Synovus has tapped Kessel D. Stelling, head of its Bank of North Georgia subsidiary, to become the Columbus-based bank’s Chief Operating Officer.
As COO, Stelling will be the no. 2 executive and oversee day-to-day banking operations. The COO position has been vacant since last May, when Fred Green resigned as president and COO.
Jennifer Demba, an analyst at SunTrust Robinson Humphrey, said the move positions Stelling to succeed Synovus CEO Richard Anthony in the next few years.
The appointment comes on the heels of Synovus’s decision to consolidate its 30 banking charters, including Bank of North Georgia, into a single charter run out of the company’s Columbus headquarters.
Synovus, Georgia's second-largest bank, has had a rough two years, losing nearly $2 billion as real estate in its key markets across the Southeast collapsed. Its stock price has fallen sharply as well.
Demba issued a report on Monday after meeting with Synovus executives in which she reiterated a “buy” rating on the company’s shares. She said while many investors are still skeptical about the company’s capital levels given its credit problems, she believes better times are ahead and Synovus will need less reserve money than some expect to cover problem loans.
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