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.
All Synovus personal savings accounts feature: No minimum balance requirement to earn interest1. Unlimited deposits. Deposits insured by the FDIC up to $250,0002.
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.
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.
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.
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.
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%.
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.
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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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.
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.
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.
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.
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.
Your entire balance is covered by FDIC insurance because each owner has up to $250,000 of FDIC insurance coverage.
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.
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).
Product | Current Terms and Rates | Minimum Balance for APY |
---|---|---|
Savings Account | 0.2% APY | $200 |
Checking Account | 0.05% APY | $1000 |
Certificates of Deposit | 12 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 Accounts | 0.1% APY 0.2% APY | $10000 $15000 |
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.
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.
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.
Bank Name | City | State |
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Heartland Tri-State Bank | Elkhart | KS |
First Republic Bank | San Francisco | CA |
Signature Bank | New York | NY |
Silicon Valley Bank | Santa Clara | CA |
- Alabama.
- Florida.
- Georgia.
- South Carolina.
- Tennessee.