Synovus CEO talks of profit, helping hurricane victims, acquisition of Florida bank
The bottom line: Synovus, headquartered in
The third-quarter profit came on total revenues of
Here are other highlights from the Southeast regional bank's third quarter report and its conference call Tuesday with
Recovering from devastation wrought by Hurricanes Florence, Michael
In recent weeks, Hurricane Florence devastated portions of
"Following each storm we deployed our bankers to check on customers in affected areas to assess any impact and develop a plan," Stelling said on the call, noting there were very few requests for relief from loan payments in the Carolinas. He noted most customers in hard-hit
"Our thoughts and prayers are with our team members and customers and everyone else in the impacted areas whose lives have been affected," the CEO said. "We've taken several steps to support our customers in these ... declared disaster areas by (the
Merger process is moving along, with date for shareholder vote set
Stelling on Tuesday said plans for the merger are already under way, with an integration management office overseeing day-to-day preparations with the help of "very experienced" third-party advisers. The data being crunched includes future cost savings and revenue synergy from the acquisition, along with "talent reviews" to get ready for rolling out the "best possible team going forward."
"As disclosed in our filings, we have the ability to monitor certain activities up until the time we close the deal," the CEO said. "I'll tell you this. Since we have announced our affiliation, we've seen nothing that would give us pause for concern."
As Synovus was going public with its financial information for the third quarter, so was
Growth in major cities, new digital technology, and fostering employees
During the call, Stelling touched on a few smaller items. He said Synovus, even as the FCB acquisition moves toward an expected closing early next year, will continue to make investments in talent and new physical bank locations in high-growth markets such as
The CEO also said his firm is developing customer-facing digital banking technology that will be launched to customers in the coming months. He mentioned as well that Synovus reached an agreement in September to sell two branches in
Finally, Stelling boasted of the inclusion of his company by
"Our team members are tremendous and they know that and we're constantly looking at fresh ways to care for them and foster a work environment and reputation that attracts the best and brightest in our industry," he said.
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