Synovus

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Synovus Financial Corporation
Type Public
Traded as NYSESNV
Industry Banks
Founded 1888
Headquarters Columbus, Georgia, U.S.
Key people Kessel Stelling, Chairman of the Board and Chief Executive Officer
Products Financial Services
Website www.synovus.com

The Synovus Financial Corporation is a financial services company with approximately $27 billion in assets based in Columbus, Georgia. Synovus’ divisions provide commercial and retail banking, investment, and mortgage services to customers through 29 locally branded divisions, 280 offices, and more than 400 ATMS in Georgia, Alabama, South Carolina, Florida, and Tennessee.[1]

Company history[edit]

The company began in 1888 with an encounter between a worker and an executive at a Columbus, Georgia textile mill.[2]

The worker’s dress became tangled in factory machinery, and money she had sewn into her hem spilled onto the floor. Explaining she felt this was the safest place to keep her savings, a mill executive offered instead to secure her money in the mill safe and pay her interest. That same service was soon offered to all the workers, and those deposits marked the beginning of Synovus.[2]

The company built a comprehensive financial services company that today operates in five states across the Southeast.[2]

Caught up in the financial crisis[edit]

In mid-August 2009 the bank was named as one of the biggest of more than 150 U.S. lenders which owned nonperforming loans equal to 5 percent or more of their holdings. Five percent is a threshold that former regulators have stated can wipe out a bank’s equity and threaten its survival.[3]

As a result of their financial troubles, Synovus laid off 850 employees and closed many bank branches in early 2011.[4] In July, 2013, Synovus repaid the US government $967.9 million borrowed under TARP Troubled Asset Relief Program .[5]

Charter Consolidation[edit]

In early 2010, Synovus consolidated their thirty separate state charters into one Georgia state banking charter and is transitioning to operate as a more centralized single bank.[6]

References[edit]

  1. ^ "updated quarterly results". Synovus.com. Retrieved 2013-08-23. 
  2. ^ a b c "Our History". Synovus.com. Retrieved 2013-08-23. 
  3. ^ Levy, Ari (August 24, 2009). "Toxic Loans Topping 5% May Push 150 Banks to Point of No Return". Bloomberg News (New York City, NY). 
  4. ^ Trubey, J. Scott (January 10, 2011). "Synovus Cuts Show Banks Still Ailing". Atlanta Journal-Constitution (Atlanta. GA). 
  5. ^ Company Press Release, "Report: Taxpayers still owed $133B from bailout"
  6. ^ "Annual Report". Synovus.com. Retrieved 2013-08-23. 

External links[edit]