Synovus Announces Merger of Three Subsidiary Banks

Synovus, the Columbus, Georgia-based diversified financial services company, announced plans to merge three Synovus banks – First Nation Bank, based in Covington, Georgia, and Peachtree National Bank in Peachtree City, Georgia – with Bank of North Georgia, headquartered in Alpharetta, Georgia. Pending regulatory approval of the merger, the combined banks will be called Bank of North Georgia.

"One of the key benefits of this consolidation is the combined expertise of successful, veteran leaders who have a proven history of growing their markets and have built a loyal customer base," said Fred L. Green III, President and COO of Synovus. "We will be able to share talent across our Atlanta footprint and offer enhanced and more diversified products and services to better meet the needs of our customers in this dynamic, high potential market."

Once the merger is complete, the newly expanded Bank of North Georgia will have a total asset size of $4.8 billion with 33 bank locations with a full range of products and services including mortgage, investments and private client services. After the merger, Bank of North Georgia will serve more than 51,000 households.

Following the consolidation, Don Howard will continue in his role as Chairman of Bank of North Georgia, Kessel Stelling will remain as President and CEO, and Randy Carroll will continue as Vice Chairman. Steve Wood, current CEO of First Nation Bank, will serve the Covington market until his retirement at year-end. Richard Spink, current CEO of Peachtree National Bank, will remain in an executive leadership role overseeing the Peachtree City market with expanded responsibilities within Bank of North Georgia.

"A primary benefit of the consolidation is that the three banks share the same values and corporate culture," said Don Howard. "We will continue to maintain the same level of superior customer service that we have always offered to our customers with the ability to do even more. The consolidation will ultimately make our new organization a more successful and powerful bank in this important Synovus market."