The Federal Reserve Board approved Steel Newco, Inc.’s application to become a bank holding company through a merger with Synovus Financial Corporation and Pinnacle Financial Partners. The approval would result in Steel Newco indirectly acquiring Synovus Bank and Pinnacle Bank. The Board also approved Pinnacle Bank’s merger with Synovus Bank, with Pinnacle Bank remaining the surviving state member bank supervised by the Federal Reserve System. Pinnacle Bank was additionally authorized to establish and operate branches at Synovus Bank’s locations.
Federal Reserve Board 2025-11-25
Federal Reserve Board approves Steel Newco merger plan to form a bank holding company and combine Pinnacle Bank with Synovus Bank
The Federal Reserve Board approved Steel Newco, Inc.'s application to become a bank holding company through a merger with Synovus Financial Corporation and Pinnacle Financial Partners, resulting in the indirect acquisition of Synovus Bank and Pinnacle Bank. Additionally, the Board approved the merger of Pinnacle Bank with Synovus Bank, with Pinnacle Bank as the surviving entity, and authorized it to establish branches at Synovus Bank's locations.