Pinnacle Financial Partners (PNFP) Goldman Sachs U.S. Financial Services Conference summary

Key merger developments

• Announced a transformational merger of equals, with regulatory approval received and closing targeted for early next year.

• Kevin Blair will serve as CEO and Terry Turner as chairman of the combined company.

• The combined entity will operate under the Pinnacle brand and model, with a single long-term CEO to ensure stability.

• Early decisions on go-to-market strategy and systems (FIS platform) have accelerated integration.

• Focus on maintaining a unique culture and client experience to avoid pitfalls seen in other large bank mergers.

Addressing investor concerns and execution risks

• Main concern addressed: avoiding value destruction seen in other mergers by making clear leadership and system choices.

• Overlapping markets are minimal, representing only 6% of pro forma deposits.

• Cultural alignment is strong, with both legacy organizations emphasizing best workplace and client loyalty.

• Retention of key leaders and a deep internal talent pool are expected to support smooth integration.

• Turnover rates remain low, and leadership is confident in maintaining talent and culture.

Growth strategy and financial targets

• Projecting 9%-11% loan and deposit growth for 2026, driven by Pinnacle’s hiring model and revenue synergies.

• Synovus will need to accelerate growth to match Pinnacle’s historical 12% CAGR.

• Revenue synergies of $100-$130 million expected over two to three years, embedded in 2026 guidance.

• Growth to be fueled by adding nearly 500 revenue producers over two years, focusing on experienced bankers.

• Expansion opportunities identified in Atlanta, Orlando, Tampa, South Florida, Richmond, and DC.