Synovus Bank put its mark in downtown Chattanooga Wednesday as one of Georgia's biggest banks completes its name change from the Cohutta Bank.
Synovus, which is based in Columbus, Ga., bought Cohutta Banking Co. in 1984 and expanded into Chattanooga in 2006 by chartering a Tennessee branch which was later merged with Cohutta Bank in Georgia and then Synovus Bank.
"We're very excited to transition to a single brand to give us greater presence and visibility and more consistent messaging," said Mike Sarvis, the Chattanooga market president for Synovus. "Our team has been community-based and customer-focused since entering Chattanooga as Cohutta Bank in 2006, and that won't change. Adopting the Synovus name while maintaining our local, relationship-centered delivery model will increase awareness of our regional presence, our financial capabilities, and our ability to meet the needs of customers and prospects."
Sarvis said the signage change should be complete next week at the Cohutta Bank in Hixson.
Cohutta Bank in Chattanooga is the first of Synovus' 26 non-Synovus branded bank divisions to complete the brand transition, which will conclude for all of its branches in June 2018.
Cohutta Bank began in 1906 in Northwest Georgia and is one of seven banks that are more than a century old which Synovus has acquired.
Synovus initially operated all of its banks as separately chartered institutions with their own boards of directors. But Synovus consolidated those banks into a single charter in 2010, allowing customers of one bank to transact business at any of more than 250 branches.
"This transition will improve efficiency and productivity by consolidating system, administrative, and other functions, and will culminate in 2018 with the transition to a single brand — Synovus," the company said in its most recent annual report released last week.
Synovus is the 11th biggest bank in Hamilton County with deposits of more than $136.3 million as of June 30, 2017, according to the Federal Deposit Insurance Corp.
Synovus now operates two retail branches in Hamilton County at 800 Market St. downtown and at 5613 Highway 153 in Hixson.
Contact Dave Flessner at email@example.com or at 423-757-6340.