Columbus Bank Synovus Explores Merger Amid Market Pressures

Columbus, Georgia — Synovus, a banking and financial services company based in Columbus, is reportedly considering a merger after attracting interest from potential buyers. The company is working with a financial adviser and has discussed a possible merger with at least one other regional bank, according to a source familiar with the matter.

Companies like PNC Financial Services, Regions Financial, and Fifth Third Bank are among the regional competitors that have been mentioned in discussions. The Ledger-Enquirer attempted to reach a Synovus official for a comment but could not get a response before publication.

Regional banks such as Synovus face increasing pressure to merge due to rising technology costs and fierce competition from larger financial institutions like JPMorgan, Wells Fargo, and Bank of America. Mergers can help banks reduce expenses, expand market reach, and diversify their service offerings.

Despite ongoing discussions, sources indicate that no final decisions have been made. Synovus remains a potential independent player in the banking industry.

Synovus employs approximately 1,235 people in the Chattahoochee Valley area. It is one of the largest banks in Georgia and held around $27.6 billion in deposits statewide as of 2024, according to official reports.