# EDGAR Filing Document

**Accession Number:** 0000018349
**File Stem:** 0000018349-25-000129
**Filing Date:** 2025-12
**Character Count:** 72736
**Document Hash:** f4bded3c61bf2ebd5974f5ad1658d5db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000018349-25-000129.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000018349-25-000129

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251201

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SYNOVUS FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000018349
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 581134883
- **STATE OF INCORPORATION:** X1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-10312
- **FILM NUMBER:** 251537437

**BUSINESS ADDRESS:**
- **STREET 1:** 33 W 14TH STREET
- **CITY:** COLUMBUS
- **STATE:** GA
- **ZIP:** 31901
- **BUSINESS PHONE:** 7066416500

**MAIL ADDRESS:**
- **STREET 1:** 33 W 14TH STREET
- **CITY:** COLUMBUS
- **STATE:** GA
- **ZIP:** 31901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CB&T BANCSHARES INC
- **DATE OF NAME CHANGE:** 19890912

?xml version='1.0' encoding='ASCII'? syn-20251201

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

 <u>December 1, 2025</u>

Date of Report

(Date of Earliest Event Reported)

<u>Synovus Financial Corp.</u> 

(Exact Name of Registrant as Specified in its Charter)

<u>Georgia</u> <u>001-10312</u> <u>58-1134883</u> <br> (State of Incorporation) (Commission File Number) (IRS Employer Identification No.)

<u>33 W. 14th Street,, Columbus, Georgia 31901</u> 

(Address of principal executive offices) (Zip Code)

<u>(706) 641-6500</u> 

(Registrant's telephone number, including area code)

________________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

&nbsp;&nbsp;&nbsp;&nbsp;☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| <u>Title of each class</u> | <u>Trading Symbol</u> | <u>Name of each exchange on which registered</u> |
| Common Stock, $1.00 Par Value | SNV | &nbsp;&nbsp;New York Stock Exchange |
| Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D | SNV-PrD | &nbsp;&nbsp;New York Stock Exchange |
| Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | SNV-PrE | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **<u>Item 7.01</u>** | **<u>Regulation FD Disclosure</u>** |

---

As previously disclosed, on July 24, 2025, Synovus Financial Corp. ("Synovus") entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among Synovus, Pinnacle Financial Partners, Inc. ("Pinnacle") and Steel Newco Inc., a newly formed Georgia corporation jointly owned by Synovus and Pinnacle ("Newco"). Pursuant to the Merger Agreement, and upon the terms and subject to the conditions therein, Synovus and Pinnacle will each simultaneously merge with and into Newco (such mergers, collectively, the "Merger"), with Newco continuing as the surviving corporation in the Merger and named Pinnacle Financial Partners, Inc.

In order to provide an update to the supplemental information previously furnished by Synovus as Exhibit 99.2 under Item 7.01 of Form 8-K dated July 24, 2025, Synovus is furnishing as Exhibit 99.1 to this report on Form 8-K excerpts of an investor presentation, dated as of December 1, 2025, which provides additional supplemental information giving effect to the Merger as if it had occurred on September 30, 2025.

The information contained in Item 7.01 of this report, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information contained in Item 7.01 of this report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before, on, or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.

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| | |
|:---|:---|
| **<u>Item 8.01</u>** | **<u>Other Events</u>** |

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In order to provide an update to the unaudited pro forma condensed combined financial information included in the registration statement on Form S-4 (File No. 333-289866) filed by Newco with the Securities and Exchange Commission on August 26, 2025, amended on September 29, 2025 and declared effective on September 30, 2025, Synovus is filing as Exhibit 99.2 to this Current Report on Form 8-K, the unaudited pro forma condensed combined financial statements of Synovus and Pinnacle, consisting of the unaudited pro forma condensed combined income statements of Synovus and Pinnacle for the nine months ended September 30, 2025 and for the year ended December 31, 2024, giving effect to the Merger as if it had occurred on January 1, 2024, and the unaudited pro forma condensed combined balance sheet of Synovus and Pinnacle as of September 30, 2025, giving effect to the Merger as if it had occurred on September 30, 2025.

All the pro forma financial statements and other pro forma information included in this Current Report on Form 8-K has been prepared on the basis of certain assumptions and estimates and is subject to other uncertainties and does not purport to reflect what Newco's actual results of operations or financial condition or this pro forma information would have been had the Merger been consummated on the dates assumed for purposes of such pro forma financial statements and information or to be indicative of Newco's, Synovus' or Pinnacle's financial condition, results of operations or metrics as of or for any future date or period.

This Current Report on Form 8-K does not modify or update the consolidated financial statements of Synovus included in Synovus's Annual Report on Form 10-K for the year ended December 31, 2024, or Synovus' Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, nor does it reflect any subsequent information or events.

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| | | |
|:---|:---|:---|
| **<u>Item 9.01</u>** | **<u>Financial Statements and Exhibits</u>** | **<u>Financial Statements and Exhibits</u>** |
|  | (d) | Exhibits |
|  | <u>Exhibit No.</u> | <u>Description</u> |
|  | 99.1 | [Excerpts of Investor Presentation dated December 1, 2025](steel-proformafinancials.htm)[.](steel-proformafinancials.htm) |
|  | 99.2 | [Unaudited Pro Forma Condensed Combined Financial Information.](pinnacles-4proforma_093020.htm) |
|  | 104 | Cover Page Interactive Data File (formatted as Inline XBRL). |

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**Forward Looking Statements**

This communication contains statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements include, but are not limited to, statements about the benefits of the proposed transaction between Synovus Financial Corp. ("Synovus") and Pinnacle Financial Partners, Inc. ("Pinnacle"), including future financial and operating results (including the anticipated impact of the proposed transaction on Synovus' and Pinnacle's respective earnings and tangible book value), statements related to the expected timing of the completion of the proposed transaction, the combined company's plans, objectives, expectations and intentions, and other statements that are not historical facts. You can identify these forward-looking statements through the use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "should," "predicts," "could," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus', Pinnacle's or combined company's future businesses and financial performance and/or the performance of the banking industry and economy in general.

Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus, Pinnacle or the combined company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus or Pinnacle and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this communication. Many of these factors are beyond Synovus', Pinnacle's or the combined company's ability to control or predict. These factors include, among others, (1) the risk that the cost savings and synergies from the proposed transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to Synovus' business and to Pinnacle's business as a result of the announcement and pendency of the proposed transaction, (3) the risk that the integration of Pinnacle's and Synovus' respective businesses and operations will be materially delayed or will be more costly or difficult than expected, including as a result of unexpected factors or events, (4) the amount of the costs, fees, expenses and charges related to the transaction, (5) the ability by each of Synovus and Pinnacle to obtain required governmental approvals of the proposed transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company after the closing of the proposed transaction or adversely affect the expected benefits of the proposed transaction, (6) reputational risk and the reaction of each company's customers, suppliers, employees or other business partners to the proposed transaction, (7) the failure of the closing conditions

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in the merger agreement to be satisfied, or any unexpected delay in closing the proposed transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (8) the dilution caused by the issuance of shares of the combined company's common stock in the transaction, (9) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (10) risks related to management and oversight of the expanded business and operations of the combined company following the closing of the proposed transaction, (11) the possibility the combined company is subject to additional regulatory requirements as a result of the proposed transaction or expansion of the combined company's business operations following the proposed transaction, (12) the outcome of any legal or regulatory proceedings or governmental inquiries or investigations that may be currently pending or later instituted against Synovus, Pinnacle or the combined company and (13) general competitive, economic, political and market conditions and other factors that may affect future results of Synovus and Pinnacle including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; and capital management activities. Additional factors which could affect future results of Synovus and Pinnacle can be found in Synovus' or Pinnacle's filings with the Securities and Exchange Commission (the "SEC"), including in Synovus' Annual Report on Form 10-K for the year ended December 31, 2024, under the captions "Forward-Looking Statements" and "Risk Factors," and Synovus' Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and Pinnacle's Annual Report on Form 10-K for the year ended December 31, 2024, under the captions "Forward-Looking Statements" and "Risk Factors," and in Pinnacle's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. Synovus and Pinnacle do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law.

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<u>Signature</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| | SYNOVUS FINANCIAL CORP. |
| Date: December 1, 2025 | By: <u>/s/ Allan E. Kamensky</u> |
|  | Name: Allan E. Kamensky |
|  | Title: Executive Vice President and General Counsel |

---

## Exhibit 99.1

![](steel-proformafinancials001.jpg)

1 4Q25 Fixed Income Investor Presentation December 2025 Chief Financial Officer, Jamie Gregory Corporate Treasurer, Dake Madray Chief Credit Officer, Anne Fortner Exhibit 99.1

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![](steel-proformafinancials002.jpg)

This slide presentation contains statements that constitute "forward-looking statements" within the meaning of, and subject to the protections of, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through Synovus' use of words such as "believes," "anticipates," "expects," "may," "will," "assumes," "predicts," "could," "should," "would," "intends," "targets," "estimates," "projects," "plans," "potential" and other similar words and expressions of the future or otherwise regarding the outlook for Synovus' future business and financial performance and/or the performance of the banking industry and economy in general. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve known and unknown risks and uncertainties which may cause the actual results, performance or achievements of Synovus to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are based on the information known to, and current beliefs and expectations of, Synovus' management and are subject to significant risks and uncertainties. Actual results may differ materially from those contemplated by such forward-looking statements. A number of factors could cause actual results to differ materially from those contemplated by the forward-looking statements in this presentation. Many of these factors are beyond Synovus' ability to control or predict. These forward-looking statements are based upon information presently known to Synovus' management and are inherently subjective, uncertain and subject to change due to any number of risks and uncertainties, including, without limitation, the risks and other factors set forth in Synovus' filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2024 under the captions "Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors" and in Synovus' quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations and speak only as of the date that they are made. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise, except as otherwise may be required by law. This slide presentation contains certain non-GAAP financial measures determined by methods other than in accordance with generally accepted accounting principles. Such non-GAAP financial measures include the following: adjusted return on average assets; adjusted non-interest revenue; adjusted revenue; adjusted non-interest expense; and adjusted tangible efficiency ratio. The most comparable GAAP measures to these measures are return on average assets; total non-interest revenue; total revenue; total non-interest expense; efficiency ratio-TE, respectively. Management believes that these non-GAAP financial measures provide meaningful additional information about Synovus to assist management and investors in evaluating Synovus' operating results, financial strength, the performance of its business and the strength of its capital position. However, these non-GAAP financial measures have inherent limitations as analytical tools and should not be considered in isolation or as a substitute for analyses of operating results or capital position as reported under GAAP. The non-GAAP financial measures should be considered as additional views of the way our financial measures are affected by significant items and other factors, and since they are not required to be uniformly applied, they may not be comparable to other similarly titled measures at other companies. Adjusted return on average assets is a measure used by management to evaluate operating results exclusive of items that are not indicative of ongoing operations and impact period-to-period comparisons. Adjusted non-interest revenue and adjusted revenue are measures used by management to evaluate non-interest revenue and total revenue exclusive of net investment securities gains (losses), fair value adjustments on non-qualified deferred compensation, and other items not indicative of ongoing operations that could impact period-to-period comparisons. Adjusted non-interest expense and the adjusted tangible efficiency ratio are measures utilized by management to measure the success of expense management initiatives focused on reducing recurring controllable operating costs. The computations of the non-GAAP financial measures used in this slide presentation are set forth in the appendix to this slide presentation. Forward-Looking Statements Use of Non-GAAP Financial Measures 2 No Offer or Solicitation This presentation has been prepared solely for informational purposes. It is not an offer, recommendation or solicitation of any offer to buy or sell any securities. If Synovus were to conduct an offering of securities in the future, it would be made pursuant to an offering document related to that offering. When available, a copy of any such offering document, as well as any final term sheet relating to such transaction, would be able to be obtained from the book-running managers of that offering or from Synovus. You are advised to obtain copy of any such offering document and to carefully review the information contained or incorporated by reference therein before making any investment decision.

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![](steel-proformafinancials003.jpg)

NDFI Loan Portfolio Breakdown Structured Lending Represents ~60% of NDFI Loans NDFI Loan Portfolio Exposure 11 2 Robust Credit Risk Framework Note: All data as of September 30, 2025 (1) Structured Lending comprises the majority of lending exposure to Business and Consumer Credit Intermediaries ($ in millions) Balance % of NDFI Loans % of Total Loans Business Credit Intermediaries $2,883 56% 7% Consumer Credit Intermediaries 284 6% 1% Mortgage Credit Intermediaries 362 7% 1% Private Equity Funds 257 5% 1% Other Non-Dep. Institutions 1,350 26% 3% Total $5,136 100% 12% • Launched in 2019; senior team have worked together for 15+ years • Largely "lender finance" receivables and other highly secured cash flows; 100% senior secured positions • Over 20 distinct asset classes across numerous industry sectors • Zero NCOs, NPLs or criticized and classified loans since inception 35% 18% 12% 9% 7% 19% Corporate Loans Litigation Finance Consumer Finance Small Business Finance Consumer / Specialty Finance Other ~$3B Structured Lending(1)

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![](steel-proformafinancials004.jpg)

16 Pinnacle + Synovus: Merger Overview Significant Scale(1) Profitability Strong Liquidity and Capital Position Top Quartile ROAA Top Quartile ROATCE $117bn Total Assets $96bn Total Deposits $44bn Available Liquidity $80bn Total Loans <50% Adjusted Efficiency Ratio(2) 84% Loans/Deposits(1) 9.6% CET1 incl. AOCI at close Source: S&P Capital IQ Pro; (1) Scale figures represented per the Unaudited Pro Forma Condensed Combined Financial Information as of September 30, 2025; (2) Excludes amortization of intangibles and adjusted for illustrative purposes to reflect net cost savings of ~$250mm (pre-tax), approximately 10% of combined SNV / PNFP annual noninterest expenses

