Synovus announces merger with Pinnacle Financial

COLUMBUS, Ga. (WRBL) — After several days of speculation, Columbus-based Synovus has agreed to merge with Nashville-based Pinnacle Financial Partners. 

The $8.6 billion deal must first clear regulatory approval. It was announced after the market’s close. 

The combined company will operate under the Pinnacle Financial Partners and Pinnacle Bank name and brand. Synovus President and CEO Kevin Blair will serve as the president and CEO of the combined company. Terry Turner, President and Chief Executive Officer of Pinnacle, will serve as Chairman of the Board of Directors. 

According to a news release from Pinnacle, the boards of both banks unanimously approved the deal. 

RELATED: Pinnacle Financial Partners and Synovus to Combine to Create the Southeast Growth Champion

Synovus shareholders will own approximately 48.5 percent of the new company, and Pinnacle shareholders will own approximately 51.5 percent, according to the release. 

Synovus recently moved into a new corporate headquarters building in downtown Columbus. The merger agreement has specific language pertaining to Columbus. 

The agreement states: “The combined company will operate with a sustained commitment to associates and local communities, including Columbus, Georgia, through philanthropic giving and other impactful initiatives.” 

This statement reflects the commitment to maintaining community engagement in Columbus, Georgia, post-merger. No additional details about Columbus are provided in the publicly available merger agreement excerpts at this time.