Pinnacle Bank & Morris Bank Jointly Announce Strategic Merger
Friday, November 21st, 2025
Pinnacle Financial Corporation, the holding company for Pinnacle Bank, and Morris State Bancshares, Inc. , the holding company for Morris Bank, jointly announced today a strategic combination of two of Georgia’s strongest community banks. Based upon each company’s financial condition as of September 30, 2025, the combined company will have $3.8 billion in assets, $3.3 billion in deposits and $2.8 billion in loans, and will operate 35 branches throughout many of Georgia’s fastest growing markets.
Transaction Highlights:
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Combines two high-performing, locally focused franchises with no market overlap to create a leading Georgia community bank with approximately $3.8 billion in assets, serving communities across many of the state’s most dynamic growth corridors.
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Represents a true partnership, uniting the top talent of both institutions with highly aligned visions, cultures and customer-centered community bank philosophies.
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Delivers meaningful scale, formidable earnings power and a fortress balance sheet, providing shareholders with enhanced investment returns.
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Solidifies our standing as a leading Georgia community bank, well-positioned to capitalize on recent industry consolidation to become a future acquiror of choice in our markets.
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Ensures customers will continue to see the same familiar faces and enjoy the same local decision-making and personal service.
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Enhances our customer service capabilities with greater lending capacity, enhanced technology, and a broader suite of financial solutions to help our clients’ businesses and communities thrive.
Commenting on the announcement, Jackson McConnell, Chairman and Chief Executive Officer of Pinnacle, said, "We are excited to announce the combination of Pinnacle Bank and Morris Bank. As we unite our two institutions, we strengthen our ability to serve people and businesses in communities across the state of Georgia. After years of knowing one another and working together on industry issues, we are thrilled to bring our teams together. More than ever before, this partnership allows us to focus on continued growth by sharing our core banking services with more community customers."
Spence Mullis, Chairman, President and Chief Executive Officer of Morris, said, "I’ve known both Jackson McConnell and David Voyles for more than 20 years and have watched them build and grow a great community bank in their markets, while we’ve done the same with Morris in our markets. Over the years, we’ve often compared notes, sharing strategies and philosophies on how to keep our communities and customers at the heart of everything we do. Our leadership teams have weathered all types of economic cycles, including the Great Financial Crisis, often conferring and collaborating along the way, which has strengthened both of our organizations. I am truly excited to now bring our two teams together under one new name and brand, solidifying our shared values and long-standing relationship. Together, we’ll be a leading Georgia community bank the entire state can be proud to call its own."
Transaction Details:
Under the terms of the definitive agreement, which has been unanimously approved by the Boards of Directors of Pinnacle and Morris, each outstanding share of Morris common stock will be exchanged for the right to receive 0.1095 shares of the combined company’s common stock. Additionally, Morris’ shareholders will receive a one-time special cash dividend of $0.54 per share prior to the closing of the transaction. As a result of the combination, Pinnacle’s shareholders will own approximately 54% of the outstanding common shares of the new company, and Morris’ shareholders will own approximately 46% of the outstanding common shares of the new company.
Name, Branding, Headquarters and Markets:
The companies plan to unveil a new unified name and logo for the combined bank and company prior to the closing of the transaction. Upon completion of the merger, the combined company’s common stock will begin trading on the OTCQX under a new ticker symbol to be determined at a later date.
The combined organization’s corporate headquarters will be located in Elberton, Georgia. Executives and team members of both companies will continue to operate from their existing offices.
The combined bank’s footprint will include Pinnacle’s 26 branches serving the northeast and eastern side of the state including Elberton, Gainesville, Athens and Augusta. The combined footprint will also include Morris’ nine branches in central and southeastern Georgia markets including Dublin, Macon, Houston County and Statesboro.