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![](steel-proformafinancials005.jpg)

17 Independently Successful Companies High-Growth Market Focus Winning Culture Exceptional Client Service Track Record of Profitable Growth Efficient Operating Model Driver Pro Forma 4.9% 4.0% 4.5% (#2 among peers) 4.0 / #2 4.2 / #1 Employer of choice in our markets #3 #6 $225 million $194 million 13.1% 11.4% Top-quartile revenue and net income growth, with strong risk discipline Trusted partner to our clients $206 million (#1 among peers) 57% 54% <50%(2) 12.8% 7.2% Metric Last 10 Years Adj. EPS Growth Last 10 Years Adj. Revenue Growth Population Growth Employee Satisfaction (Glassdoor) J.D. Power Top 50 Banks: Overall Satisfaction Avg. Deposits per Branch Adj. Efficiency Ratio (9M'25)(1) Source: S&P Capital IQ Pro, FDIC, J.D. Power and Coalition Greenwich. FDIC deposit data as of June 30, 2025 and capped at $5 billion per branch. EPS Growth and Revenue Growth reflect 2014-2024 Adjusted EPS CAGR and 2014-2024 Adjusted Total Revenue per share CAGR, respectively. Population growth reflects estimated 2026-2031 (not annualized); growth rate reflects deposit-weighted average based on MSA-level deposits. Employee satisfaction reflects Glassdoor average employee satisfaction (out of 5 stars) as of November 12, 2025. J.D. Power rankings reflect U.S. Retail Banking Satisfaction Study; Note: Peers include CFG, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB; (1) Excludes amortization of intangibles; (2) Adjusted for illustrative purposes to reflect net cost savings of ~$250mm (pre-tax), approximately 10% of combined SNV / PNFP annual non-interest expenses

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![](steel-proformafinancials006.jpg)

18 Pinnacle + Synovus: Compelling Footprint Pro Forma Branch Footprint Deposit Market Share Southeast Headquartered Regional Banks Synovus Pinnacle Pro forma footprint population projected to grow 2x faster than national average Total Assets SE Deposit Market Share # Bank ($bn) (%) 1 Truist 544 13.0 2 Regions 160 3.6 3 First Citizens 233 3.6 Pro Forma 117 3.3 4 First Horizon 83 2.0 5 Synovus 60 1.8 6 Pinnacle 56 1.5 7 SouthState 66 1.4 8 EverBank 45 1.2 9 Bank OZK 42 1.0 10 Huntington 210 1.0 11 Atlantic Union 37 0.9 12 United Bankshares 33 0.9 13 Ameris 27 0.8 14 BankUnited 35 0.8 15 United Community 28 0.7 Source: S&P Capital IQ Pro and FDIC. FDIC deposit data as of June 30, 2025. Total assets as of Q3'25A. Pro forma assets presented as of the Unaudited Pro Forma Condensed Combined Financial Information as of September 30, 2025; Market share based on retail branches with pro forma ownership.

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![](steel-proformafinancials007.jpg)

20 Combined Loans and Deposits Loan Portfolio (Q3'25) Deposit Base (Q3'25) Loans/Deposits (Q3'25) Cost of Deposits: Pro Forma 2.59% 2.23% Yield on Loans: 6.29% 6.32% 54% 30% 2% 14% Commercial CRE Consumer Residential 53% 28% 3% 16% Commercial CRE Consumer Residential 54% 29% 2% 15% Commercial CRE Consumer Residential 6.31% 2.40% 83% 87% 84%(1) 10% 20% 70% Time Deposits Non-Interest Bearing Interest Bearing 14% 21% 65% Time Deposits Non-Interest Bearing Interest Bearing 12% 21% 68% Time Deposits Non-Interest Bearing Interest Bearing Source: S&P Capital IQ Pro; Represents a simple summation or calculation as of September 30, 2025 and excludes purchase accounting adjustments. Yields on loans and cost of deposits reflect Q3'25 average. Commercial includes C&I and Owner Occupied CRE. CRE; includes Non-Owner-Occupied CRE, Construction and Development and Multifamily. Time deposits exclude public funds and brokered deposits. (1) Combined Loans/Deposits represented per the Unaudited Pro Forma Condensed Combined Financial Information as of September 30, 2025

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![](steel-proformafinancials008.jpg)

21 Fed Funds Lines $1.6 FRB Discount Window $8.1 Third-Party Consumer $0.6 Other Liquid Sources $1.0 Unencumbered Securities $6.2 Cash and Cash Equivalents $1.7 FHLB Capacity $5.9 Robust & Diversified Liquidity Sources Source: S&P Capital IQ Pro and Company Information Total $25B Combined liquidity sources total over $44bn as of 9/30/25 Fed Funds Lines $0.1 FRB Discount Window $6.7 Other Liquid Sources $1.1 Unencumbered Securities $5.0 Cash and Cash Equivalents $3.1 FHLB Capacity $3.4 Synovus' Liquidity Sources ($ in billions, as of 9/30/25) Pinnacle's Liquidity Sources ($ in billions, as of 9/30/25) Total $19B

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![](steel-proformafinancials009.jpg)

27 Commercial Real Estate Loan Portfolio Note: Financial information for the quarter ended 9/30/2025. CRE metrics exclude owner-occupied CRE; (1) annualized ($ in millions) Balance % of CRE Loans % of Total Loans In v e st m e n t P ro p e rt ie s Multifamily $4,185 34% 10% Hotels 1,804 15 4 Office 1,618 13 4 Shopping Centers 1,392 11 3 Warehouses 961 8 2 Other Inv. Property 1,502 12 3 C & D Residential Properties 548 4 1 Development & Lands 259 2 1 Total $12,270 100% 28% ($ in millions) Balance % of CRE Loans % of Total Loans In v e st m e n t P ro p e rt ie s Multifamily $2,269 20% 6% Warehouses 1,826 16 5 Retail 1,534 13 4 Office 836 7 2 Hospitality 551 5 1 Other Inv. Property 1,073 9 3 C & D Residential Properties 678 6 2 Other Construction 2,712 24 7 Total $11,478 100% 30% 28% CRE % of Loans 0.31% CRE NPL % 0.01% CRE NCOs(1) 4% Office % of Loans 53% CRE LTV 235% CRE / RBC 30% CRE % of Loans 0.01% CRE NCOs(1) 2% Office % of Loans 218% CRE / RBC

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## Exhibit 99.2

**Exhibit 99.2**

**UNAUDITED PRO FORMA** 

**CONDENSED COMBINED FINANCIAL INFORMATION**

The following unaudited pro forma condensed combined financial information and notes thereto have been prepared in accordance with Article 11 of Regulation S-X in order to give effect to the merger and the related transaction accounting adjustments (pro forma adjustments) described in the accompanying notes.

