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|Synovus Announces Consolidation of CB&T of East Alabama,
CB&T of Middle Georgia, Commercial Bank and Trust Company and
Columbus Bank and Trust Company
|Columbus, GA, February 9, 2009 – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, announces the consolidation of four Synovus banks: CB&T of East Alabama, based in Phenix City; CB&T of Middle Georgia, in Warner Robins; Commercial Bank and Trust, in LaGrange, Georgia and Columbus Bank and Trust Company, in Columbus, Georgia. Synovus expects to complete the consolidation mid-year, pending regulatory approval. The combined bank will be called CB&T. Following the conversion, customers of these banks will be able to use any of the 35 CB&T locations just as they do their local branches today.
“One of the key benefits of this consolidation is the combined leadership of successful, veteran bankers who have the expertise to grow their markets and continue to build a loyal customer base,” said Fred L. Green III, President and COO of Synovus. “We will be able to share talent across our west Georgia and east Alabama markets, and offer enhanced and more diversified products and services to better meet the needs of our customers in this region.”
“Since the four banks already share similar cultures and philosophies, the combined bank will have the same values and commitment to putting people first,” said Melton. “Making a difference in the lives of our customers, our team members and in our communities will continue to be primary goals for us. The shared assets and capital will also give our customers the added peace of mind of doing business with an extremely strong, stable bank.”
The consolidated bank will have a total asset size of $7.5 billion with 35 locations, and 865 team members providing a full range of products and services. The new CB&T will serve approximately 100,000 households in 10 markets.
Synovus (NYSE: “SNV”) is a financial services holding company with more than $35 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 31 banks, 440 ATMs, and more than 330 Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeastern 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.