How good is Synovus Bank? (2024)

How good is Synovus Bank?

Overview. Synovus Bank is an attractive option for consumers who prefer in-person banking and live near a branch in one of the five Southeastern states where branches are located. It's not the best option for consumers seeking top-tier rates.

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Is my money safe in Synovus Bank?

All Synovus personal savings accounts feature: No minimum balance requirement to earn interest1. Unlimited deposits. Deposits insured by the FDIC up to $250,0002.

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Is Synovus bank stable?

Fitch Affirms IDRs of Synovus at 'BBB'/'F3'; Outlook Stable. Fitch Ratings - New York - 24 Apr 2023: Fitch Ratings has affirmed the Long- and Short-Term Issuer Default Ratings (IDRs) of Synovus Financial Corporation (SNV) and its bank subsidiary Synovus Bank (SNB) at 'BBB' and 'F3', respectively.

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Where does Synovus Bank rank?

Synovus Bank, with branches in Alabama, Florida, Georgia, Tennessee and South Carolina, is the 42nd largest commercial bank in the country by consolidated assets as of Dec. 31, 2022, as per the Federal Reserve.

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How healthy is Synovus Bank?

Financial Health criteria checks 6/6

Synovus Financial has total assets of $59.8B and total equity of $5.1B. Total deposits are $50.7B, and total loans are $42.9B. It earns a Net Interest Margin of 3.2%. It has sufficient allowance for bad loans, which are currently at 0.7% of total loans.

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How strong is Synovus Bank?

Today, Synovus is a top-performing midcap bank with over $61 billion in assets and has been named one of the Best Banks in America by Forbes.

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How is Synovus Bank doing financially?

Over the past three years, Synovus Financial Corp's annual dividend growth rate was 4.30%. Extended to a five-year horizon, this rate increased to 15.40% per year. And over the past decade, Synovus Financial Corp's annual dividends per share growth rate stands at an impressive 21.40%.

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Why is Synovus closing branches?

In announcing Wolverton's promotion, Synovus President and CEO Kevin Blair referred to rapid changes across the banking industry, including branch reductions. Throughout the industry, the number of branches has been drifting downward for several years as customers have opted increasingly for online and mobile channels.

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What bank merged with Synovus?

Acquisition of Florida Community Bank

In January 2019, Synovus completed a $2.9 billion acquisition of FCB Financial Holdings, Inc., owner of Florida Community Bank. Branding to Synovus was expected during the second quarter of 2019.

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What bank has the most issues?

  • 1: Wells Fargo. Worst Bank Overall. ...
  • 2: Citibank. Worst Bank Runner-up. ...
  • 3: Bank of America. Most Complaints Overall. ...
  • 4: Capital One. Most Better Business Bureau Complaints. ...
  • 5: Discover. Highest Rate of Complaints. ...
  • 6: Citizens Bank. Worst Fees Overall. ...
  • 7: Flagstar Bank. ...
  • 8: Fifth Third Bank.

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Is Synovus a small bank?

Synovus is one of the largest regional commercial banks in the southeast. Across our markets, our expert bankers bring a wealth of knowledge in financial solutions for working capital, long-term assets, mergers and acquisitions, and ownership transition.

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Which is the No 1 bank of USA?

Chase Bank

How good is Synovus Bank? (2024)
What kind of bank is Synovus?

Synovus Bank is a full-service financial services company that's proud to meet the banking needs of families, individuals and businesses across the Southeast.

Is Synovus growing?

Pre-provision net revenue was $885.2 million in 2023 compared to $1.05 billion in 2022. Net interest income was $1.82 billion in 2023, up from $1.80 billion in the prior year, largely attributable to average loan growth and higher earning asset yields, which combined to more than offset rising funding costs.

What is the old name for Synovus Bank?

CB&T Bancshares, Inc. changed its name to Synovus Financial Corp. and listed its common stock on the New York Stock Exchange under the symbol SNV.

Is Synovus insured by FDIC?

General Information Balances in the Deposit Accounts (principal plus accrued interest) are insured by the FDIC, an independent agency of the U.S. Government, up to $250,000 per depositor in each insurable capacity at Synovus Bank.

Is Synovus Bank insured?

Your entire balance is covered by FDIC insurance because each owner has up to $250,000 of FDIC insurance coverage.

What is the strongest bank in America?

JPMorgan Chase is the richest bank in the U.S., based on Federal Reserve data for consolidated assets. It has over $3.3 trillion in total assets, more than any bank in the country.

Who regulates Synovus Bank?

We have strong and transparent relationships with our regulators, including the Federal Reserve, the Georgia Department of Banking and Finance, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Consumer Financial Protection Bureau (CFPB).

What is the savings rate at Synovus Bank?

Products Offered
ProductCurrent Terms and RatesMinimum Balance for APY
Savings Account0.2% APY$200
Checking Account0.05% APY$1000
Certificates of Deposit12 Month: 0.25% APY 24 Month: 0.35% APY 36 Month: 0.50% APY 48 Month: 0.65% APY 60 Month: 0.85% APY$5000 for all terms
Money Market Accounts0.1% APY 0.2% APY$10000 $15000
Oct 3, 2022

How much is it to open an account at Synovus Bank?

Click here to learn about all the benefits of Plus Checking. $100 minimum deposit to open. Synovus Budget Checking7 is a "no frills, no surprises" account. $5 monthly account fee with a $25 minimum deposit to open.

What is Synovus deposit limit?

Is there a limit on how much money I can deposit using the Synovus ATM? No, there is no limit on the amount of the deposit you may make using the ATM.

Is Synovus Bank in trouble?

Synovus Financial's odds of distress is under 7% at this time. It has tiny probability of undergoing some form of financial straits in the near future.

What banks are going out of business?

List of Recent Failed Banks
Bank NameCityState
Heartland Tri-State BankElkhartKS
First Republic BankSan FranciscoCA
Signature BankNew YorkNY
Silicon Valley BankSanta ClaraCA
1 more row
Jan 23, 2024

What states are Synovus Bank in?

339 Synovus Locations in the United States
  • Alabama.
  • Florida.
  • Georgia.
  • South Carolina.
  • Tennessee.

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