On July 24, 2025, Pinnacle Financial Partners, Inc.("Pinnacle") entered into an Agreement and Plan of Merger (the "merger agreement") with Steel Newco Inc.("Newco"), a newly formed Georgia corporation jointly owned by Pinnacle and Synovus Financial Corp. ("Synovus"). The merger agreement provides that, upon the terms and subject to the conditions set forth therein, Pinnacle and Synovus will each simultaneously merge with and into Newco (such mergers, collectively, the "merger"), with Newco continuing as the surviving corporation in the merger and named Pinnacle Financial Partners, Inc.

Each share of common stock, par value $1.00 per share, of Pinnacle ("Pinnacle common stock") outstanding immediately prior to the merger will be converted into the right to receive one share of Newco ("Newco common stock") and (b) each share of common stock, par value $1.00 per share, of Synovus ("Synovus common stock") outstanding immediately prior to the merger will be converted into the right to receive 0.5237 shares of Newco common stock. Holders of Synovus common stock will receive cash in lieu of fractional shares.

Each share of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value, of Synovus ("Synovus series D preferred stock"), Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value, of Synovus ("Synovus series E preferred stock") and 6.75% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series B, no par value, of Pinnacle ("Pinnacle series B preferred stock"), will be converted into the right to receive one share of an applicable newly created series of preferred stock of Newco having terms that are not materially less favorable than the Synovus series D preferred stock, Synovus series E preferred stock or Pinnacle series B preferred stock, as applicable.

The unaudited pro forma condensed combined income statements for the nine months ended September 30, 2025, and for the year ended December 31, 2024 combine the historical consolidated income statements of Pinnacle and Synovus, giving effect to the merger as if it had been completed on January 1, 2024. The accompanying unaudited pro forma condensed combined balance sheet as of September 30, 2025, combines the historical consolidated balance sheets of Pinnacle and Synovus, giving effect to the merger as if it had been completed on September 30, 2025.

The historical consolidated financial statements of Pinnacle and Synovus have been adjusted in the accompanying unaudited pro forma condensed combined financial information to give effect to pro forma events that are necessary to account for the merger, in accordance with U.S. GAAP. The unaudited pro forma adjustments are based upon available information and certain assumptions that Pinnacle (as the accounting acquirer) believes are reasonable. The following unaudited pro forma condensed combined financial information does not reflect the costs of any integration activities or benefits that may result from the realization of future cost savings from operating efficiencies. Certain reclassifications have also been made to align Pinnacle's and Synovus' historical financial statement presentation.

The following unaudited pro forma condensed combined financial information and related notes are based on and should be read in conjunction with (i) the historical audited consolidated financial statements of Pinnacle and the related notes included in Pinnacles's Annual Report on Form 10-K for the year ended December 31, 2024, and the historical unaudited condensed consolidated financial statements of Pinnacle and the related notes included in Pinnacle's Quarterly Report on Form 10-Q for the period ended September 30, 2025, and (ii) the historical audited consolidated financial statements of Synovus and the related notes included in Synovus' Annual Report on Form 10-K for the year ended December 31, 2024, and the historical unaudited consolidated financial statements of Synovus and the related notes included in Synovus' Quarterly Report on Form 10-Q for the period ended September 30, 2025, each of which is incorporated by reference herein.

The unaudited pro forma condensed combined financial information is provided for illustrative information purposes only. The unaudited pro forma condensed combined financial information is not necessarily, and should not be assumed to be, an indication of the actual results that would have been achieved had the merger been completed as of the dates indicated or that may be achieved in the future.

The merger is being accounted for as a business combination using the acquisition method with Pinnacle as the accounting acquirer, as Newco was determined to not be substantive, in accordance with Accounting Standards Codification ("ASC") Topic 805, Business Combinations. Under this method of accounting, the aggregate purchase consideration will be allocated to Synovus' assets acquired and liabilities assumed based upon their estimated fair values at the date of completion of the merger. The process of valuing the net assets of Synovus immediately prior to the merger, as well as evaluating accounting policies for conformity, is preliminary. Any differences between the estimated fair value of the purchase consideration and the estimated fair value of the assets acquired and liabilities assumed will be recorded as goodwill.

------

The unaudited pro forma condensed combined financial information also does not consider any potential effects of changes in market conditions on revenues, expense efficiencies, restructuring, severance and retention expenses, asset dispositions, and share repurchases, among other factors. In addition, as explained in more detail in the accompanying notes, the preliminary allocation of the pro forma purchase price reflected in the unaudited pro forma condensed combined financial information is subject to adjustment and may vary significantly from the actual purchase price allocation that will be recorded upon completion of the merger.

As of the date of this filing, Pinnacle has not completed the valuation analysis and calculations in sufficient detail necessary to arrive at the required estimates of the fair market value of the Synovus assets to be acquired or liabilities to be assumed, other than a preliminary estimate for intangible assets and certain financial assets and financial liabilities. Accordingly, apart from the aforementioned, certain Synovus assets and liabilities are presented at their respective carrying amounts and should be treated as preliminary values. A final determination of the fair value of Synovus' assets and liabilities will be based on Synovus' actual assets and liabilities as of the date the merger closes ("closing date") and, therefore, cannot be made prior to the completion of the merger. In addition, the value of the merger consideration to be paid in shares of Newco common stock upon the completion of the merger will be determined based on the closing price of Pinnacle's common stock on the closing date and the number of issued and outstanding shares of Synovus common stock immediately prior to the closing. Actual adjustments may differ from the amounts reflected in the unaudited pro forma condensed combined financial information, and the differences may be material.

Further, Pinnacle has not identified all adjustments necessary to conform Synovus' accounting policies to Pinnacle's accounting policies. Upon completion of the merger, or as more information becomes available, the combined company will perform a more detailed review of Pinnacle's accounting policies and Synovus' accounting policies. As a result of that review, differences could be identified between the accounting policies of the two companies that, when conformed, could have a material impact on the combined company's financial information.

As a result of the foregoing, the pro forma adjustments are preliminary and are subject to change as additional information becomes available and as additional analysis is performed. The preliminary pro forma adjustments have been made solely for the purpose of providing the unaudited pro forma condensed combined financial information. Pinnacle estimated the fair value of certain Synovus assets and liabilities based on a preliminary valuation analysis, due diligence information, information presented in Synovus' SEC filings and other publicly available information. Until the merger is completed, both companies are limited in their ability to share certain information.

Upon completion of the merger, a final determination of the fair value of Synovus assets acquired and liabilities assumed will be performed. Any changes in the fair values of the net assets or total purchase consideration as compared with the information shown in the unaudited pro forma condensed combined financial information may change the amount of the total purchase consideration allocated to goodwill and other assets and liabilities and may impact the combined company's statement of income. The final purchase consideration allocation may be materially different than the preliminary purchase consideration allocation presented in the unaudited pro forma condensed combined financial information.

