Synovus
| Company type | Public (formerly) |
|---|---|
| Industry | Financial services |
| Predecessor | Columbus Bank and Trust Company |
| Founded | 1888 |
| Headquarters | Columbus, Georgia , United States |
Area served | Georgia, Alabama, South Carolina, Florida, Tennessee, Nebraska |
| Products | Commercial and consumer banking, investment, mortgage products |
Number of employees | (not specified) |
| Parent | Pinnacle Financial Partners (from July 25, 2025) |
Synovus Financial Corp., previously known as Columbus Bank and Trust Company, is a U.S.-based financial institution headquartered in Columbus, Georgia, managing assets around $62 billion. The company provides a range of commercial and consumer banking, investment, and mortgage products through 249 branches and 335 ATMs situated in Georgia, Alabama, South Carolina, Florida, and Tennessee. On July 25, 2025, Pinnacle Financial Partners completed an $8.6 billion all-stock acquisition of Synovus, forming the 28th largest lender in the United States with combined assets totaling $116 billion.
Company history
The bank was established in 1888 following an incident at a textile mill that underscored the importance of secure savings solutions. Initially, it focused on protecting workers' funds while offering interest on deposits.
Columbus Bank and Trust (CB&T), Synovus’s parent firm, founded TSYS in 1959 and began providing credit card processing services to other banks by 1974. TSYS became an independent publicly traded entity in 1983, although CB&T maintained majority control until Synovus divested TSYS at the close of 2007. The organization rebranded as Synovus in 2010.
Throughout its history, Synovus has expanded by acquiring 35 banks across multiple states:
- Alabama: Sterling Bank (Montgomery), The First National Bank of Jasper, First Commercial Bank (Huntsville and 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 (St. Petersburg and 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; government-assisted transaction).
- South Carolina: The National Bank of South Carolina (Sumter).
- Tennessee: Cohutta Banking Company (Chattanooga), Trust One Bank (Memphis), The Bank of Nashville.
- Nebraska: World's Foremost Bank (Sidney).
2008 financial crisis
During the 2008 financial crisis, specifically in August 2009, Synovus was identified among more than 150 American banks with nonperforming loans surpassing 5% of their portfolios—a critical level that posed risks to their viability. In response, the company reduced its workforce by 850 employees and shuttered several branches in early 2011. By July 2013, Synovus had fully repaid $967.9 million received through the Troubled Asset Relief Program.
Synovus Branding
In 2010, the company streamlined its structure by merging thirty individual state bank charters into one centralized Georgia banking license to unify operations. Between late 2017 and mid-2018, it transitioned from operating under 28 distinct local brands to a single Synovus identity, enhancing brand consistency across its markets.
Acquisition of Florida Community Bank
In January 2019, Synovus finalized the $2.9 billion purchase of FCB Financial Holdings, the parent company of Florida Community Bank, significantly broadening its presence across the Southeast. By mid-2019, the acquired institutions were integrated and rebranded as Synovus, strengthening the firm's market position and regional reach.