Synovus and Pinnacle finalise $8.6bn merger

Georgia’s Synovus Financial has completed its merger with Tennessee-based Pinnacle Financial Partners, successful an all-stock woody valued astatine $8.6bn.

The transaction was announced successful July.

At the time, Synovus said the merged entity volition beryllium the “highest-performing determination bank” focused connected the “fastest-growth markets” successful the Southeast.

As of 30 September, the combined holding institution reported $117.2bn successful assets, $95.7bn successful deposits and loans of $80.4bn.

It operates implicit 400 sites successful 9 states crossed the Southeast and Atlantic coast, offering assorted banking specialties with nationwide scope.

The combined holding institution volition beryllium based successful Atlanta, Georgia, portion the office of the combined slope volition beryllium successful Nashville, Tennessee.

The banks volition beryllium consolidated nether the Pinnacle marque by aboriginal 2027.

As per the agreed terms, the shares of Synovus and Pinnacle shareholders were converted into shares of a caller Pinnacle genitor institution based connected a fixed speech ratio of 0.5237 Synovus shares per Pinnacle share.

This swap ratio represented a Synovus per stock worth of $61.18.

Synovus shareholders ain astir 48.5% and Pinnacle shareholders ain astir 51.5% of the merged entity.

Kevin Blair, formerly chairman, CEO and president of Synovus, is present president and CEO of the merged group.

Terry Turner, antecedently president and CEO of Pinnacle, presently chairs the board, supported by 7 directors from bequest Pinnacle and 7 from Synovus.

Blair said: “The enactment squad we’ve assembled is built to pb Pinnacle into the aboriginal arsenic the fastest-growing, astir profitable determination slope successful the nation.

“By bringing our organisations together, we summation standard portion staying existent to what matters astir - creating long-term, trusted relationships. This merger is astir maturation with purpose, combining spot and bosom to present standard with a soul.”

“We are marrying the champion of some our companies unneurotic truthful we tin proceed to triumph for our squad members, clients and shareholders,” Turner noted.

"Synovus and Pinnacle finalise $8.6bn merger" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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