We recently published These 10 Stocks Have Collapsed. Synovus Financial Corp. is one of the worst-performing stocks on Friday.
Synovus Financial fell by 12.54 percent on Friday to close at $49.61 apiece, its third consecutive day, as investors turned cautious over its planned $8.6-billion all-stock merger with Pinnacle Financial Partners, Inc. (NASDAQ:PNFP).
Under the transaction, shares of Synovus and Pinnacle Financial Partners, Inc. will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share.
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Synovus Financial Corp. Chairman, CEO and President Kevin Blair will serve as the combined entity’s president and CEO; while Terry Turner, president and CEO of Pinnacle, will serve as the chairman of the combined entity’s board of directors.
The companies said they expect the transaction to close in the first quarter of 2026, subject to regulatory and both companies’ shareholders’ approvals.
