COLUMBUS, GA: A deal between an Atlanta-based bank and a North Carolina-based bank could have an impact on the ranking of a Columbus-based bank. The merger between Suntrust Bank and BB&T would make Columbus-based Synovus the largest bank in the state of Georgia.
Columbus-based Synovus has been the second largest bank based in the state of Georgia, falling only behind Suntrust Bank. Atlanta-based Suntrust announced on Thursday morning it would merging with Winston-Salem, North Carolina-based BB&T Corp. and shift the new companies headquarters to Charlotte, North Carolina.
While still carrying a presence under the new brand in Georgia, Suntrust would be assimilated into a new to be named joint bank operating with a new name for branches of BB&T and Suntrust. The move from Atlanta would then make Columbus’ Synovus the largest bank in the state of Georgia.
Synovus carries more than $32 billion in assets and has move than 250 branches across numerous states including Georgia, Florida, South Carolina, and Tennessee. Last year Synovus announced it would be acquiring Weston, Florida-based FCB Financial Holdings, the owner of Florida Community Bank. The acquisition adds more than $12.4 billion in assets to Synovus and an additional 51 branches.
Synovus finds its history in growth in its ability to acquire banks. During the 1990’s and early 2000’s Synovus was known for acquiring smaller community banks and bringing them under its umbrella. During many of the acquisitions the names of the community banks remained and Synovus found itself operating under more than two dozen different names. In 2017, the bank consolidated all of its branches under the name of Synovus Bank, that including longtime Columbus Bank and Trust Company, the largest bank in Columbus.
The history of Synovus dates back to 1888, when Third National Bank of Columbus and Columbus Savings Bank were both incorporated by W.C. Bradley and G. Gunby Jordan. The small humble hometown bank of 1888 has grown to one of the largest regional banks in the southeast today and may become the largest Georgia-based bank later this year if the merger of Suntrust and BB&T is completed.