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Concept
Synovus
Summary
Synovus Financial Corp., formerly the Columbus Bank and Trust Company, is a financial services company with approximately $45 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.
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.
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.
Alabama: Sterling Bank MONTGOMERY, The First National Bank of Jasper, First Commercial Bank of Huntsville, First Commercial Bank BIRMINGHAM, Community Bank and Trust of Southeast Alabama DOTHAN, The Bank of Tuscaloosa, CB&T Bank of East Alabama PHENIX CITY.
Florida: Tallahassee State Bank, Synovus Bank SAINT PETERSBURG, Synovus Bank JACKSONVILLE, First Coast Community Bank FERNANDINA BEACH, Coastal Bank and Trust of Florida PENSACOLA.
Georgia: Buena Vista Loan & Savings Bank, First United Bank MONTEZUMA, Bank of Manchester, Coastal Bank of Georgia BRUNSWICK, Sea Island Bank STATESBORO, SB&T BANK ALBANY, Georgia Bank & Trust CALHOUN, First State Bank and Trust Company of Valdosta, Commercial Bank & Trust Company of Troup County LAGRANGE, First Community Bank of Tifton, Commercial Bank THOMASVILLE, Citizens First Bank ROME, CB&T Bank of Middle Georgia WARNER ROBINS, AFB&T ATHENS, Bank of Coweta NEWNAN, Bank of North Georgia ALPHARETTA, Sunrise Bank VALDOSTA (as part of a government assisted transaction).
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