Georgia’s Synovus Financial has completed its merger with Tennessee-based Pinnacle Financial Partners, in an all-stock deal valued at $8.6bn.
The transaction was announced in July.
At the time, Synovus said the merged entity will be the “highest-performing regional bank” focused on the “fastest-growth markets” in the Southeast.
As of 30 September, the combined holding company reported $117.2bn in assets, $95.7bn in deposits and loans of $80.4bn.
It operates over 400 sites in nine states across the Southeast and Atlantic coast, offering various banking specialties with nationwide scope.
The combined holding company will be based in Atlanta, Georgia, while the headquarters of the combined bank will be in Nashville, Tennessee.
The banks will be consolidated under the Pinnacle brand by early 2027.
As per the agreed terms, the shares of Synovus and Pinnacle shareholders were converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share.
This swap ratio represented a Synovus per share value of $61.18.
Synovus shareholders own around 48.5% and Pinnacle shareholders own approximately 51.5% of the merged entity.
Kevin Blair, formerly chairman, CEO and president of Synovus, is now president and CEO of the merged group.
Terry Turner, previously president and CEO of Pinnacle, currently chairs the board, supported by seven directors from legacy Pinnacle and seven from Synovus.
Blair said: “The leadership team we’ve assembled is built to lead Pinnacle into the future as the fastest-growing, most profitable regional bank in the nation.
“By bringing our organisations together, we gain scale while staying true to what matters most – creating long-term, trusted relationships. This merger is about growth with purpose, combining strength and heart to deliver scale with a soul.”
“We are marrying the best of both our companies together so we can continue to win for our team members, clients and shareholders,” Turner noted.
“Synovus and Pinnacle finalise $8.6bn merger” was originally created and published by Retail Banker International, a GlobalData owned brand.
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