Synovus Financial CEO Kevin Blair will start chairing the bank’s board of directors at the start of next year.
Blair will be successful long time Synovus executive Kessel Stelling, who will continue as a consultant to the $58.6 billion-asset bank for another 2 years, according to a declaration Synovus launched today. The management modification follows Stelling handing off the CEO position to Blair last April after holding the function because 2010.
While Stelling increased in the management ranks at Synovus, beginning in 2006 as president of Bank of North Georgia, the bank’s subsidiary, Blair participated in 2016 after investing 18 years at SunTrust Banks. He left SunTrust as business treasurer to end up being primary monetary officer at Synovus.
Based in Columbus, Georgia, Synovus supplies industrial and customer banking throughout the southeastern U.S. market.
The bank reported $194 million in earnings for the 3rd quarter, a 9% boost from a year previously, and a 3.5% drop in deposits from the previous quarter. In an incomes hire October, Blair mentioned seasonal elements in addition to clients decreasing their account balances or looking for more appealing rates of interest as factors for the deposit lack.
In reaction, Synovus relied on the Federal Home Loan Bank System for extra liquidity. The bank’s long-lasting financial obligation grew from $1.2 billion to $4.4 billion throughout the 3rd quarter, which executives mainly credited to the boost in Federal Home Loan bank advances.
Moving forward, the bank will be concentrated on creating brand-new deposits and “mitigating some of the diminishment that’s happening,” Blair informed experts throughout the incomes call.
Synovus likewise revealed today the hiring of Michael Colasso, who will be the bank’s business and functional danger executive director. Colasso is signing up with Synovus from Truist Financial, where he led the bank’s business danger management programs.