Banking firm Synovus completes most of its charter consolidation

Synovus Financial Corp. said today it has completed the lion’s share of its consolidation of 30 separate bank charters into one.

The regional banking firm, headquartered in Columbus, said 28 of its financial institutions now are under one Georgia charter called Synovus Bank.

The remaining two — Bank of Nashville and Trust One Bank of Memphis, both in Tennessee — will join the umbrella charter by June 30, the company said. Their applications were filed separately.

“Our divisions will continue to operate under their own local brands,” Richard Anthony, Synovus chairman and chief executive officer, said in a statement. “The consolidation of our charters only impacts our legal operating structure, allowing us to better manage capital and cash flow, simplify regulatory complexity, and minimize risk around banking practices.”

Synovus has been hurt severely over the last two years by loan losses connected to the housing downturn and exacerbated by the U.S. recession. Its stock also has slumped to unprecedented lows. On Tuesday, it closed down 22 cents, or 7.4 percent, at $2.74. The 52-week range is $1.45 to $4.55 per share.

The bank oversees more than $32 billion in assets combined at its banks in Georgia, Alabama, Florida, South Carolina and Tennessee. It is the parent company of Columbus Bank & Trust.