Synovus Financial Corp. (NYSE: SNV) completed its long-planned merger with Pinnacle Financial Partners on 1 January 2026, creating a larger regional banking entity operating across the southeastern United States. Market attention has remained on the transaction since its announcement, with investors monitoring integration progress and potential implications for earnings and operations.
The key elements of the transaction include:
- Transaction type: All-stock merger
- Deal value: Approximately $8.6 billion
- Announcement date: 24 July 2025
- Completion date: 1 January 2026
Under the terms of the deal, ownership of the combined entity was divided between the two shareholder groups:
- Pinnacle Financial Partners shareholders: ~51.5%
- Synovus Financial Corp shareholders: ~48.5%
The merger was positioned as a strategic move to expand market reach and increase operational scale across a broader geographic footprint stretching from the Atlantic seaboard through the Southeast.
Regulatory and Shareholder Approvals
The transaction proceeded after receiving the necessary regulatory and shareholder clearances:
- Boards of both companies unanimously approved the merger
- Banking regulators, including the U.S. Federal Reserve, granted approvals in late November 2025
- Shareholders of both banks voted in favor of the merger in early November 2025
Post-Merger Structure
Following the completion of the transaction:
- Synovus Financial Corp and Pinnacle Financial Partners merged into a newly formed holding company initially named Steel Newco Inc.
- The holding company subsequently adopted the Pinnacle Financial Partners name
- Atlanta serves as the headquarters of the combined bank holding company
- Pinnacle Bank continues operations as the primary banking subsidiary following the integration of Synovus Bank
Scale of the Combined Institution
After the merger, the combined bank reports:
- Total assets: Over $117 billion
- Branch network: Roughly 400 locations
- Geographic footprint: Nine states
- Deposit base: More than $95 billion
- Loan portfolio: Approximately $80 billion
Leadership and Integration
Leadership roles were structured to include executives from both legacy institutions:
- Kevin Blair, former CEO of Synovus, assumed the role of president and chief executive officer of the combined entity
- Governance and management roles were distributed across both organizations
Brand Transition and Share Conversion
- Brand transition is expected to continue through 2026
- Full consolidation under the Pinnacle Financial Partners name is expected by early 2027
- Synovus shareholders received 0.5237 Pinnacle shares for each Synovus share held, with cash paid for fractional shares
The enlarged institution is now positioned as a significant regional banking player in the U.S. Southeast, with investor focus shifting toward integration execution and operating performance over the coming quarters.
