Pinnacle, Synovus merger receives federal regulatory approval

Pinnacle Financial Partners and Synovus Financial Corp. have received regulatory approval for the merger of the two regional financial institutions.

The companies announced Tuesday a greenlight from the Federal Reserve System Board of Governors.

With shareholders of both institutions approving the merger on Nov. 6, the deal is now expected to be completed Jan. 1, 2026.

The transaction was previously was estimated to carry a value of about $8.6 billion. The combined firm will have $116 billion in assets.

"Federal bank regulatory approval brings us another step closer to combining two strong organizations with a shared commitment to people," Synovus CEO Kevin Blair, who will serve as president and CEO of the combined company, said in a release.

"By leveraging the best of both firms, we'll accelerate growth, expand opportunities and deliver lasting impact for clients, team members and communities."

Blair and Pinnacle Founder and Chairman Rob McCabe, who will serve as chief banking officer of the combined company, have also named market-level banking leaders, as reported by the Post.

Upon closing of the merger, Pinnacle President and CEO Terry Turner will become non-executive chairman of the board of directors of Pinnacle, with McCabe serving as vice chairman, the company announced previously.

Integration teams are working to merge operations. The combined company will operate under the Pinnacle Financial Partners brand name.

The full operational and brand name conversation is expected to be finalized in the first quarter of 2027.

Until then, the companies said, customers should see little change in day-to-day operations, and Synovus locations will continue to operate under the Synovus brand.

The holding company of the combined firm will be based in Atlanta and Pinnacle Bank will be based in Nashville as a Tennessee state-chartered bank and member of the Federal Reserve System.

"This is such a complex process, but both teams are pulling in the same direction toward the end goal, which is to create a bank that's bigger, stronger and better able to serve the needs of our clients and communities than ever before," Turner said in the release.