Pinnacle/Synovus at $8.6B and Huntington/Cadence at $7.4B: is regional bank M&A actually back?
Two regional bank deals sit in the 2026 data I have been reading: Pinnacle Financial Partners buying Synovus for $8.6 billion, and Huntington Bancshares buying Cadence Bank for $7.4 billion. I am not a bank M&A banker, so I want to hear from people who are. What changed that makes these deals work now? Is it regulatory tone, funding costs, scale pressure on mid-size banks, or something else?
Also curious how the sell-side conversation differs for a bank versus a normal operating company. As far as I understand, valuation is driven much more by tangible book and capital than by EBITDA multiples, so the usual comps work does not carry over.
For anyone in FIG: what are the two or three numbers you check first when one of these gets announced?
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