The Federal Reserve Board of Governors granted regulatory approval for the $8.6 billion all‑stock merger between Synovus Financial Corp. and Pinnacle Financial Partners on November 25, 2025, clearing the final regulatory hurdle and moving the transaction toward its anticipated closing on January 1, 2026.
The approval confirms that the combined entity will be classified as a Category IV large financial institution, subject to enhanced prudential standards, and will operate under the Pinnacle brand while Synovus branches continue to use the Synovus name until the first half of 2027 when full system and brand conversions are scheduled.
Shareholders of both banks had already approved the deal on November 6, 2025, and the transaction will leave Synovus shareholders with roughly 48.5 % ownership and Pinnacle shareholders with about 51.5 % of the combined company.
The merger is positioned to create a “Southeast Growth Champion” and a “Southeast Regional Banking Powerhouse,” combining complementary footprints and strengths to expand market presence across the Southeast.
Management emphasized the strategic fit and confidence in the integration plan. Synovus CEO Kevin Blair said the merger “will accelerate growth, expand opportunities and deliver lasting impact for clients, team members and communities,” while Pinnacle CEO Terry Turner noted that the deal “will create a bank that is bigger, stronger and better able to serve the needs of our clients and communities.”
The regulatory approval follows strong Q3 2025 results for both banks. Synovus reported adjusted net income of $203.9 million, or $1.46 per diluted share, up from $177.1 million ($1.23) in Q3 2024, driven by net interest margin expansion and robust non‑interest revenue growth. Pinnacle posted Q3 2025 earnings per share of $2.27, beating estimates of $2.05, supported by solid revenue growth and efficient cost management.
With the merger cleared, the combined bank will pursue a phased integration, beginning with operational alignment and moving toward full brand and system consolidation in 2027, positioning the new entity to leverage scale, enhance product offerings, and strengthen its competitive stance in the regional banking sector.
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