Pinnacle Financial Partners and Synovus Financial Corp., two Southeastern banking companies with branches in the Jacksonville market, said July 24 they are merging in an all-stock deal valued at $8.6 billion.
The combined bank will operate under the Pinnacle name.
Synovus CEO Kevin Blair will become CEO of the merged company. Pinnacle CEO Terry Turner will be chairman of the board.
Scott Keith, Pinnacle’s regional president in the Jacksonville area, will become regional leader for North and Central Florida after the merger.
Columbus, Georgia-based Synovus has $61 billion in assets and 244 branches in Georgia, Alabama, Florida, South Carolina and Tennessee.
The company has operated offices in Northeast Florida since 2004 and had five branches with $748 million in deposits in the Jacksonville area as of June 30, 2024, according to the latest Federal Deposit Insurance Corp. data.
Two are in Nassau County and three are in Jacksonville.
Nashville, Tennessee-based Pinnacle had 139 offices in major Southeastern markets as of June 30, 2024.
Pinnacle began operations in the Jacksonville market in early 2024 and has one branch in the Downtown Brooklyn neighborhood and another in Ponte Vedra Beach.
The bank, with about $55 billion in assets, said it had $76.8 million in deposits in the Jacksonville market as of June 30, 2025.
The companies said current Pinnacle shareholders will end up with 51.5% of shares of the combined company and Synovus stockholders will own 48.5%.
The companies hope to complete the deal in the first quarter of 2026.