Synovus annual meeting goes off without a hitch, done in less than 30 minutes

Near the end of the 27-minute annual shareholders meeting, Synovus Chairman and CEO Kessel Stelling Jr., opened the floor for questions from the more than 250 people in the room.

After a few seconds of silence, Stelling smiled.

“The best shareholders meeting is when no one moves to that microphone,” he said. “Hopefully, our story has answered your questions.”

Stelling had just outlined a compelling story of growth and change just two days after the regional banking company announced a $100-million first-quarter profit.

Stelling pointed to the increased profitability, the move to put all 28 banks in five states under the Synovus name, a loan portfolio that is increasing while riskier retail loans are decreasing, industry recognition and a credit card deal with retailer Cabela’s.

“Be assured, we are not resting on our laurels,” Stelling told the directors, management team and shareholders. “We know we must continue to improve. Our transition to a single brand is an essential next step to increase our competitiveness — with customers and non-customers, alike.”

All of the company’s banks in Georgia and Florida have been re-branded from the local names to Synovus. The process in Alabama and Tennessee should conclude this month and ones in South Carolina will be completed in June, Stelling said.

“Adopting the Synovus name throughout the company will allow us to deploy this core competitive advantage even more effectively,” Stelling said.

At the end of 2017, the company had $24.8 billion in loans, an increase of 4 percent from the previous year. Commercial and industrial loans totaled $12 billion and consumer loans nearly $6 billion. Both of those categories showed growth last year, while commercial real estate loans were off 6 percent from the previous year.

“Credit quality continue to improve in 217 as a result of balance sheet restructuring and loan portfolio de-risking, with non-performing asset and loan ratios reaching their lowest levels in more than a decade,” he said.

This story was originally published April 26, 2018 at 1:28 PM with the headline "Synovus annual meeting goes off without a hitch, done in less than 30 minutes."