The largest bank based in Georgia kicked off the new year by finalizing its blockbuster merger with a Southeastern rival, forming one of the country’s largest regional banks.
Columbus-based Synovus Financial and Nashville-based Pinnacle Financial Partners completed their merger Thursday, according to filings with the U.S. Securities and Exchange Commission. The all-stock transaction was valued at $8.6 billion.
The banks will consolidate under the Pinnacle brand in early 2027. The headquarters of the combined bank will be in Nashville, while a holding company will locate its home base in Atlanta.
“This merger unites two trusted legacies to create one bright future,” Kevin Blair, the former Synovus CEO who is now the chief executive of the merged bank, said in a Friday news release.
Credit: arvin.temkar@ajc.com
Credit: arvin.temkar@ajc.com
Announced in July, the merger signaled a new wave of consolidation in the banking industry as the regulatory environment eases under President Donald Trump’s administration. It also raised concerns that Columbus would play third wheel to the pair of larger Southern cities, potentially shedding jobs or investment.
Synovus was founded out of Columbus’ textile mills more than a century ago. Its executives have repeatedly said the merged bank will not ignore its longtime hometown. They say the merger will supercharge both banks’ abilities by pooling resources and expertise.
“Every community we serve — including Atlanta, Columbus and across Georgia — will benefit from our focused attention, local expertise and shared purpose,” Charlie Clark, state head of Georgia banking for the merged bank, told The Atlanta Journal-Constitution in a statement.
Synovus employs about 1,200 in Columbus, making it one of the city’s largest private employers. It’s also an anchor in the city’s downtown, signing a 15-year lease in 2023 to occupy a four-story office building in a new development called Riverfront Place. Synovus’ current Atlanta operations are based in a leased office tower at 1100 Overton in Cobb County.
Credit: arvin.temkar@ajc.com
Credit: arvin.temkar@ajc.com
The merger is projected to cut only 5% of both banks’ staffs, and the resulting bank will be the country’s 15th-largest.
The newly combined bank holding company operates more than 400 locations across nine states, employing more than 8,000 workers. It oversaw $117.2 billion in assets, $95.7 billion in deposits and $80.4 billion in loans as of the end of the third quarter.
The new Pinnacle began trading on the New York Stock Exchange on Friday under the ticker “PNFP.” The legacy Pinnacle and Synovus tickers were delisted from the Nasdaq and NYSE, respectively.
“We are marrying the best of both our companies together so we can continue to win for our team members, clients and shareholders,” Terry Turner, a Pinnacle cofounder and board chair for the new bank, said in the news release.
Turner is joined on the board by seven other legacy Pinnacle executives and seven directors from Synovus. Rob McCabe, another Pinnacle cofounder, serves as the new institution’s chief banking officer.
“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,” Blair added.
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