Synovus tops again in deposit market share

October 4, 2018

Synovus Bank is once again the leader in Rome and Floyd county in terms of market share for deposits. The Federal Deposit Insurance Corp. report showed Synovus with nearly one-fifth of the local deposits, which are spread out among nine banks.

The report does not take into account deposits at local credit unions.

The Oct. 1 report, which measures deposits through the end of June, shows Synovus with $301,356,300 in deposits. That accounts for 19.97 percent of the in-market deposits.

Deposits at Synovus were up by $16.06 million over the previous year, a gain of 5.6 percent.

Synovus Rome market President Scott Preston said the numbers speak to the history of what was known for a decade as Citizens First Bank and its people.

“It speaks to how we’ve got a legacy of service and we hope to continue to carry that on,” Preston said. He doesn’t believe the formal change of name to Synovus had any negative impact at all.

“We were anticipating that we might get some resistance but I think what we’ve done is really make an effort to hold on to the great things about Citizens First Bank,” he said. “It’s the same people taking care of the same people.”

United Community Bank was a solid second in the Rome market, with deposits of $256,410,000 which accounted for 16.84 percent of the market.

In terms of real dollars, UCB had the largest increase over the year, growing by $30.9 million dollars, 13.7 percent up over the previous year.

United Community Rome President David Johnson said he thinks the big jump in deposits was a sign of an improving economy.

“Also I hope it says something about our superior service,” Johnson said. “We’re also being more aggressive about going out and calling on customers and prospects and so far it seems to be working.”

SunTrust holds down the third slot with deposits of $202,658,000, or 13.31 percent of the Rome market. Local banking executives are still trying to decipher what happened last year when SunTrust and the FDIC reported more than $1 billion in local deposits. That number was down to $202,658,000 this year.

Regions Bank was fourth with 12.33 percent of the market based on deposits of $187,756,000. Wells Fargo rounded out the top five with deposits of $151,444,000 for 9.95 percent of the market locally.

The rest of the market includes:

River City Bank - $137,506,000 — 9.03 percent of market

Heritage First Bank - $116,440,000 — 7.65 percent of market

Greater Community Bank - $111,445,000 — 7.32 percent of market

Bank of the Ozarks - $57,572,000 — 3.78 percent of market

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