NASHVILLE, TENN. AND COLUMBUS, GA. — Pinnacle Financial Partners (NASDAQ: PNFP) and Synovus Financial Corp. (NYSE: SNV) have entered into a definitive agreement to combine operations in an all-stock transaction valued at $8.6 billion. The price reflects the closing stock prices for the two companies on July 21, the latest date unaffected by the merger announcement — $116.83 per share for Pinnacle and $55.53 for Synovus.
Under terms of the agreement, Pinnacle shareholders will own approximately 51.5 percent of the combined company, which will operate under the Pinnacle name and trade under the PNFP ticker symbol on the New York Stock Exchange. Pinnacle Financial will move its headquarters to Atlanta while the retail bank branch division of the combined company, which will operate under the Pinnacle Bank brand, will be based in Nashville. As of June 30, Synovus operates 244 bank branches in Georgia, Alabama, Florida, South Carolina and Tennessee. Pinnacle operates 179 bank branches in Tennessee, Virginia, North Carolina, South Carolina, Georgia, Alabama, Kentucky and Florida, according to the FDIC.
The Pinnacle-Synovus merger will create the largest bank holding company in Georgia and the largest bank in Tennessee. The transaction, which is expected to close in first-quarter 2026, has been unanimously approved by the boards of directors of both companies.
Kevin Blair, chairman, CEO and president of Synovus, will serve as president and CEO of the combined company. Terry Turner, president and CEO of Pinnacle, will serve as chairman of the board of directors of the combined company.