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|Synovus Announces Consolidation of Bank of Pensacola and Vanguard Bank and Trust To Create Coastal Bank and Trust of Florida
Columbus, GA , August 21, 2008 – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, today announced plans to consolidate two of its Florida-based banks – Bank of Pensacola and Vanguard Bank and Trust in Valparaiso. The combined banks will be called Coastal Bank and Trust of Florida, headquartered in Pensacola. Synovus expects to complete the consolidation later this year, pending regulatory approval.
“Since both banks serve contiguous markets along the Gulf Coast, from the Alabama state line to Panama City, and offer products and services that benefit similar customer needs, it was a natural fit to combine their resources under one name,” said Fred L. Green, President and COO of Synovus. “A new name was selected for the combined bank that we believe better represents its expanded role all across the Florida panhandle.”
The new Coastal Bank and Trust of Florida will have a total asset size exceeding $1.8 billion with 27 locations and 320 team members. The bank will serve 32,000 households, with a full range of products and services.
Following the consolidation, Luther Taylor will serve as Chairman of the Board and Thomas “Bo” Carter will become President and CEO of Coastal Bank and Trust. Vanguard Bank and Trust President and CEO Fred Leopold will serve in an executive leadership role as Market President in Valparaiso with expanded responsibilities within Coastal Bank and Trust.
“Our customers will enjoy the same services and products they receive today while benefiting from a broader array of banking locations, ATMs and team members to serve their needs,” added Carter. “Team members will benefit from additional growth opportunities that come from working for a larger bank.”
Synovus (NYSE: “SNV”) is a financial services holding company with more than $34 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 35 banks, 440 ATMs, and other Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure the delivery of unparalleled customer experiences. See Synovus on the web at www.synovus.com.