Birmingham, July 26, 2025
News Summary
Pinnacle Financial Partners and Synovus Financial Corp have announced a significant merger valued at $8.6 billion, aiming to create the largest regional bank in the Southeastern United States. The merger, which will close in the first quarter of 2026, will see existing Synovus branches in Birmingham rebranded as Pinnacle Bank, while maintaining local leadership and employee positions. The new entity is expected to exceed $100 billion in assets and generate considerable cost savings, reinforcing the trend of consolidation in the banking industry.
Birmingham
On July 24, 2025, Pinnacle Financial Partners and Synovus Financial Corp announced their plans to merge, forming the largest regional bank in the Southeastern United States. The deal, valued at $8.6 billion, is structured as an all-stock transaction, aiming to capitalize on growing markets in the region. The merger is expected to close in the first quarter of 2026, pending regulatory approvals.
The new entity will operate under the names Pinnacle Financial Partners and Pinnacle Bank, combining the strengths of both financial institutions. Pinnacle Financial Partners, founded in 2000 in Nashville, Tennessee, has approximately $54.8 billion in assets. In contrast, Synovus Financial Corp, headquartered in Columbus, Georgia, boasts about $61 billion in assets and operates 244 branches across five states: Georgia, Alabama, Florida, South Carolina, and Tennessee. The merger will not only expand their asset bases but is also projected to create a combined company surpassing $100 billion in assets.
Post-merger, Synovus branches in Birmingham will transition into the Pinnacle Bank brand, with existing employees retaining their positions. This move will solidify Pinnacle’s footprint within key Southeastern markets, particularly enhancing services in Birmingham, where Pinnacle already has seven locations, including one in Mountain Brook’s English Village.
The newly-formed board will consist of 15 directors—eight from Pinnacle and seven from Synovus. Synovus CEO Kevin Blair will take the helm as president and CEO of the merged company, while Pinnacle CEO Terry Turner will serve as chairman. Executives from both banks emphasize that local market leadership will remain intact, assuring clients and stakeholders of their ongoing commitment to their respective communities.
The merger is anticipated to yield approximately $250 million in cost savings and is forecasted to be about 21% accretive to Pinnacle’s operating earnings per share by 2027. Both companies have enjoyed a decade of strong performance, which seasoned executives believe justifies the consolidation amid a more favorable regulatory environment.
Despite the merger’s promising outlook, the market reaction to the announcement was tepid. Shares of both companies saw a decline following the news. Previously, there was speculation that Synovus would be a likely acquisition target, leading up to this announcement.
Upon the merger’s completion, Pinnacle shareholders will hold approximately 51.5% of the new company, while Synovus shareholders will own around 48.5%. Additionally, the companies are making substantial employment commitments in Nashville, Atlanta, and Columbus, indicating a focus on maintaining personnel levels during this period of transition.
The announcement of this merger reinforces a trend towards bank consolidation that may continue evolving, as financial institutions seek to build competitive advantages and expand their market shares.
Key Features of the Merger:
| Feature | Details |
|---|---|
| Merger Announcement Date | July 24, 2025 |
| Combined Company Name | Pinnacle Financial Partners and Pinnacle Bank |
| Deal Valuation | $8.6 billion |
| Expected Asset Size | Over $100 billion |
| Transaction Type | All-stock |
| Closing Date | First quarter of 2026 |
| Cost Savings Expected | $250 million |
| Accretive to Pinnacle’s Earnings | 21% by 2027 |
| New Board Composition | 15 directors (8 from Pinnacle, 7 from Synovus) |
FAQ
What is the value of the Pinnacle and Synovus merger?
The merger is valued at $8.6 billion.
When is the merger expected to close?
The merger is expected to close in the first quarter of 2026, pending regulatory approvals.
What will be the new company name?
The merged entity will operate as Pinnacle Financial Partners and Pinnacle Bank.
How will this merger affect employees?
Existing team members at Synovus locations will retain their jobs after the merger.
What is the expected impact on shareholders?
Pinnacle shareholders will own approximately 51.5% of the combined company, while Synovus shareholders will own around 48.5%.
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HERE Resources
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Additional Resources
- Bham Now
- Wikipedia: Mergers and Acquisitions
- Banking Dive
- Google Search: Birmingham bank merger
- AL.com
- Google Scholar: Bank Merger
- American Banker
- Encyclopedia Britannica: Banking
- Banking Dive
- Google News: Synovus Pinnacle Merger
Author: STAFF HERE BIRMINGHAM WRITER
The BIRMINGHAM STAFF WRITER represents the experienced team at HEREBirmingham.com, your go-to source for actionable local news and information in Birmingham, Jefferson County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Sidewalk Film Festival, Sloss Music & Arts Festival, Magic City Classic, and civil rights commemorations. Our coverage extends to key organizations like the Birmingham Business Alliance and the Birmingham Civil Rights Institute, plus leading businesses in healthcare, finance, and manufacturing that power the local economy such as UAB Medicine, Regions Bank, and Encompass Health. As part of the broader HERE network, including HEREHuntsville.com, we provide comprehensive, credible insights into Alabama's dynamic landscape.