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**PINNACLE AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED COMBINED** 

**BALANCE SHEET AS OF SEPTEMBER 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pinnacle** | **Synovus** | **Pro Forma** | **Note** | **Pro Forma** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | **As Reported** | **As Reported** | **Adjustments** | **4** | **Combined** |
| **ASSETS** |  |  |  |  |  |
| Cash and cash equivalents | $3265610 | $2266563 | $(64333) | A | $5467840 |
| Securities purchased under agreements to resell | 83120 | 7644 |  |  | 90764 |
| Securities available for sale | 6411806 | 7575468 |  |  | 13987274 |
| Securities held to maturity | 2644802 | 2450885 | 15380 | B | 5111067 |
| Loans held for sale | 175396 | 147811 | (356) | C | 322851 |
| Loans | 37932613 | 43753234 | (1294426) | D | 80391421 |
| Less: allowance for loan losses | (434450) | (469521) |  | E | (903971) |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans, net | 37498163 | 43283713 | (1294426) |  | 79487450 |
| Premises, equipment, and software, net | 337552 | 376013 | 237000 | F | 950565 |
| Goodwill | 1848904 | 480440 | 650928 | G | 2980272 |
| Core deposits and other intangible assets, net | 18108 | 26436 | 1193164 | H | 1237708 |
| Other assets | 3680088 | 3870202 | 55039 | I | 7605329 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $55963549 | $60485175 | $792396 |  | $117241120 |
| **LIABILITIES AND EQUITY** |  |  |  |  |  |
| Deposits |  |  |  |  |  |
| &nbsp;&nbsp;Non-interest bearing | $8952978 | $11053423 | $— |  | $20006401 |
| &nbsp;&nbsp;Interest-bearing | 36774146 | 38950306 | (23125) | J | 75701327 |
| Total deposits | 45727124 | 50003729 | (23125) |  | 95707728 |
| Federal funds purchased, securities sold under repurchase agreements, and other short-term borrowings | 325573 | 62467 |  |  | 388040 |
| Federal Home Loan Bank advances, subordinated debt, and other borrowings | 2203486 | 3008195 | 42898 | K | 5254579 |
| Other liabilities | 851174 | 1571580 |  |  | 2422754 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 49107357 | 54645971 | 19773 |  | 103773101 |
| Shareholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;Preferred stock | 217126 | 537145 | 34055 | L | 788326 |
| &nbsp;&nbsp;Common stock | 77558 | 172734 | (98583) | L | 151709 |
| &nbsp;&nbsp;Additional paid-in capital | 3141416 | 3999363 | 2250475 | L | 9391254 |
| &nbsp;&nbsp;Treasury stock |  | (1359096) | 1359096 | L |  |
| &nbsp;&nbsp;Retained earnings | 3579862 | 3145388 | (3431825) | L | 3293425 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss), net | (159770) | (676797) | 676797 | L | (159770) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 6856192 | 5818737 | 790015 |  | 13464944 |
| Noncontrolling interest in subsidiary |  | 20467 | (17392) | M | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 6856192 | 5839204 | 772623 |  | 13468019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $55963549 | $60485175 | $792396 |  | $117241120 |

---

See accompanying notes to unaudited pro forma condensed combined financial statements.

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**PINNACLE AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT FOR THE**

**NINE MONTHS ENDED SEPTEMBER 30, 2025**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pinnacle** | **Synovus** | **Pro Forma** | **Note** | **Pro Forma** |
| ***in thousands, except per share data&nbsp;&nbsp;&nbsp;&nbsp;*** | **As Reported** | **As Reported** | **Adjustments** | **5** | **Combined** |
| Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;Loans | $1704356 | $1989498 | $138357 | A | $3832211 |
| &nbsp;&nbsp;Securities | 275980 | 278512 | 90292 | B | 644784 |
| &nbsp;&nbsp;Other | 103841 | 65516 |  |  | 169357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 2084177 | 2333526 | 228649 |  | 4646352 |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | 852171 | 842157 |  |  | 1694328 |
| &nbsp;&nbsp;Borrowings | 87509 | 102102 | (8043) | D | 181568 |
| &nbsp;&nbsp;Other | 3671 | 627 |  |  | 4298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 943351 | 944886 | (8043) |  | 1880194 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 1140826 | 1388640 | 236692 |  | 2766158 |
| Provision for credit losses | 73144 | 35855 |  |  | 108999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 1067682 | 1352785 | 236692 |  | 2657159 |
| Noninterest income: |  |  |  |  |  |
| &nbsp;&nbsp;Service charges on deposit accounts | 52410 | 74675 |  |  | 127085 |
| &nbsp;&nbsp;Investment securities gains (losses), net | (12512) | 1742 |  |  | (10770) |
| &nbsp;&nbsp;Other non-interest revenue | 331923 | 314880 |  |  | 646803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 371821 | 391297 |  |  | 763118 |
| Noninterest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Salaries and other personnel expense | 540336 | 575006 |  |  | 1115342 |
| &nbsp;&nbsp;Equipment and occupancy | 143133 | 146330 | 9875 | G | 299338 |
| &nbsp;&nbsp;Amortization of intangibles | 4215 | 7882 | 132394 | H | 144491 |
| &nbsp;&nbsp;Other noninterest expense | 177388 | 243246 |  |  | 420634 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 865072 | 972464 | 142269 |  | 1979805 |
| Income before income tax expense  | 574431 | 771618 | 94423 |  | 1440472 |
| Income tax expense  | 102347 | 163122 | 23889 | J | 289358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 472084 | 608496 | 70534 |  | 1151114 |
| Less: Net income (loss) attributable to noncontrolling interest |  | (1227) | 1335 | K | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to shareholders | 472084 | 609723 | 69199 |  | 1151006 |
| Less: Preferred stock dividends | 11394 | 34122 |  |  | 45516 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to common shareholders | $460690 | $575601 | $69199 |  | $1105490 |
| Net income per common share, basic | $6.00 | $4.13 |  |  | $7.37 |
| Net income per common share, diluted | 5.96 | 4.10 |  |  | 7.35 |
| Weighted average common shares outstanding, basic | 76841 | 139452 | (66363) | L | 149930 |
| Weighted average common shares outstanding, diluted | 77243 | 140289 | (67200) | L | 150332 |

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See accompanying notes to unaudited pro forma condensed combined financial statements.

