Georgia’s Synovus Financial completes $8.6bn merger with Pinnacle Financial Partners, creating a regional banking powerhouse in the Southeast. The combined entity boasts $117.2bn in assets, $95.7bn in deposits, and $80.4bn in loans. Synovus shareholders own 48.5% with Pinnacle shareholders owning 51.5% of the new entity.

The headquarters of the merged bank will be in Nashville, Tennessee, while the holding company will be based in Atlanta, Georgia. The banks will operate under the Pinnacle brand by early 2027. The swap ratio was set at 0.5237 Synovus shares per Pinnacle share, valuing Synovus at $61.18 per share.

Kevin Blair, former Synovus CEO, now leads the merged group as president and CEO. Terry Turner, ex-Pinnacle CEO, chairs the board. The leadership team aims to create the fastest-growing, most profitable regional bank in the nation by combining strengths and values for long-term success.

Read more at Yahoo Finance: Synovus and Pinnacle finalise $8.6bn merger