Pinnacle Financial Partners and Synovus Financial Corp. have received regulatory approval for the merger of the two regional financial institutions.

The companies announced Tuesday a greenlight from the Federal Reserve System Board of Governors.

With shareholders of both institutions approving the merger on Nov. 6, the deal is now expected to be completed Jan. 1, 2026.

The transaction was previously was estimated to carry a value of about $8.6 billion. The combined firm will have $116 billion in assets.

“Federal bank regulatory approval brings us another step closer to combining two strong organizations with a shared commitment to people,” Kevin Blair, Synovus CEO and to serve as president and CEO of the combined company, said in a release.

“By leveraging the best of both firms, we’ll

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