
Pinnacle Financial Partners in Nashville, Tennessee, plans to merge with
The proposed all-stock transaction, valued at $8.6 billion, would create a $116 billion-asset company, making it the largest bank holding company in Georgia, the two companies said Thursday afternoon in a press release. The combined entity will operate under the Pinnacle name and brand, and is set to be among the top five banks in 10 Southeast markets.
"We are two high-performing institutions with one powerful future," said Blair, who was
The merger is the latest in a string of bank merger-and-acquisition deals announced in recent weeks. In a research note, Laurie Havener Hunsicker, an analyst at Seaport Research, noted the "substantial pick-up in M&A" during the week of July 15.
As part of the deal, which is subject to regulatory approval, Pinnacle Financial, which has $54.8 billion of assets, would relocate its headquarters to Atlanta. Pinnacle Bank, meanwhile, would continue to be based in Nashville.
Jamie Gregory, the chief financial officer at
The company's board would be made up of 15 directors, including eight from Pinnacle's existing board and seven from
Pending regulatory approval, the acquisition is expected to close in the first quarter of 2026.
The companies said they expect to realize $250 million in cost-savings as a result of the merger.
The acquisition announcement comes two days after a news report said that
Under the terms of the agreement, which has been unanimously approved by both companies' boards, shares in
Read more about bank M&A here:
The transaction is expected to be approximately 21% accretive to Pinnacle's estimated operating earnings per share in 2027, with a tangible book value per share earn-back period of 2.6 years.
During a conference call to discuss the deal, Turner called it "one of most compelling bank transactions that I've seen in a long time" and said that he's long admired Blair and his team.
"We are completely aligned," Turner said. "Let me repeat, we are completely aligned."
Local market leadership will remain intact, Blair said on the call. Executives said they are making "significant employment commitments" in Nashville, Columbus and Atlanta.
"To me, this is so much more compelling than continuing to grow the bank organically," Blair said on the call.
Pinnacle Financial was