Georgia’s Synovus to merge with Pinnacle in $8.6B deal

One of Georgia’s largest financial institutions will merge with a Southeastern competitor, a deal that will bring a new corporate headquarters to Atlanta.

Columbus-based Synovus Financial Corp. announced it will combine with Nashville-based Pinnacle Financial Partners in an all-stock transaction valued at $8.6 billion. The deal was announced Thursday afternoon.

The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals, shareholder approvals and other closing conditions.

“We’re creating the highest-performing commercial bank, focused on the best market in the highest-growth region in the country,” Terry Turner, president and CEO of Pinnacle, said on a conference call Thursday evening.

Turner will become board chairman of the combined company. Kevin Blair, chairman, CEO and president of Synovus, will become CEO and president.

Pinnacle Bank is based in Nashville, but the combined bank holding company will be based in Atlanta, operating under the name Pinnacle Financial Partners.

The company will have $116 billion in total assets. The combined bank will have $81 billion in loans and $95 billion in deposits, according to a fact sheet.

“This is a strategic expansion, not a market consolidation,” Blair said. “The merger creates a complementary footprint that fits together like puzzle pieces.”

The shares of both companies will be converted into shares of a new Pinnacle parent company. It will trade on the New York Stock Exchange under the ticker symbol PNFP.

When the transaction closes, Synovus shareholders will own 48.5% of the company. Pinnacle shareholders will own 51.5%.

Bloomberg reported earlier this week that Synovus was weighing a potential merger.

“We’ve been through a long few days having to stand on the sidelines while rumors swirled and stocks traded wildly,” Turner said.