2 Southeast bank branches will merge next year. What it means for SC customers
Two Southeast-based banks, Pinnacle Financial Partners and Synovus Financial Corp., are altering the banking landscape across the region in a merger deal valued at $8.6 billion.
Pinnacle, based in Nashville, Tennessee and Synovus from Columbus, Georgia, officially announced the merger on July 24, which will reshape their operations across the region.
Here’s what that means and how it will work for customers in South Carolina.
What the merger means for South Carolina
“This transaction creates the highest-performing regional bank focused on the fastest-growth markets in the Southeast,” the financial services companies said in a joint statement.
In this merger, Pinnacle, the smaller of the two branches, will own more than 51% of the combined shares, making it the controlling company. There are about 23 Pinnacle locations in South Carolina.
Synovous hosts 33 locations scattered across 13 counties in the Palmetto State, meaning that in this merger, all locations will be replaced by the Pinnacle name.
Regionally, there are 244 Synovus branches across Georgia, Alabama, Florida, South Carolina and Tennessee.
The newly merged institution is expected to close in early 2026 and will create a new publicly traded holding company set to be headquartered in Atlanta.
What does it mean for SC customers?
In a joint statement released by the companies, Kevin Blair, chairman, chief executive officer and president of Synovus, noted that the merger is not a consolidation, but an effort to “combine forces and multiply our impact.”
The most noticeable change for customers will be the replacement of the Synovus brand name with Pinnacle Bank at those 30+ locations across South Carolina.
As for any potential branch closures, the banks have not yet provided detailed information, but the companies state that customer relationships, local market leadership and the existing footprint of the companies will remain intact.
History of these banks in South Carolina
Synovus first entered South Carolina in 1995 when it acquired the National Bank of South Carolina, otherwise known as the NBSC, based in Columbia.
Pinnacle is a newer banking option for the Palmetto State. It entered the market in 2017 through its acquisition of BNC Bancorp.
