The Interlopers
August 16, 2011 11:00 PM
Rise of a Newcomer
PNC, of Pittsburgh, is poised to become the 7th largest bank in Atlanta by deposits upon completing two big deals.
Opportunistic Buy
Sudden Impact
Robert Patten, a Morgan Keegan & Co. analyst, predicts a price war. "For an out-of-market player to gain share, you've got to price down." (Image: ThinkStock)
A Big Target
SunTrust will rely on its “deep roots” to fight off the competition. It has been in Atlanta since 1891, and it helped take public the city’s most famous company, Coca-Cola, and still guards its secret formula. (Image: Andy Peters and Coca-Cola Co.)
Formidable Adversary
Winston-Salem, N.C.-based BB&T, led by Chief Executive Kelly King, is the fourth largest Atlanta player. Six of the top 10 U.S. banking companies by total deposits will have branches there once the PNC deals are done. (Image: Bloomberg News)
Vulnerable Player
Synovus operates banks under different names in the metro Atlanta area, including Bank of North Georgia. Smaller players like Columbus, Ga.-based Synovus could be seriously hurt by a price war. (Image: Andy Peters)
Easier Said Than Done
Wells Fargo finished
A Deal Problem
Bobby Schwartz, a banking lawyer at Smith, Gambrell & Russell in Atlanta, predicts SunTrust or Synovus won’t try to buy banks or sell out to keep up. "If there was anybody out there who would buy Synovus, they would have already done it," Schwartz says.
Past as Prologue
The market share leaders in metro Atlanta changed drastically in the last decade, and may do so again in much less time given aggressive post-crisis deal-making and economic uncertainty.