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**PINNACLE AND SUBSIDIARIES UNAUDITED PRO FORMA CONDENSED COMBINED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2024**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Pinnacle** | **Synovus** | **Pro Forma** | **Note** | **Pro Forma** |
| ***in thousands, except per share data&nbsp;&nbsp;&nbsp;&nbsp;*** | **As Reported** | **As Reported** | **Adjustments** | **5** | **Combined** |
| Interest income: |  |  |  |  |  |
| &nbsp;&nbsp;Loans | $2221063 | $2773457 | $169524 | A | $5164044 |
| &nbsp;&nbsp;Securities | 318445 | 329478 | 120389 | B | 768312 |
| &nbsp;&nbsp;Other | 158590 | 90654 |  |  | 249244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 2698098 | 3193589 | 289913 |  | 6181600 |
| Interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Deposits | 1203455 | 1329932 | 23124 | C | 2556511 |
| &nbsp;&nbsp;Borrowings | 123661 | 109657 | (10725) | D | 222593 |
| &nbsp;&nbsp;Other | 5392 | 4423 |  |  | 9815 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest expense | 1332508 | 1444012 | 12399 |  | 2788919 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 1365590 | 1749577 | 277514 |  | 3392681 |
| Provision for credit losses | 120589 | 136685 | 251935 | E | 509209 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after provision for credit losses | 1245001 | 1612892 | 25579 |  | 2883472 |
| Noninterest income: |  |  |  |  |  |
| &nbsp;&nbsp;Service charges on deposit accounts | 59394 | 91647 |  |  | 151041 |
| &nbsp;&nbsp;Investment securities gains (losses), net | (71854) | (256660) |  |  | (328514) |
| &nbsp;&nbsp;Other non-interest revenue | 383638 | 404617 |  |  | 788255 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest income | 371178 | 239604 |  |  | 610782 |
| Noninterest expense: |  |  |  |  |  |
| &nbsp;&nbsp;Salaries and other personnel expense | 621031 | 737467 | 72015 | F | 1430513 |
| &nbsp;&nbsp;Equipment and occupancy | 166002 | 187451 | 13167 | G | 366620 |
| &nbsp;&nbsp;Amortization of intangibles | 6254 | 11609 | 194018 | H | 211881 |
| &nbsp;&nbsp;Other noninterest expense | 241683 | 311016 | 59500 | I | 612199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total noninterest expense | 1034970 | 1247543 | 338700 |  | 2621213 |
| Income before income tax expense  | 581209 | 604953 | (313121) |  | 873041 |
| Income tax expense  | 106153 | 125502 | (79220) | J | 152435 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | 475056 | 479451 | (233901) |  | 720606 |
| Less: Net income (loss) attributable to noncontrolling interest |  | (3009) | 1781 | K | (1228) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to shareholders | 475056 | 482460 | (235682) |  | 721834 |
| Less: Preferred stock dividends | 15192 | 42903 |  |  | 58095 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income available to common shareholders | $459864 | $439557 | $(235682) |  | $663739 |
| Net income per common share, basic | $6.01 | $3.05 |  |  | $4.44 |
| Net income per common share, diluted | 5.96 | 3.03 |  |  | 4.42 |
| Weighted average common shares outstanding, basic | 76461 | 144164 | (71075) | L | 149550 |
| Weighted average common shares outstanding, diluted | 77131 | 144998 | (71909) | L | 150220 |

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See accompanying notes to unaudited pro forma condensed combined financial statements.

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**PINNACLE AND SUBSIDIARIES NOTES TO UNAUDITED** 

**PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS**

**Note 1. Basis of Presentation**

The accompanying unaudited pro forma condensed combined financial information and related notes were prepared in accordance with Article 11 of Regulation S-X.

As discussed in Note 2, certain reclassifications were made to align Pinnacle's and Synovus' financial statement presentation. The accounting policies of both Pinnacle and Synovus are in the process of being reviewed in detail. Upon completion of such review, additional conforming adjustments or financial statement reclassification may be necessary.

The unaudited pro forma condensed combined financial information was prepared using the acquisition method of accounting in accordance with ASC 805, with Pinnacle as the accounting acquirer, using the fair value concepts defined in ASC Topic 820, Fair Value Measurement, and based on the historical financial statements of Pinnacle and Synovus. Under ASC 805, all assets acquired and liabilities assumed in a business combination are recognized and measured at their fair values as of the closing date, while transaction costs associated with the business combination are expensed as incurred. The excess of purchase consideration over the estimated fair value of assets acquired and liabilities assumed, if any, is allocated to goodwill.

The allocation of the aggregate purchase consideration depends upon certain estimates and assumptions, all of which are preliminary. As of the date of this filing, Pinnacle has not completed the valuation analysis and calculations in sufficient detail necessary to arrive at the required estimates of the fair market value of Synovus assets to be acquired or liabilities to be assumed, other than a preliminary estimate for intangible assets and certain financial assets and financial liabilities. Accordingly, apart from the aforementioned, certain Synovus assets and liabilities are presented at their respective carrying amounts and should therefore be treated as preliminary. A final determination of the fair value of Synovus' assets and liabilities will be based on Synovus' actual assets and liabilities as of the closing date of the merger and, therefore, cannot be made prior to the consummation of the merger. The allocation of the aggregate purchase consideration has been made for the purpose of developing the unaudited pro forma condensed combined financial information. The final determination of fair values of assets acquired and liabilities assumed relating to the merger could differ materially from the preliminary allocation of aggregate purchase consideration. The final valuation will be based on the actual net tangible and intangible assets of Synovus existing at the closing date of the merger.

The unaudited pro forma condensed combined income statements for the nine months ended September 30, 2025 and for the year ended December 31, 2024 combine the historical consolidated income statements of Pinnacle and Synovus, giving effect to the merger as if it had been completed on January 1, 2024. The accompanying unaudited pro forma condensed combined balance sheet as of September 30, 2025 combines the historical consolidated balance sheets of Pinnacle and Synovus, giving effect to the merger as if it had been completed on September 30, 2025.

The unaudited pro forma condensed combined financial information does not reflect any anticipated synergies or dis-synergies, operating efficiencies or cost savings that may result from the merger or any acquisition and integration costs that may be incurred. The pro forma adjustments represent management's best estimates and are based upon currently available information and certain assumptions that Pinnacle believes are reasonable under the circumstances.

**Note 2. Reclassification Adjustments**

During the preparation of the unaudited pro forma condensed combined financial information, Pinnacle management performed a preliminary analysis of Synovus' financial information to identify differences in accounting policies and differences in balance sheet and income statement presentation as compared to the presentation of Pinnacle. At the time of preparing the unaudited pro forma condensed combined financial information, Pinnacle had not identified all adjustments necessary to conform Synovus' accounting policies to Pinnacle's accounting policies. Pinnacle had also not identified all adjustments necessary to conform Synovus' financial statement presentation classification and Pinnacle's financial statement presentation classification.

Certain changes to financial statement presentation have been made to conform Pinnacle's and Synovus' historical financial statement presentation. Following the completion of the merger, or as more information becomes available, Pinnacle will finalize the review of accounting policies and reclassifications, which could be materially different from the amounts set forth in the unaudited pro forma condensed combined financial information presented herein.

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Additionally, certain financial statement captions have been combined for purposes of presenting in condensed form in accordance with Article 11 of Regulation S-X.

**Note 3. Preliminary Purchase Price Allocation**

The following table summarizes the determination of the preliminary estimated purchase price consideration. The value of the purchase consideration to be paid by Pinnacle in shares of common stock upon the consummation of the merger will be determined based on the closing price of Pinnacle common stock on the closing date and the number of issued and outstanding shares of Synovus common stock. Actual adjustments may differ from the amounts reflected in the unaudited pro forma condensed combined financial information, and the differences may be material. The preliminary estimated purchase consideration could significantly differ from the amounts presented due to movements in Pinnacle's share price up to the closing date. A sensitivity analysis related to the fluctuation in Pinnacle's share price was performed to assess the impact a hypothetical change of 10% (increase or decrease) on the closing price of Pinnacle common stock on October 31, 2025 would have on the estimated preliminary aggregate purchase consideration and its impact on the preliminary goodwill as of the closing date.

