Overview

• The all-stock transaction values Synovus shares at $61.18 apiece and gives Pinnacle shareholders a 51.5% stake in the merged company.
• Synovus CEO Kevin Blair will serve as president and CEO of the combined bank, while Pinnacle’s Terry Turner takes on the role of chairman.
• Operating under the Pinnacle Financial Partners and Pinnacle Bank brand, the new entity will manage $116 billion in assets and relocate its holding-company headquarters to Atlanta.
• Executives forecast $250 million in annual cost savings from operational synergies and an expanded presence across key Southeastern markets.
• Both banks’ shares fell by 8%–12% on deal news as investors weighed integration challenges and the impact of higher regulatory standards following the OCC’s May rule change.