- Key insight: Pinnacle took a little over five months to close its merger with Synovus. The combined bank, which is focused on the Southeast, has $117 billion of assets.
- Why it matters: The transaction is the latest test case for mergers of equals, which have lost favor with investors because some such deals have underformed. Pinnacle says its deal is different.
- Forward look: The two banks are expected to be united under the Pinnacle brand by early 2027.
Pinnacle Financial Partners and Synovus Financial have completed their merger of equals on a faster timeline than initially anticipated, creating a $117 billion-asset bank focused on the Southeast.
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The newly combined company announced Friday that the merger was completed this week, following shareholder approval in early November and
When the two regional banks
Kevin Blair, who was previously the CEO of Columbus, Georgia-based Synovus, is now the CEO of the combined company, which will be known as Pinnacle. Former Pinnacle President and CEO Terry Turner is the company’s chairman.
Blair, who was 54 as of March 2025, is about 16 years younger than Turner.
“As we expand our reach and resources, our values also remain firmly rooted in personal service and local decision-making,” Blair said in a video to customers of the former Synovus.
The merger
The two banks’ executives have argued that their merger is different. Turner said in September that the transaction was not “Truist 2.0” — a reference to the 2019 merger of BB&T and SunTrust Banks, which initially failed to meet profitability expectations.
Analysts at Hovde Group said in late November that they were initially not fans of the Pinnacle-Synovus merger, but that their view had subsequently changed.
In certain other mergers of equals, one predecessor CEO runs the combined company for a period of time before handing over the reins to their counterpart from the other predecessor company, which can hinder success in light of differing priorities, the Hovde analysts wrote in a research note. “This is not the case with this deal,” they stated.
Still, not all investors are convinced. Shares in Pinnacle, which were trading around $106 on the day before the deal was announced in July, finished 2025 at $95.41.
Trading in the combined company started on Friday morning, after each share of Synovus common stock was converted into the right to receive 0.5237 shares of new Pinnacle common stock.
Following the merger, the combined holding company, Pinnacle Financial Partners, is based in Atlanta. The surviving bank, Pinnacle Bank, is a member of the Federal Reserve System and is based in Nashville.
Pinnacle said Friday that the bank will operate under both the Pinnacle and Synovus brands before consolidating under the Pinnacle name in early 2027. The systems conversion is expected to occur in the same timeframe.
In a securities filing Friday, Pinnacle disclosed that it reached a separation agreement with former Pinnacle Chief Financial Officer Harold Carpenter, who is entitled to severance payments. Back in August, the companies announced that Jamie Gregory, then Synovus CFO, would become chief financial officer of the combined company.
Pinnacle also disclosed Friday that Richard Callicutt II, a Pinnacle executive who is staying on as the company’s chairman of the Carolinas and Virginia, will receive a restricted stock award valued at $3 million. The award will vest at a later date.
Charissa Summerlin, who is staying at Pinnacle in her role as chief credit officer, will receive a restricted stock award valued at $850,000, which will also vest at a later date, according to the securities filing.
As of Sept. 30, 2025, Synovus was the nation’s 53rd-largest bank holding company, and Pinnacle was the 54th-biggest. The combined company will be around no. 34 or 35.