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

Key merger decisions and integration strategy

• Early agreement to use a single brand and the Pinnacle operating model to accelerate execution and avoid confusion seen in other mergers.

• Designation of a single long-term CEO to maintain leadership continuity and prevent value destruction.

• Chose to retain Synovus’s FIS platform for scalability and smoother integration.

• Regulatory approval received in 124 days, positioning the combined company for a strong launch in early 2024.

• Focus on building a bank with scale while preserving a unique, client- and employee-centric culture.

Growth targets, hiring, and revenue synergies

• Projected 9%-11% annual loan and deposit growth for 2026, driven by organic expansion and aggressive recruitment.

• Plan to hire nearly 500 incremental revenue producers over two years, leveraging a proven continuous recruitment model.

• Revenue synergies of $100-$130 million expected over two to three years, from both existing staff and new hires, with full integration of specialty products and services.

• Growth to be supported by expanding into new markets and increasing density in existing ones, especially in the Southeast.

• Emphasis on hiring experienced bankers with strong client books to ensure rapid and high-quality asset growth.

Culture, retention, and risk management

• Both legacy organizations share a focus on maintaining a strong, non-bureaucratic culture to attract and retain talent.

• Historical turnover rates remain low, with expectations to sustain this through the merger.

• Leadership confident that the merger will not trigger significant attrition, citing recent successful talent acquisitions post-announcement.

• Integration approach aims to avoid pitfalls of becoming a bureaucratic “big bank,” focusing instead on client and employee experience.

• Ongoing leadership involvement and advisory roles to ensure continuity and successful model transfer.