The Federal Reserve Board announced on Tuesday that it has approved Steel Newco, Inc., of Peachtree Corners, Georgia, to become a bank holding company by merging with Synovus Financial Corporation, of Columbus, Georgia, and Pinnacle Financial Partners, of Nashville, Tennessee. As a result, Steel Newco will indirectly acquire Synovus Bank and Pinnacle Bank. The Board also approved the merger of Pinnacle Bank with Synovus Bank, allowing Pinnacle Bank to remain a state member bank supervised by the Federal Reserve and to open branches at Synovus locations. The approval was issued at 5:15 p.m. EST on November 25, 2025. The decision expands the presence of both banks in the southeastern United States and maintains regulatory oversight by the Federal Reserve.
https://www.federalreserve.gov/newsevents/pressreleases/orders20251125a.htm
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