Synovus, the second-largest bank based in Georgia, announced Thursday that President Fred L. Green has resigned.
No reason was given for Green's departure. The company said Chairman and Chief Executive Officer Richard E. Anthony will now also serve as president.
Green was instrumental in Synovus' effort to better integrate its affiliate banks. The company, based in Columbus, is known for buying smaller community banks and allowing them to maintain their names and operate somewhat independently.
Green's departure comes as Synovus continues to deal with heavy losses tied to the collapsed real estate market and lingering recession. The company has lost money for three quarters in a row, including $137 million in the first quarter.
"It's not a good time for a management change," said Chris Marinac, an analyst at FIG Partners in Atlanta. "Synovus obviously has a focus on its credit quality issues moving forward, and it's an unnecessary distraction."
Green joined Synovus in 1995, when the company acquired National Bank of South Carolina, where he served as president and CEO. Green became president in 2006.
"The Synovus family is grateful to Fred for the service he has offered over the past 14 years, and we wish him the very best as he pursues the next stage of his career," Anthony said in a news release. "I am confident that the foundation he has helped build will be a tremendous asset as we continue the work of positioning Synovus to emerge stronger from today's challenging economic environment."
In metro Atlanta, Synovus owns the Bank of North Georgia, the fifth-largest bank in the metro area by market share.
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