ELBERTON, Ga. & DUBLIN, Ga.–(BUSINESS WIRE)–Pinnacle Financial Corporation (“Pinnacle”), the holding company for Pinnacle Bank, and Morris State Bancshares, Inc. (“Morris”) (OTCQX: MBLU), the holding company for Morris Bank, jointly announced on November 20, 2025 of a strategic combination of two of Georgia’s strongest community banks.
A press release from both companies announced late last week that 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.
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.
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.
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.
ABOUT PINNACLE FINANCIAL CORPORATION AND PINNACLE BANK
Pinnacle Financial Corporation is a $2.2 billion asset, single bank holding company headquartered in Elberton, Georgia. Chartered in 1934, Pinnacle Bank has offices in 17 counties of Georgia. Pinnacle is a locally owned, independent community bank, offering a wide range of personal and business financial services. To learn more about products and services, including specialized offerings for all customers, visit www.pinnaclebank.com.
ABOUT MORRIS STATE BANCSHARES AND MORRIS BANK
Morris State Bancshares (OTCQX: MBLU) is a $1.5 billion asset community bank headquartered in Dublin, Georgia. Recently named on the list of Best-In-State Banks 2025 by Forbes, Morris Bank serves Middle and South Georgia with nine branch locations and a common-sense approach to banking, leveraging practical financial solutions to make banking easy. Morris Bank has served customers for over 70 years since its formation in 1954. Over the decades, their services have grown to provide comprehensive business and consumer banking, personal and commercial lending, treasury management, and mortgage lending. For more information, visit www.morris.bank.
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