Pinnacle and Synovus announce leadership team for merger

NASHVILLE/COLUMBUS - Pinnacle Financial Partners (NASDAQ:PNFP) and Synovus Financial Corp. (NYSE:SNV) have named the executive leadership team expected to lead the combined company following their merger, which is anticipated to close in the first quarter of 2026. Synovus, currently valued at $6.82 billion, brings strong financial fundamentals to the merger, with InvestingPro data showing impressive revenue growth of 33% in the last twelve months.

According to a press release, Kevin Blair, who will serve as President and CEO of the combined entity, will be joined by a leadership team drawing from both organizations. Rob McCabe will assume the role of Chief Banking Officer, with Jamie Gregory as Chief Financial Officer and Zack Bishop as Chief Operating Officer.

Upon closing, Pinnacle President and CEO Terry Turner will transition to non-executive chairman of the board, with McCabe serving as vice chairman.

The combined organization will operate under the Pinnacle brand, bringing together Pinnacle’s banking model with Synovus’ investments in technology and solutions. The leadership team will oversee critical corporate functions aimed at driving growth and innovation across the merged company’s footprint.

"This team will lead the way, but it’s our thousands of dedicated and passionate professionals who will truly bring our vision to life," Blair stated in the announcement.

Both companies have established Integration Management Office teams to coordinate decisions and align priorities. Jennifer Upshaw and Rick Arthur will lead these efforts for Synovus and Pinnacle, respectively.

The transaction remains subject to regulatory approvals, shareholder approval from both companies, and other customary closing conditions.

As of June 30, 2025, Pinnacle reported approximately $54.8 billion in assets, while Synovus had approximately $61 billion in assets. Pinnacle currently operates as the second-largest bank holding company headquartered in Tennessee, while Synovus has 244 branches across Georgia, Alabama, Florida, South Carolina, and Tennessee. According to InvestingPro analysis, Synovus trades at an attractive P/E ratio of 9.4 and has maintained dividend payments for 52 consecutive years. The company’s stock is currently trading near its Fair Value, with 15 analysts recently revising their earnings expectations upward. For deeper insights into both companies’ valuations and comprehensive analysis, investors can access detailed Pro Research Reports, available exclusively on InvestingPro.

In other recent news, Synovus Financial has been at the center of several significant developments. Citi has increased its price target for Synovus Financial to $65.00 from $57.00, maintaining a Buy rating. This decision is attributed to the bank’s robust quarterly loan growth, which Citi highlighted as one of the best performances in recent years. Meanwhile, DA Davidson also reiterated its Buy rating for Synovus Financial, setting a price target of $63.00. The firm recently engaged in discussions with Synovus management regarding their pending acquisition transaction with Pinnacle Financial.

In contrast, Raymond James downgraded Synovus Financial from Outperform to Market Perform following the announcement of the merger with Pinnacle Financial. This merger is expected to close in the first quarter of 2026, subject to approvals. Additionally, Pinnacle Financial’s outlook has been revised to negative by Fitch Ratings, although its issuer default ratings remain unchanged. Synovus Financial is also reportedly exploring strategic options, including potential mergers, after garnering interest from other parties.

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