The Institutional Risk Analyst

When Pinnacle Financial Partners, Inc. (PNFP) announced an all-stock transaction last week to acquire Synovus Financial Corp. (SNV), we were unimpressed. The markets sold off on the news and there then followed a series of stock downgrades and credit rating agency actions that were disconcerting to put it mildly. 

We hear in the channel that banks with festering multifamily exposures are paying north of 10% for similar CRT transactions.