Synovus

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Synovus Financial Corporation
Type Public
Traded as NYSE: SNV
Industry Banks
Founded 1888
Headquarters Columbus, Georgia
Number of locations 308 (2011)
Key people Richard E. Anthony, Chairman of the Board, Kessel D. Stelling Jr., President & CEO;
Products Financial Services
Employees 6,396 (March 2010)
Website www.synovus.com

Synovus is a financial services company with $29 billion in assets based in Columbus, Georgia. Synovus’ 30 locally-branded bank divisions provide commercial and retail banking, investment and mortgage services to customers in Georgia, Alabama, South Carolina, Florida and Tennessee through 308 offices and 439 ATM's.

Contents

[edit] Company history

Synovus is rumored to have begun in 1888, when a mill worker at Eagle & Phenix Mills in Columbus, GA, accidentally got her dress tangled in a piece of machinery. Money she had sewn into the hem of her dress spilled across the floor. She explained that she believed this was the safest place to keep it. G. Gunby Jordan, the mill's secretary and treasurer, offered to keep the money in the mill safe and pay her monthly interest on the deposits while lending the money out to others. He soon offered the same service to all the mill workers. These first deposits inspired Jordan to establish an institution that became Columbus Bank & Trust (CB&T), which later formed Synovus Financial Corporation to act as a bank holding company.

[edit] Caught up in the financial crisis

In mid-August 2009 the bank was named as one of the biggest of more than 150 U.S. lenders which own nonperforming loans that equal 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.[1]

As a result of their financial troubles, Synovus laid off 850 employees and closed multiple bank branches in early 2011.[2] In January, 2012, Synovus still owed the US government Troubled Asset Relief Program $967.9 million.[3]

[edit] Charter Consolidation

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.

[edit] Synovus banks

Synovus' collective branch footprint.

[edit] Alabama

[edit] Florida

[edit] Georgia

[edit] South Carolina

  • NBSC
    • Locations in Anderson, Bishopville, Bluffton, Camden, Cayce, Charleston, Columbia, Florence, Goose Creek, Greenville, Greer, Hilton Head, Inman, Irmo, Lexington, Little River, Loris, Manning, Mt. Pleasant, Murrells Inlet, Myrtle Beach, North Charleston, North Myrtle Beach, Spartanburg, Summerville, and Sumter.

[edit] Tennessee

[edit] See also

[edit] References

  1. ^ Levy, Ari (August 24, 2009). "Toxic Loans Topping 5% May Push 150 Banks to Point of No Return". Bloomberg News (New York City, NY). http://www.bloomberg.com/apps/news?pid=20601087&sid=aTTT9jivRIWE. 
  2. ^ Trubey, J. Scott (January 10, 2011). "Synovus Cuts Show Banks Still Ailing". Atlanta Journal-Constitution (Atlanta. GA). http://www.ajc.com/business/synovus-cuts-show-banks-800219.html. 
  3. ^ Gordon, Marcy, "Report: Taxpayers still owed $133B from bailout", Associated Press via Atlanta Journal-Constitution, January 26, 2012. Retrieved 2012-01-26.

[edit] External links

50 largest banks / bank holding companies in the United States as of September 30, 2011
* indicates the U.S. subsidiary of a non-U.S. bank. Inclusion on this list is based on U.S. assets only.
Retrieved from "http://en.wikipedia.org/w/index.php?title=Synovus&oldid=473446721"
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