Synovus Financia Stock Price, News & Analysis

Synovus Bank has been awarded 15 Coalition Greenwich Best Bank awards for 2025, recognizing its exceptional performance in U.S. Small Business Banking and Middle Market Banking during 2024. The awards, determined through evaluation of over 500 banks and interviews with thousands of executives, highlight Synovus's excellence in serving businesses with sales ranging from $1-$10 million (small business) and $10-$500 million (middle market).

The bank received eight awards in Small Business Banking, including recognition for Customer Service, Trust, and Product Capabilities in Cash Management. In Middle Market Banking, Synovus earned seven awards, notably for Overall Satisfaction and Long-Term Relationships. Both categories acknowledged the bank's strength in the South region for Relationship Manager satisfaction.

These accolades from Crisil Coalition Greenwich, a global provider of strategic benchmarking and financial services insights, were based on superior weighted-average scores measuring service and product quality.

Synovus has announced a partnership with Carefull to combat financial exploitation and fraud through enhanced account protection services. The initiative comes as fraud losses in the U.S. reached an estimated $158.3 billion in 2023, according to the Federal Trade Commission.

The bank is rolling out Carefull as a complimentary benefit to clients in phases, offering comprehensive monitoring of bank, credit card, and investment accounts for suspicious patterns, fraud indicators, and money mistakes. The service includes identity monitoring, home title protection, credit monitoring, and a secure digital vault for documents and passwords.

A key feature is the Trusted Contacts function, allowing family members to participate in account monitoring, particularly beneficial for older adults who hold 65% of U.S. deposits and are frequent targets of scams. Approximately 75% of Carefull users engage family members in the platform, enhancing fraud detection capabilities while strengthening multigenerational banking relationships.

Synovus Financial Corp. (NYSE: SNV) reported Q4 2024 results with diluted earnings per share of $1.25, up from $0.41 in Q4 2023. Net income available to common shareholders was $178.8 million for Q4 2024. For full-year 2024, net income was $439.6 million ($3.03 per diluted share), compared to $507.8 million ($3.46 per diluted share) in 2023.

Key financial metrics include: net interest income of $1.75 billion in 2024 (down from $1.82 billion in 2023), period-end loans declined 2% to $42.61 billion, while deposits increased 1% to $51.10 billion. The CET1 ratio improved to 10.84%, the highest level in over 10 years. Credit quality remained healthy with net charge-offs at 0.31% of average loans.

The company incurred a $6 million FDIC special assessment in 2024 and recorded a $257 million securities loss in Q2 2024, impacting non-interest revenue which declined 41% year-over-year.

Synovus Financial Corp. (NYSE: SNV) has announced its participation in the 2025 BofA Securities Financial Services Conference in Miami Beach, Florida. Chairman, CEO and President Kevin Blair will engage in a fireside chat on Tuesday, February 11, at 12:10 p.m. ET.

The event will be accessible through a live webcast, with a replay available at investor.synovus.com/events. Synovus, headquartered in Columbus, Georgia, manages approximately $60 billion in assets and offers comprehensive financial services including commercial and consumer banking, wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking.

The company maintains branches across five southeastern states: Georgia, Alabama, Florida, South Carolina, and Tennessee, and has been recognized as a Great Place to Work-Certified Company.

Synovus has appointed Katie Webb as its new chief consumer digital and client experience officer. Webb, who previously served as vice president of digital product and experience at Aflac, brings over 15 years of experience in sales, marketing, and digital transformation. In her new role, she will lead the consumer digital strategy, focusing on enhancing client experience through integration of physical and digital channels.

Reporting to Liz Wolverton, executive vice president and head of consumer banking and brand experience, Webb will be responsible for developing new digital capabilities and innovative experiences to meet the evolving needs of Synovus's growing client base. The appointment aligns with Synovus's strategy of delivering high-touch and high-tech relationship banking services across its operations in Georgia, Alabama, Florida, South Carolina, and Tennessee.

Synovus Bank has appointed new leadership for The Family Office (TFO), naming Walt Deriso as CEO and Hamilton Hilsman as president. Deriso, who has been with Synovus for nearly a decade, will focus on strengthening client relationships and expanding service offerings, while Hilsman, a 28-year veteran of the company, will lead innovation in advisory services for ultra-high-net-worth families.

TFO at Synovus, established in 1947, currently manages $11.0 billion in assets under administration and employs 45 team members. The organization provides comprehensive investment management, wealth strategies, fiduciary services, and family enterprise services to domestic and international families.

Synovus has appointed Jim Vaughn as its new Chattanooga market executive, reporting to Bill Davies, market executive for northwest Georgia. Vaughn joins from Mauldin & Jenkins, where he was a partner for 25 years and held various leadership roles, including leading its financial services practice.

In his new role, Vaughn will lead Synovus's Chattanooga banking teams in delivering financial solutions, driving business development, and supporting community outreach initiatives. His extensive background includes providing advisory and CPA services to financial institutions, nonprofits, hedge funds, transportation companies, and other Tennessee businesses.

Vaughn is actively involved in the Chattanooga community, serving as chairman of both the Cherokee Area Council of the Boy Scouts of America Board of Directors and the Rollins College of Business Advisory Board. He holds a bachelor's in business administration in accounting and finance from Georgia Southern University.

Synovus has contributed $500,000 to the AAA Scholarship Foundation to support educational opportunities for students from low- and moderate-income families in Florida. According to Sean Simpson, CEO of Synovus Central/South Florida Division, this donation reflects Synovus's commitment to community service and the transformative power of education. The AAA Scholarship Foundation, through the Florida Tax Credit Scholarship Program, has helped thousands of K-12 students access education tailored to their needs. This contribution will fund over 60 scholarships. Since 2015, Synovus has donated more than $10 million to the AAA Scholarship Foundation and other approved scholarship organizations in Florida. Synovus Bank, headquartered in Georgia, offers a range of banking services, including commercial and consumer banking, wealth services, and more, across branches in Georgia, Alabama, Florida, South Carolina, and Tennessee. Synovus is a Great Place to Work-Certified Company.

Synovus Financial Corp. (NYSE: SNV) has appointed Greg Montana to its board of directors, effective January 1, 2025. Montana, former executive vice president and chief risk officer of Fidelity National Information Services (FIS), will serve on the audit and risk committees, increasing the board to 12 directors.

Montana brings over 25 years of leadership and risk management experience, having previously served at major financial institutions including Bank of America, PayPal, and JPMorganChase. During his 11-year tenure at FIS, he led teams managing risks related to cybersecurity, operations, credit, compliance, and ESG matters. Montana holds an MBA from the Wharton School and is a certified chief information security officer.