Synovus consolidating bank charters
A formal announcement is expected to be made later today.
Atkins’ move comes as parent company Synovus Financial prepares to consolidate The Bank of Nashville’s charter into a single entity.
Synovus Financial Corp., the second biggest bank based in Georgia, plans to put its name on the Cohutta Banking Co. "This transition will improve efficiency and productivity by consolidating system, administrative, and other functions, and will culminate in 2018 with the transition to a single brand — Synovus," the company said in its annual report released last week. "But they are united by a culture based on long-standing values — strong and caring leadership, trusting relationships, dedication to communities, and excellence in all we do — that transcends history, geography, and brand," he wrote.
"This culture assimilated more than 60 acquisitions over the past 40 years and remains the cornerstone of our company today." In 1984, Synovus bought Cohutta Banking Co., which was began in 1906 in Northwest Georgia.
He loves the new stadium and thinks it is a great place for families.
Atkins, 60, will stay on chairman of The Bank of Nashville, which was founded in 1989 and ranks 12th in area deposit market share.But Synovus consolidated those banks into a single charter in 2010, allowing customers of one bank to transact business at any other of the 248 branches."We've reached a point as we have evolved as a company to really look at a single brand to raise awareness of who we are and all of our capabilities," said Mike Sarvis, the Chattanooga market president for Cohutta Banking Co., a division of Synovus.In 1924 that organization merged with Lowry Bank and Trust to form Atlanta and Lowry National Bank.In 1929 that company merged with Fourth National Bank to form the First National Bank of Atlanta, the largest bank in the United States south of Philadelphia.
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He further explained the shrewd strategic tactic that Synovus took as it prepares to consolidate much of its Atlanta-area management and administrative operations into one new building near the intersection of Interstates 75 and 285, which also just happens to be near Sun Trust Park.