Synovus Financial Corporation Overview and Growth

Synovus Financial Corporation has a rich history dating back to 1888 when it was founded as Columbus Bank and Trust Company in Columbus, Georgia. It was established by a group of local businessmen who wanted to provide banking services to the community.

The company's name was changed to Synovus in 2006 to reflect its growth and expansion into other states. Today, Synovus operates as a financial services company that provides a range of banking, insurance, and mortgage services.

Synovus has a significant presence in the southeastern United States, with over 190 locations across Georgia, Alabama, Florida, South Carolina, and Tennessee.

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Synovus has reported consistently strong financial performance over the years. The bank's net income has grown significantly, reaching $444.1 million in 2020.

Synovus has a strong track record of paying dividends to its shareholders, with a dividend payout ratio of 35.4% in 2020. This demonstrates the bank's commitment to returning value to its investors.

Synovus has also made significant investments in its technology and digital platforms, with a focus on improving its online banking and mobile banking services.

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Synovus, the bank financing the water system's improvements, is pointing to embezzlement charges as a major issue. The bank's senior vice president, Dean Matthews, testified that the utility's financial records indicate it operated at a loss two out of the three years since borrowing the money.

The utility has missed full payments into the bond fund, paying only $1.4 million over 11 months when $2.84 million was required. This is a significant shortfall, and the bank is concerned about the utility's ability to meet its financial obligations.

Dean Matthews testified that the board failed to provide audited financial statements, as required by the bond agreement. This lack of transparency is a major red flag for the bank.

The utility's financial struggles are compounded by corruption allegations against former employees Nia Bradley and Teresa Lewis, who face charges of stealing hundreds of thousands of dollars from the utility.

The 2007-2008 financial crisis had a significant impact on Synovus. 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.

This situation threatened the bank's survival, prompting Synovus to take drastic measures. The bank laid off 850 employees and closed many branches in early 2011.

Synovus was able to recover from this crisis with the help of government assistance. In July 2013, the bank repaid $967.9 million borrowed under the Troubled Asset Relief Program.

Synovus Financial is a prime example of a bank that excels in commercial lending, focusing on small businesses in the southeastern United States.

Synovus Financial operates dozens of community banks throughout Georgia, Alabama, Florida, Tennessee, and South Carolina, allowing them to establish strong relationships with their small-business customers.

Their small-town image is a deliberate choice, as it helps them connect with their local clients and build trust.

By concentrating on commercial loans and commercial real estate, Synovus Financial has carved out a niche for itself in the banking industry.

Their approach has clearly paid off, as they're able to offer personalized service to their customers.

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Synovus consolidated thirty separate state bank charters into one Georgia charter in early 2010. This marked the beginning of a significant transition towards a more centralized bank.

The company transitioned from 28 locally-branded divisions to a single Synovus brand between late 2017 and mid-2018.

Branding is a crucial aspect of any business's expansion strategy. Synovus, for instance, consolidated thirty separate state bank charters into one Georgia charter in early 2010.

This move marked the beginning of a more centralized approach to banking for the company. By doing so, Synovus set the stage for a unified brand that would eventually replace its 28 locally-branded divisions.

The transition to a single Synovus brand was completed between late 2017 and mid-2018. This change allowed the company to streamline its operations and present a more cohesive image to its customers.

In January 2019, Synovus completed a $2.9 billion acquisition of FCB Financial Holdings, Inc., owner of Florida Community Bank.

The acquisition was a significant move for Synovus, marking a major expansion of its operations.

Branding to Synovus was expected during the second quarter of 2019, after the acquisition was finalized.

Synovus has a remarkable company culture that sets it apart from other U.S.-based companies. 86% of employees say it's a great place to work, compared to 57% at a typical company.

The Great Place To Work Trust Model offers an unmatched opportunity to identify what's happening within the organization. This model evaluates workplace culture from the employee's perspective, providing the most comprehensive picture of an organization's internal health.

Synovus has earned Great Place To Work Certification, which has many benefits, including better recruitment metrics, higher business profitability, and automatic Best Workplaces award eligibility.

The Trust Index Survey measures individual employee experiences of five dimensions of a high-trust company culture: credibility, respect, fairness, pride, and a sense of belonging. Employee scores are averaged to provide an organization-wide assessment of workplace culture: the Trust Index score.

To be considered for Certification, organizations must have 10 or more employees and complete a two-step process: survey employees with the Trust Index Survey and complete the Culture Brief, a company questionnaire.

Synovus has a strong presence in the Southeast, with over 30 community banks across Alabama, Florida, Georgia, South Carolina, and Tennessee.

These community banks offer a wide range of financial services to individuals, businesses, and organizations in their local areas.

Synovus has a large network of over 1,500 ATMs and 30,000 surcharge-free ATMs through the Allpoint network, making it easy for customers to access their cash.

Synovus offers a variety of deposit accounts, including checking and savings accounts, money market accounts, and certificates of deposit (CDs).

Synovus provides a range of lending options, including personal loans, mortgages, home equity loans, and lines of credit.

Synovus has a dedicated team of financial advisors who can help customers create a comprehensive financial plan and achieve their long-term goals.

Synovus offers online and mobile banking services, allowing customers to manage their accounts, pay bills, and transfer funds from anywhere.

Synovus has a strong commitment to community development and provides financial education and resources to help customers improve their financial literacy.

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