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Synovus

Synovus Financial Corporation
Public
Traded as NYSE: SNV
Industry Banks
Founded 1888
Headquarters USA
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

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External links

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

References

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]

Charter Consolidation

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]

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]

Caught up in the financial crisis

The company built a comprehensive financial services company that today operates in five states across the Southeast.[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 began in 1888 with an encounter between a worker and an executive at a Columbus, Georgia textile mill.[2]

Company history

Contents

  • Company history 1
    • Caught up in the financial crisis 1.1
  • Charter Consolidation 2
  • References 3
  • External links 4

[1]

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