Synovus

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Synovus Financial Corporation
Public
Traded asNYSESNV
S&P 400 Component
IndustryBanks
Founded1888
HeadquartersColumbus, Georgia, USA
Key people
Kessel Stelling, Chairman/CEO
ProductsFinancial Services
Websitewww.synovus.com

The Synovus Financial Corporation, formerly Columbus Bank and Trust Company, is a financial services company with approximately $27 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, investment, and mortgage services 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 bank opened in 1888 following an incident at a textile mill in which a worker's dress became entangled in machinery, spilling the money she had sewn into her hem onto the floor. After she explained to a factory executive that she had felt this was the safest place to keep her savings, he offered instead to secure her money in the mill safe and pay her interest on her balance. This service was soon offered to all company employees.[2]

Financial crisis of 2007-2008[edit]

In 2009 the bank was listed as one of more than 150 United States lenders that owned nonperforming loans equal in value to five percent or more of their holdings, exceeding a threshold said to threaten its survival.[3] Synovus subsequently laid off 850 employees and closed many branches in early 2011.[4] In July 2013, Synovus repaid $967.9 million borrowed under the Troubled Asset Relief Program.[5]

Charter Consolidation[edit]

In early 2010, Synovus consolidated thirty separate state bank charters into one Georgia charter and began the transition toward operating as a more centralized bank.[6]In January 2018, the company transitioned from 28 locally-branded divisions to a unified Synovus brand.

References[edit]

  1. ^ "updated quarterly results". Synovus.com. Retrieved August 23, 2013.
  2. ^ "Our History". Synovus.com. Retrieved August 23, 2013.
  3. ^ Levy, Ari (August 14, 2009). "Toxic Loans Topping 5% May Push 150 Banks to Point of No Return". Bloomberg News. New York City, NY. Retrieved 2016-10-15.
  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" (PDF). Synovus.com. Retrieved August 23, 2013.

External links[edit]