NASHVILLE, Tenn. — Nashville-based Pinnacle Financial Partners has officially entered into a merger agreement with Atlanta’s Synovus Financial Corp in a deal valued at $8.6 billion. The all-stock transaction will combine two of the Southeast’s largest regional banks under the Pinnacle name while retaining key leadership and headquarters in both cities.
Under the agreement, the holding company will be headquartered in Atlanta as Pinnacle Financial Partners, while the bank will continue to operate out of Nashville as Pinnacle Bank. The combined institution will keep the Pinnacle brand and leadership structure, with Kevin Blair, currently Synovus’ chairman, CEO and president, serving as CEO and president of the merged company. Pinnacle’s current president and CEO Terry Turner will become chairman of the board.
“This merger brings together two strong organizations with a shared commitment to client relationships and regional growth,” Turner said in a statement. “By blending our entrepreneurial culture with Synovus’ talent and presence across high-growth Southeastern markets, we’ll accelerate our efforts to capture market share in some of the country’s most attractive regions.”
Other key leadership roles include Jamie Gregory as chief financial officer and Rob McCabe as vice chairman and chief banking officer. The board of directors for the new company will consist of 15 members, with eight from Pinnacle and seven from Synovus.
Upon completion of the deal, Pinnacle shareholders will own approximately 51.5% of the combined company, while Synovus shareholders will hold 48.5%.
“This is more than a merger — it’s a multiplication of opportunity and strength,” said Blair. “Both organizations have delivered consistent top-tier performance, and together, we’re poised to accelerate our impact across the Southeast.”
The merger has been approved by the boards of both banks and is expected to close in the first quarter of 2026, pending regulatory and shareholder approvals.
According to the FDIC’s June 2024 market share report, Pinnacle Bank held $27.7 billion in Tennessee deposits (12.4% market share), making it the second-largest in the state behind First Horizon, which had $30.1 billion (13.5%). Synovus, with just four offices in Tennessee, held $578.8 million in deposits. In the Memphis metro area, Pinnacle ranks third with seven local branches.
The merger is set to significantly expand the new company’s presence throughout the Southeast and strengthen its competitive position in key markets.
