Synovus denies report it's relocating headquarters to Atlanta
Synovus Financial Corp. emphatically said Thursday it is not relocating its corporate headquarters to Atlanta, as reported incorrectly earlier in the day by the Atlanta Business Chronicle.
The Atlanta publication, citing unnamed sources, posted the original story on its website around lunchtime Thursday. It later changed the relocation story to one of the Columbus-based regional bank consolidating its Atlanta operations to a new building being constructed near the future Atlanta Braves stadium in Cobb County. And it later changed that to the bank is “in talks” with developers to inhabit part of a building in the Cobb Galleria area.
Synovus insisted immediately that all facets of the Atlanta publication's story were not true, saying it currently has no commitment to any site or project.
"Synovus has no plans to relocate our company headquarters from Columbus to Atlanta," the company said in a statement issued through Greg Hudgison, the bank's media and public relations manager.
"As we have stated before, as part of our continuous focus on expense management and efficiency, we are exploring opportunities for consolidating some of our Atlanta properties, including certain leased and owned spaces scattered throughout the Atlanta metro and surrounding areas," the company said. "This project is consistent with previous work to consolidate space in other markets. We have no commitment to any particular site, location, or development at this time."
The Ledger-Enquirer reported in mid-October that Synovus was embarking on a review of its office space in the Atlanta market, trying to determine the economic impact of “consolidating” properties there.
CBRE Group, a Los Angeles-based real-estate firm, was hired to help Synovus study its existing office footprint in the Atlanta metro area, although no timeline for its completion was given.
Synovus, parent company of Columbus Bank and Trust, operates nearly 50 branches through its Bank of North Georgia division, scattered throughout the Atlanta area. It has other financial offices in the city as well, including a call center.
It is the fifth-largest bank in the Georgia capital with nearly $4 billion in deposits, behind SunTrust, Wells Fargo, Bank of America and Branch Banking and Trust, according to the latest snapshot from the Federal Deposit Insurance Corp.
“As part of our continuous focus on expense management and efficiency, we are exploring opportunities for consolidating some of our Atlanta properties, including certain leased and owned spaces scattered throughout the Atlanta metro and surrounding areas,” Kessel Stelling, Synovus chairman and chief executive officer, said in October.
“Our plan would include reducing the number of leases, selling underutilized buildings, and bringing as many team members together in one location as possible,” he said.
Synovus in October did not mention a new building was part of its plans.
Synovus' roots date to 1888, when it was founded as a company bank in the former Eagle & Phenix textile mill. That led to formation of Columbus Bank and Trust, today the dominant bank in the city. It also operates CB&T Bank of East Alabama locally.
The firm does business through its 28 locally branded divisions in Georgia, Alabama, Florida, South Carolina and Tennessee. At last count, it had about 4,500 employees companywide, with about 1,400 in the Columbus market, spread among its corporate headquarters and local bank operations.
This story was originally published February 12, 2015 at 1:31 PM with the headline "Synovus denies report it's relocating headquarters to Atlanta."