Synovus to merge Peachtree National Bank with others

Wed, 05/23/2007 - 1:17pm
By: John Munford

Will become part of Bank of North Georgia

The following is the text of a news release issued today by Synovus, the parent corporation of Peachtree National Bank.

Synovus, the Columbus, Georgia-based diversified financial services company today announced plans to merge three Synovus banks – First Nation Bank, based in Covington, Georgia, and Peachtree National Bank in Peachtree City, Georgia – with Bank of North Georgia, headquartered in Alpharetta, Georgia.

Pending regulatory approval of the merger, the combined banks will be called Bank of North Georgia.

“One of the key benefits of this consolidation is the combined expertise of successful, veteran leaders who have a proven history of growing their markets and have built a loyal customer base,” said Fred L. Green III, President and COO of Synovus. “We will be able to share talent across our Atlanta footprint and offer enhanced and more diversified products and services to better meet the needs of our customers in this dynamic, high potential market.”

Once the merger is complete, the newly expanded Bank of North Georgia will have a total asset size of $4.8 billion with 33 bank locations with a full range of products and services including mortgage, investments and private client services. After the merger, Bank of North Georgia will serve more than 51,000 households.

Following the consolidation, Don Howard will continue in his role as Chairman of Bank of North Georgia, Kessel Stelling will remain as President and CEO, and Randy Carroll will continue as Vice Chairman. Steve Wood, current CEO of First Nation Bank, will serve the Covington market until his retirement at year-end. Richard Spink, current CEO of Peachtree National Bank, will remain in an executive leadership role overseeing the Peachtree City market with expanded responsibilities within Bank of North Georgia.

“A primary benefit of the consolidation is that the three banks share the same values and corporate culture,” said Don Howard. “We will continue to maintain the same level of superior customer service that we have always offered to our customers with the ability to do even more. The consolidation will ultimately make our new organization a more successful and powerful bank in this important Synovus market.”

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mapleleaf's picture
Submitted by mapleleaf on Wed, 05/23/2007 - 3:24pm.

Peachtree National is a nice, distinctive and even distinguished name for a bank, and it does suggest the bank's connection to Peachtree City, where it was founded and headquartered. It's with sorrow that I see its name being retired in favor of the blander name of Bank of North Georgia for the sake of progress.

Submitted by dollaradayandfound on Wed, 05/23/2007 - 4:24pm.

It is not likely we will ever know why they changed the name of this bank.
Just a guess or two: Some stock or tax advantage for the officers; too much bad publicity when they sued the PTC taxpayers for their bad loan for the tennis center; on their way to becoming "Synovis," just like all "local" home friendly banks do when the mandatory five years are up, and the original stockholders bag the zillions.

Submitted by space on Tue, 10/13/2009 - 3:09pm.

There are many types of ways to consolidate your debt. When consolidation is not an option maybe cash advance loans could be an alternative. People will always need a quick cash fix and a cash advance or unsecured credit card in most cases is a good source. If you have bad credit or no credit and need bad credit loans cash advances don't perform credit checks so it's another option.

Submitted by AtHomeGym on Tue, 10/13/2009 - 3:53pm.

What's" Debt"?

cowtipn's picture
Submitted by cowtipn on Wed, 05/23/2007 - 2:06pm.

Top of the heap on Google news - WTG. More stories like this.

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