James Blanchard: Chief executive, Synovus Financial Corp., Columbus, Ga.
By HELEN HUNTLEY
Published December 8, 2003
Q. Now that you own United Bank in St. Petersburg and soon will own Peoples Bank of Palm Harbor, what are your plans for the Tampa Bay area?
This could become the dominant bank in our family because it's got that kind of market potential. United, Peoples and very possibly others will decide with our involvement what's the best way to grow this company here and optimize it. For market potential, there's nothing any better in the Synovus footprint (which covers five southeastern states) than what we have right here. We have a greater Atlanta presence as well and it may be they'll be running a neck-and-neck race.
Q. Synovus is known for giving the banks it acquires great independence, even keeping the same name. Why do you take that approach?
We built our company by teaming up with great folks. We don't buy customers. We don't buy markets. We don't buy accounts. We don't buy assets. We get all that stuff when we hook up with people that we would be proud to take home and meet Momma. When we're talking to somebody that usually is a key advantage that we have over other guys. Most of the people built their banks. They've kind of got skin in the game. They not only own it, but they run it. Most of them like the idea that it will stay around instead of getting lost in the crowd with a bigger brand and a common name.
Q. Aren't there some drawbacks to that approach, particularly for marketing and establishing a brand name?
We think we overcome that substantially. We will brand the ATMs Synovus. We'll advertise United Bank as a provider of Synovus financial services, put tent cards on the tellers' windows, put stickers on the doors. The strength is that historically there is a brand equity in United Bank that we don't lose. We add Synovus to that. The Jacksonville bank we are opening next year will be the first bank in our family that will be named Synovus Bank. Probably following that lead, we'll see another bank or two do it, but we're not encouraging it.
