Synovus Financial Corp. has consolidated all but two of its 30 banks, the company said Tuesday.
The $32 billion-asset Columbus, Ga., company had announced plans this year to combine its banks. Over the Memorial Day weekend, it consolidated 28 banks in Alabama, Florida, Georgia, South Carolina and Tennessee. Its remaining two banks, based in Nashville and Memphis, are to be combined this month.
Richard Anthony, the company's chairman and chief executive, said the banks will continue to operate under their existing brands. "The consolidation of our charters only impacts our legal operating structure," he said in a press release, "allowing us to better manage capital and cash flow, simplify regulatory complexity and minimize risk around banking practices."