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Synovus Bank

Lender or loan platform

PPP
Type
Company or group
Role
Lender or loan platform
Programs
PPP
Updated

The profile

A Georgia regional bank that made 27,777 PPP loans for $3.8 billion and reported $137.8 million in PPP fees over three years. It was a named defendant in the first agents' suit for a share of those fees, and merged into Pinnacle Bank on January 1, 2026.

  • Type: State-chartered bank; PPP lender
  • Parent: Synovus Financial Corp. (Columbus, Georgia) until January 2026; now part of Pinnacle Financial Partners, Inc.

In the archive

Synovus Bank made 27,777 Paycheck Protection Program loans for $3.8 billion, in the SBA's loan file; 12,014 of them went to borrowers in Georgia and 8,107 to Florida.1 Its parent said it "provided approximately $2.9 billion in PPP loans in 2020."2 Priced loan by loan under the SBA's fee schedule, its whole book carries about $143.3 million in processing fees.13 Synovus's filings give the fee income year by year: its net interest income included "$46.0 million in PPP fees" in 2020, "$79.2 million" in 2021 and "$12.6 million" in 2022, $137.8 million in all.45 See its lender page.

The first agents' suit

Sport & Wheat, CPA, PA v. ServisFirst Bank, filed in Pensacola on April 26, 2020, was, in the court's words, "apparently the first of what is now at least 50 cases pending around the country raising the same issue": whether accountants and consultants who helped borrowers apply were owed part of the lenders' SBA fees.67 Synovus was one of four named lenders. The amended complaint claimed $1,633.03 of the fee paid to Synovus.7 On August 17, 2020 Judge T. Kent Wetherell II answered the question: "The short answer is 'no.'" He dismissed the case with prejudice on September 4, 2020.78 The Agents Got Nothing follows the rest.

The first complaint had named a Synovus affiliate, too. Synovus Trust Company moved to dismiss in May 2020, calling itself "an entity that has absolutely nothing to do with the federal lending program at issue."9

Since 2025

Synovus Financial and Pinnacle Financial Partners completed their merger on January 1, 2026, and Synovus Bank merged into Pinnacle Bank. The combined bank said it would keep the Synovus brand until early 2027.10

Sources

Notes

  1. SBA PPP FOIA loan-level data, release of Sept. 30, 2024, loans with Synovus Bank as originating lender, priced under 85 FR 20811, 86 FR 3692 and 86 FR 3712; see the lender page. Original: SBA PPP FOIA loan-level data (original: data.sba.gov · stored capture) ↩
  2. Synovus Financial Corp., Form 10-K for 2020. Original: https://www.sec.gov/Archives/edgar/data/18349/000001834921000014/syn-20201231.htm ↩
  3. SBA interim final rule, Paycheck Protection Program, 85 FR 20811 (Apr. 15, 2020). ↩
  4. Synovus Financial Corp., Form 10-K for 2021. Original: https://www.sec.gov/Archives/edgar/data/18349/000001834922000076/syn-20211231.htm ↩
  5. Synovus Financial Corp., Form 10-K for 2022. Original: https://www.sec.gov/Archives/edgar/data/18349/000001834923000061/syn-20221231.htm ↩
  6. Verified emergency class action complaint, Sport & Wheat CPA, PA v. ServisFirst Bank, Inc., No. 3:20-cv-05425 (N.D. Fla. Apr. 26, 2020). Original: https://storage.courtlistener.com/recap/gov.uscourts.flnd.190491/gov.uscourts.flnd.190491.1.0.pdf ↩
  7. Order dismissing amended complaint, Sport & Wheat, CPA, PA v. ServisFirst Bank, Inc. (N.D. Fla. Aug. 17, 2020), Doc. 87. Original: https://storage.courtlistener.com/recap/gov.uscourts.flnd.190491/gov.uscourts.flnd.190491.87.0_1.pdf ↩
  8. Order denying leave to amend and dismissing with prejudice, Sport & Wheat, CPA, PA v. ServisFirst Bank, Inc. (N.D. Fla. Sept. 4, 2020), Doc. 93. Original: https://storage.courtlistener.com/recap/gov.uscourts.flnd.190491/gov.uscourts.flnd.190491.93.0.pdf ↩
  9. Motion to dismiss by Synovus Trust Company, National Association, Sport & Wheat CPA, PA v. ServisFirst Bank, Inc. (N.D. Fla. May 2020), Dkt. 14. ↩
  10. Pinnacle Financial Partners, "Pinnacle and Synovus Complete Merger" (Form 8-K12B, Exhibit 99.1, Jan. 2, 2026). Original: https://www.sec.gov/Archives/edgar/data/2082866/000114036126000050/ef20061822_ex99-1.htm ↩
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