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|Synovus Announces Merger of Citizens Bank and Trust of West Georgia and Citizens and Merchants Bank with Bank of North Georgia
|April 11, 2008, Columbus, GA – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, today announced plans to merge three Synovus banks – Citizens Bank and Trust of West Georgia, based in Carrollton, and Citizens and Merchants Bank in Douglasville – with Bank of North Georgia, headquartered in Alpharetta. Synovus expects to complete the merger later this year, pending regulatory approval. The combined banks will be called Bank of North Georgia.
“This is a great opportunity to combine the talent, expertise and resources to exceed the expectations of our customers in the growing north Georgia market,” said Fred L. Green III, President and COO of Synovus. “Our empowered bankers will now be able to offer more diversified products and services to create a more successful bank in our great Atlanta area footprint.”
The newly expanded Bank of North Georgia will have a total asset size exceeding $6.2 billion with 48 locations and 865 team members with a full range of products and services. After the merger, Bank of North Georgia will serve more than 65,000 households.
“One of the key benefits of this consolidation is that the three banks share the same values and corporate culture,” said Don Howard, Regional CEO of Synovus. “We will continue to provide the same level of customer service that we have always offered to our customers with the ability to do even more. This consolidation will make our organization one of the most powerful financial institutions in this key market.”
Synovus (NYSE: “SNV”) is a financial services holding company with approximately $33 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 37 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.