| Synovus Financial Corp. | |
| Former Name: | Columbus Bank and Trust Company |
| Hq Location: | Columbus, Georgia, U.S. |
| Key People: | Kevin Blair (Chairman & CEO) |
| Industry: | Banks |
| Products: | Financial Services |
| Revenue: | (2020) |
| Net Income: | US$1.986 billion (2022) |
| Equity: | US$3.134 billion (2018) |
| Num Employees: | 4,988 (2022) |
| Website: | www.synovus.com |
| Footnotes: | [1] |
Synovus Financial Corp., formerly the Columbus Bank and Trust Company, is a financial services company with approximately $62 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, investment, and mortgage services through 249 branches and 335 ATMs in Georgia, Alabama, South Carolina, Florida, and Tennessee.[1]
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]
Synovus's founding parent company, Columbus Bank and Trust (CB&T), has deep roots in its hometown. CB&T started TSYS in 1959 and in 1974 the company began processing credit cards for other banks. In 1983, CB&T made TSYS a separate publicly traded company, retaining majority ownership. On October 25, 2007, TSYS and Synovus (holding 81% of shares at the time) announced a spin-off that was completed as of the end of 2007.[4] Synovus took its current name in 2010.
Since its founding in 1888, it has acquired 35 banks.
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]
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] Beginning in late 2017 and ending in mid-2018, the company transitioned from 28 locally-branded divisions to a single Synovus brand.
In January 2019, Synovus completed a $2.9 billion acquisition of FCB Financial Holdings, Inc., owner of Florida Community Bank. Branding to Synovus was expected during the second quarter of 2019.[7]