The Board of Governors of the Federal Reserve System recently gave regulatory approval for Tennessee-based Pinnacle Financial Partners and Georgia-based Synovus Financial Corp. to merge. Shareholders approved the merger on Nov. 6.
The merger is expected to complete on Jan. 1, subject to customary closing conditions. The combined firm will have $116 billion in assets. The holding company will be based in Atlanta while Pinnacle Bank will be based in Nashville as a Tennessee state-chartered bank and member of the Federal Reserve System.
“Federal bank regulatory approval brings us another step closer to combining two strong organizations with a shared commitment to people,” Kevin Blair, Synovus CEO, said. “By leveraging the best of both firms, we’ll accelerate growth, expand opportunities and deliver lasting impact for clients, team members and communities.”
Integration teams are working on plans for how the combined company will operate and how integration will occur. Systems, processes and employees will be brought together under the Pinnacle brand throughout 2026 with full conversion completed in 2027.
Blair will be president and CEO of the combined company.
Synovus is a full-service, mid-cap bank. Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services.