus, headquartered in Columbus, Georgia, has approximately $61bn in assets and operates 244 branches across Georgia, Alabama, Florida, South Carolina, and Tennessee.

It offers a variety of commercial and consumer banking services, along with specialised products such as wealth management and international banking.

This merger is expected to create the largest bank holding company in Georgia and the largest bank in Tennessee.

Turner said: “Over the last 25 years, we have attracted extraordinary talent to a bank that closely partners with its clients, developing ‘raving fans’ and delivering industry-leading growth.

“We are pleased to join forces with Synovus in a combination that prioritizes client experience and inspires associates.”