Synovus Financial Corp. and Pinnacle Financial Partners announced on July 24, 2025, a definitive agreement to combine in an all-stock transaction valued at $8.6 billion. This merger aims to create a leading regional bank focused on high-growth markets in the Southeast.
Under the terms of the agreement, Synovus shareholders will receive 0.5237 shares of a new Pinnacle parent company for each Synovus share, representing a Synovus per share value of $61.18 and an approximate 10% premium on an unaffected basis. Following the close, Synovus shareholders will own approximately 48.5% of the combined company.
The transaction is expected to be approximately 21% accretive to Pinnacle’s estimated operating EPS in 2027, with a rapid tangible book value per share earnback period of 2.6 years. The merger is anticipated to close in the first quarter of 2026, subject to regulatory and shareholder approvals.
Kevin Blair, Synovus Chairman, CEO, and President, will serve as President and Chief Executive Officer of the combined company, while Terry Turner, Pinnacle President and CEO, will become Chairman of the Board. The combined entity will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand.
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