Synovus Financial Corp., of Columbus, Ga., said Monday it plans to combine three of its separately chartered banks in Florida in June, creating a new institution to be named Synovus Bank of Tampa Bay.
The $25 billion-asset company is seeking regulatory approval to merge United Bank and Trust Co. of St. Petersburg, United Bank of the Gulf Coast, and Peoples Bank in Palm Harbor.
David Dunbar, Peoples' current chief executive, would be CEO of the combined bank. Neil W. Savage, chairman and CEO of United Bank and Trust, would be chairman, and Harold J. Winner, president of United Bank and Trust, would be president.
Synovus said the move would eliminate market overlap and give it a stronger brand name in the Tampa Bay market, where it has about $1 billion in assets.
The consolidation would follow a similar move by Synovus a year ago in the Atlanta area, where it combined three banks under a single executive.