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| | | | |
|:---|:---|:---|:---|
| ***in thousands, except share and per share amounts&nbsp;&nbsp;&nbsp;&nbsp;*** | | | |
| |<br>**October 31, 2025** |<br>**10% increase** |<br>**10% decrease** |
| Estimated Synovus shares outstanding (i) | 139562426 | 139562426 | 139562426 |
| Exchange ratio | 0.5237 | 0.5237 | 0.5237 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Newco common stock shares to be issued | 73088842 | 73088842 | 73088842 |
| Price per share of Pinnacle common stock | $85.21 | $93.73 | $76.69 |
| Preliminary consideration for common stock | $6227900 | $6850617 | $5605183 |
| Consideration for equity awards (ii) | 28906 | 28906 | 28906 |
| Preferred stock fair value adjustment | 34055 | 34055 | 34055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total pro forma purchase price consideration  | $6290861 | $6913578 | $5668144 |
| Preliminary goodwill | $1131368 | $1754085 | $508651 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For purposes of the unaudited pro forma condensed combined balance sheet, the estimated merger consideration is based on the total number of shares of Synovus common stock issued and outstanding as of October 31, 2025 and the closing price per share of Pinnacle common stock on October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Estimated based upon unvested restricted stock awards outstanding as of October 31, 2025. This preliminary estimate could differ significantly from the amounts presented due to movements in Pinnacle's share price and changes in unvested awards.

The assumed accounting for the merger, including the preliminary purchase consideration, is based on provisional amounts, and the associated purchase accounting is not final. The preliminary allocation of the purchase price to the acquired assets and assumed liabilities was based upon preliminary estimates of fair value. The final determination of the estimated fair values, the assets' useful lives, and the amortization methods are dependent upon certain valuations and other analyses that have not yet been completed. Actual results may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information. The unaudited pro forma adjustments are based upon available information and certain assumptions that Pinnacle believes are reasonable under the circumstances. The purchase price adjustments relating to the Pinnacle and Synovus combined financial information are preliminary and subject to change, as additional information becomes available and as additional analyses are performed.

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The following table summarizes the allocation of the preliminary purchase consideration to the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed of Synovus, as if the merger had been completed on September 30, 2025, with the excess recorded to goodwill:

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| | |
|:---|:---|
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | |
| **Synovus Net Assets at Fair Value** | |
| Assets acquired: |  |
| &nbsp;&nbsp;Cash and cash equivalents | $2266563 |
| &nbsp;&nbsp;Securities purchased under agreements to resell | 7644 |
| &nbsp;&nbsp;Investment securities | 10041733 |
| &nbsp;&nbsp;Loans held-for-sale | 147455 |
| &nbsp;&nbsp;Loans, net | 42241222 |
| &nbsp;&nbsp;Premises, equipment, and software, net | 613013 |
| &nbsp;&nbsp;Other intangible assets | 1219600 |
| &nbsp;&nbsp;Other assets | 3828228 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets acquired | 60365458 |
| Liabilities assumed: |  |
| &nbsp;&nbsp;Deposits | 49980605 |
| &nbsp;&nbsp;Borrowings | 3113560 |
| &nbsp;&nbsp;Other liabilities | 1571580 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities assumed | 54665745 |
| Preferred stock | 537145 |
| Non-controlling interest | 3075 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | 55205965 |
| Net assets acquired | 5159493 |
| Preliminary pro forma goodwill | 1131368 |
| Estimated preliminary purchase price consideration | $6290861 |

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**Note 4. Adjustments to the Unaudited Pro Forma Condensed Combined Balance Sheet**

The following pro forma adjustments have been reflected in the Pro Forma Adjustments column in the accompanying unaudited pro forma condensed combined balance sheet. All adjustments are based on preliminary assumptions and valuations, which are subject to change once further analyses are performed and as additional information becomes available. Certain adjustments were derived from July 2025 valuations. Changes in interest rates could have a material impact on these valuations.

All taxable adjustments were calculated using a statutory tax rate of 25.3% to arrive at deferred tax asset or liability adjustments. The total effective tax rate of the combined company following the merger could be significantly different depending on the post-acquisition geographical mix of income and other factors. Because the tax rate used for this unaudited pro forma condensed combined financial information is an estimate, it will likely vary from the actual rate in periods subsequent to the completion of the business combination and those differences may be material.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Adjustment to cash and cash equivalents for the payment of expected merger-related transaction and change in control costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Adjustment to securities classified as held to maturity to reflect the estimated fair value of the acquired investment securities. The adjustment includes the following:

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| | |
|:---|:---|
| | **September 30, 2025** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | |
| Reversal of historical Synovus discount related to the conversion of securities from available for sale to held to maturity | $594453 |
| Estimate of fair value adjustment for held to maturity securities | (579073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fair value pro forma adjustment | $15380 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Adjustment to loans held for sale to reflect the estimated fair value of acquired loans held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Adjustment to loans reflects estimated fair value adjustments, which include lifetime credit loss expectations for loans, current interest rates and liquidity. This fair value adjustment excludes certain immaterial loan portfolios such as credit cards. The adjustment includes the following:

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| | |
|:---|:---|
| | **September 30, 2025** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | |
| Estimate of lifetime credit losses on acquired loans | $(469521) |
| Estimate of fair value related to current interest rate and liquidity | (1042491) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net fair value pro forma adjustments | (1512012) |
| Gross up of Purchase Credit Deteriorated ("PCD") loans for credit mark | 217586 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change to loans resulting from the merger | $(1294426) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Adjustments to the allowance for loan losses include the following:

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| | |
|:---|:---|
| | **September 30, 2025** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | |
| Reversal of historical Synovus' allowance for loan losses | $469521 |
| Establishment of the allowance for loan losses for PCD loans' estimated lifetime losses | (217586) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net pro forma transaction accounting adjustments to the allowance for loan losses | 251935 |
| Establishment of the allowance for loan losses for non-PCD loans' estimated lifetime losses | (251935) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change to the allowance for loan losses resulting from the merger | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Adjustment to premises, equipment and software, net to reflect the estimated fair value of acquired premises and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Eliminate the historical Synovus goodwill of $480.4 million at the closing date and record estimated goodwill associated with the merger of $1.1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Eliminate the historical Synovus other intangible assets of $26.4 million at the closing date and record an estimated core deposit intangible of $1.0 billion and a wealth customer relationships intangible of $197.0 million related to the merger.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Adjustments to other assets include the following:

