ATLANTA — Columbus-based Synovus Financial Corp. and Pinnacle Financial Partners, headquartered in Nashville, Tenn., have announced a planned merger, an $8.6 billion deal that will create the highest-return regional bank in the Southeast.
Under an agreement announced July 24, shares of Synovus and Pinnacle will be converted into shares of a new Pinnacle parent company. Synovus shareholders will own about 48.5%, and Pinnacle shareholders will own about 51.5%.
“We are two high-performing institutions with one powerful future,†said Kevin Blair, chairman, CEO and President of Synovus. “Our belief in the success of this merger is grounded in a decade of strong results and proven execution from both companies, each delivering top-tier earnings and total shareholder returns.â€
“We are pleased to join forces with Synovus in a combination that prioritizes client experience and inspires associates,†added Terry Turner, president and CEO of Pinnacle. “By combining Pinnacle's operating model, which is anchored in a disciplined entrepreneurial spirit, with Synovus' talented team and strong presence in attractive and fast-growing Southeastern markets, we will extend our legacy of building share in the most attractive markets nationally.â€
The agreement provides for Turner to serve as chairman of the combined company's Board of Directors. Blair will serve as president and CEO of the combined company.
The deal is expected to close during the first quarter of next year, subject to required regulatory approvals and the approval of Synovus and Pinnacle shareholders.
This story is available through a news partnership with Capitol Beat News Service, a project of the Georgia Press Educational Foundation.
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