Pinnacle and Synovus Merge to Form a New US Banking Powerhouse in 2026
Pinnacle Financial Partners and Synovus Financial Corp. have officially merged to form a new banking group. The deal, finalised on January 1, 2026, creates a combined entity operating under the name Pinnacle Financial Partners. For now, both the Pinnacle and Synovus brands will continue to function side by side.
The newly formed company is legally named Steel Newco Inc. but trades as Pinnacle Financial Partners. As part of the merger, Pinnacle Bank has become a member of the Federal Reserve System, while Synovus Bank has been fully absorbed into Pinnacle Bank.
Leadership roles have been reshuffled following the merger. Kevin Blair, previously Chairman and CEO of Synovus, now serves as CEO and President of the combined business. M. Terry Turner, the former CEO of Pinnacle, has transitioned to Non-Executive Chairman. Robert McCabe, who was Chairman of Pinnacle, holds the position of Vice Chairman and Chief Banking Officer, though his term is limited. Tim Bentsen, the former Lead Independent Director at Synovus, remains in the same role during the transition.
The merged companyâs board consists of 15 directors, with equal numbers drawn from both Pinnacle and Synovus. Full consolidation under the Pinnacle name is expected by early 2027.
The success of the merger will depend on how smoothly the two banks integrate their systems and corporate cultures. Both brands will operate in parallel until early 2027, when the transition to a single Pinnacle identity is set to complete. The new structure aims to combine the strengths of both financial institutions under unified leadership.
