Synovus to shrink branch footprint by 15%

Synovus Financial in Columbus, Ga., is planning to close about 15% of its existing branches next year.

The $56 billion-asset company disclosed in a presentation for a conference hosted by Goldman Sachs that it will shutter more than 40 branches. The move is expected to save the company $12 million annually.

Synovus has about 280 branches, which represents a roughly 5% decrease from the nearly 300 locations it had in 2019.

The company also noted a number of spending initiatives, including a plan to invest $6 million in commercial and investment banking and $4 million in the areas of digital sales and self-service capacity.

Synovus also plans to spend more than $10 million for a new Banking-as-a-Service (BaaS) platform, $6 million on commercial credit upgrades and $4 million on analytics-driven products.