The Federal Reserve Board on Tuesday announced its approval of the application by Steel Newco, Inc., of Peachtree Corners, Georgia, to become a bank holding company by merging with Synovus Financial Corporation, of Columbus, Georgia, and Pinnacle Financial Partners, of Nashville, Tennessee. As a result, Steel Newco will indirectly acquire Synovus Bank, of Columbus, Georgia, and Pinnacle Bank, of Nashville, Tennessee.

In addition, the Board gave its approval for Pinnacle Bank to merge with Synovus Bank, with Pinnacle Bank remaining as a state member bank supervised by the Federal Reserve System. Pinnacle Bank also received approval to establish and operate branches at the locations of Synovus Bank.

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