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|Synovus Plans to Combine National Bank of Walton County with AFB&T
|June 6, 2008, Columbus, GA – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, today announced plans to combine the assets of two Synovus banks: National Bank of Walton County (NBWC), based in Monroe, Georgia with Athens First Bank and Trust (AFB&T), headquartered in Athens, Georgia. Synovus expects to complete the transfer of assets later this year, pending regulatory approval. The combined assets will be managed under the name of AFB&T.
“Since these two banks operate in the same geographic area, sometimes overlapping in their service to customers, it is a natural fit to combine their resources under one name,” said Fred L. Green III, President and COO of Synovus. “Bringing together the teams at each bank will leverage Synovus’ presence in this market and offer customers increased access to bank offices and continued use of the diversified products and services they enjoy today.”
J. William “Bill” Douglas will continue in his role as President and CEO of the expanded AFB&T. Benjamin E. “Ben” Garrett, current President and CEO of NBWC, will transition into an executive leadership role with AFB&T. Once the transfer of assets is complete, AFB&T will have a total asset size of $1.6 billion with 19 locations and 323 team members with a full range of products and services.
“Customers of NBWC will now be doing business with AFB&T but will still enjoy the same local relationships with the expert bankers they know and trust, plus access to more locations, capital and products,” Garrett said.
Synovus (NYSE: “SNV”) is a financial services holding company with more than $33 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 36 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.