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| | |
|:---|:---|
| | **September 30, 2025** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | |
| Adjustment to reflect the preliminary estimated decrease to deferred tax assets resulting from proforma fair value adjustments for acquired financial assets and liabilities | $(41974) |
| Adjustment to reflect the preliminary estimated tax effect of other transaction adjustments | 97013 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net pro forma transaction accounting adjustments to other assets | $55039 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.Adjustment to deposits to reflect the estimated fair value of certificates of deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.Adjustment to Federal Home Loan Bank advances, subordinated debt, and other borrowings to reflect the estimated fair value of Synovus long-term debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Adjustments to shareholders' equity consist of the following:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred Stock** | **Common Stock** | **Additional Paid-in Capital** | **Treasury Stock** | **Retained Earnings** | **Accumulated Other Comprehensive Income** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | | | | | | |
| *Pro forma transaction accounting adjustments:* |  |  |  |  |  |  |
| Elimination of Synovus historical equity balances | $— | $(172734) | $(3999363) | $1359096 | $(3145388) | $676797 |
| Issuance of shares of Newco Common Stock to Synovus common shareholders |  | 73089 | 6154811 |  |  |  |
| Represents the estimated fair value adjustment to the Synovus series D and series E preferred stock and its conversion to Newco preferred stock | 34055 |  |  |  |  |  |
| Represents the estimated consideration for equity awards |  |  | 28906 |  |  |  |
| Establishment of the allowance for loan losses for non-PCD loans estimated lifetime losses net of tax |  |  |  |  | (188195) |  |
| Issuance of shares of Newco common stock related to change in control equity issuance |  | 1062 | 66121 |  |  |  |
| Represents after-tax transaction fees and expenses related to the merger |  |  |  |  | (98242) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net pro forma transaction accounting adjustments to equity | $34055 | $(98583) | $2250475 | $1359096 | $(3431825) | $676797 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M.Adjustment to noncontrolling interest in subsidiary to reflect impact of purchase accounting adjustments related to Synovus noncontrolling interest.

**Note 5. Adjustments to the Unaudited Pro Forma Condensed Combined Statement of Income**

The following pro forma adjustments have been included in the Pro Forma Adjustments column to give effect as if the merger had been completed on January 1, 2024 in the accompanying unaudited pro forma condensed combined statements of income for the nine months ended September 30, 2025 and the year ended December 31, 2024. All adjustments are based on preliminary assumptions and valuations, which are subject to change once further analyses are performed and as

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additional information becomes available. Certain adjustments were derived from July 2025 valuations. Changes in interest rates could have a material impact on these valuations.

All taxable adjustments were calculated using a statutory tax rate of 25.3%. The total effective tax rate of the combined company following the merger could be significantly different depending on the post-acquisition geographical mix of income and other factors. Because the tax rate used for this unaudited pro forma condensed combined financial information is an estimate, it will likely vary from the actual rate in periods subsequent to the completion of the business combination and those differences may be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.Adjustments to interest income on loans of $138.4 million and $169.5 million for the nine months ended September 30, 2025 and the year ended year ended December 31, 2024, respectively, to record the estimated accretion of the discount on acquired loans. Pro forma accretion was estimated using the effective interest method over a weighted average life of 5.5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.Adjustments to interest income on securities of $90.3 million and $120.4 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, to record the estimated accretion of the fair value adjustments to acquired available for sale and held to maturity securities. Pro forma accretion was based on the use of straight-line methodology, over an estimated approximate life of 8 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.Adjustment to interest expense on deposits of $23.1 million for the year ended December 31, 2024 to record the estimated accretion of the deposit discount on acquired interest-bearing deposits. Pro forma accretion was based on the use of straight-line methodology, using an estimated life of one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.Adjustment to interest expense on borrowings of $(8.0) million and $(10.7) million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, to record the estimated amortization of the premium on long-term debt. Pro forma amortization was based on the use of straight-line methodology, using an estimated life of 3 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E.Adjustment to record provision expense on Synovus' non-PCD loans of $251.9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F.Adjustment to salaries and other personnel expense to reflect expected merger-related change in control payments of $72.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.Adjustment to equipment and occupancy expense of $9.9 million and $13.2 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, to reflect increases of depreciation expense as a result of estimated fair value on acquired property. Pro forma depreciation was based on the use of straight-line methodology, using an average life of the depreciable assets of 18 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H.Net adjustments to intangible amortization of $132.4 million and $194.0 million for the nine months ended September 30, 2025 and the year ended December 31, 2024, respectively, to eliminate Synovus amortization on other intangible assets and record estimated amortization of acquired other intangible assets. Core deposit intangibles will be amortized using the sum-of-the-years-digits method over ten years. Wealth customer

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relationship intangible assets will be amortized based on the use of straight-line methodology over ten years.

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| | | | | |
|:---|:---|:---|:---|:---|
| | | | **Amortization Expense** | **Amortization Expense** |
| |<br>**Estimated**<br>**Fair Value** |<br>**Useful Life**<br>**(years)** | **Nine months ended**<br>**September 30, 2025** | **Year ended**<br>**December 31, 2024** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | | | | |
| Core deposit intangible | $1022600 | 10 | $125501 | $185927 |
| Wealth customer relationship intangible | 197000 | 10 | 14775 | 19700 |
|  | $1219600 |  | $140276 | $205627 |
| Historical amortization expense |  |  | (7882) | (11609) |
| Pro forma net adjustment to amortization | Pro forma net adjustment to amortization |  | $132394 | $194018 |
| Amortization for next five years |  |  |  |  |
| Remainder of 2025 | $46758 |  |  |  |
| 2026 | 187035 |  |  |  |
| 2027 | 168442 |  |  |  |
| 2028 | 149849 |  |  |  |
| 2029 | 131256 |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I.Adjustment to other noninterest expense to reflect expected merger-related transaction costs of $59.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.Adjustment to income tax expense (benefit) to record the income tax effects of pro forma adjustments at the estimated combined statutory federal and state rate of 25.3%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K.Adjustment to net income (loss) attributable to noncontrolling interest to record the effects of pro forma adjustments that relate to Synovus noncontrolling interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L.Adjustments to weighted-average shares of Pinnacle common stock outstanding to eliminate weighted average shares of Synovus common stock outstanding and record shares of Newco common stock outstanding, calculated using an exchange ratio of 0.5237 per share for all shares. The calculation of weighted average shares outstanding for both basic and diluted earnings per share assumes that the shares issuable related to the merger have been outstanding for the entire periods presented. At this time, Pinnacle has not completed its analysis and calculations in sufficient detail related to eligible employee and vesting schedules in order to determine the impact to the diluted weighted average shares from the conversion of equity awards.

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| | | |
|:---|:---|:---|
| **Pro forma basic weighed average shares** | **Shares** | **Shares** |
| | **September 30, 2025** | **December 31, 2024** |
| ***in thousands&nbsp;&nbsp;&nbsp;&nbsp;*** | | |
| Historical Pinnacle weighted average shares outstanding, basic | 76841 | 76461 |
| Shares of Newco common stock to be issued to holders of Synovus common stock pursuant to the merger | 73089 | 73089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma weighted average shares, basic | 149930 | 149550 |
| Historical Pinnacle weighted average shares outstanding, diluted | 77243 | 77131 |
| Shares of Newco common stock to be issued to holders of Synovus common stock pursuant to the merger | 73089 | 73089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro forma weighted average shares, diluted | 150332 | 150220 |

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