Synovus Expands Foodservice Focus with New Restaurant Finance Team

Rhea-AI Summary

Synovus has launched a dedicated restaurant finance team aimed at supporting restaurants in their growth strategies. This team, part of Synovus' wholesale banking division in Atlanta, offers tailored financial solutions including acquisition financing, credit facilities, and treasury management. Led by industry veterans Scott Tocci, Kelly Nyquist, and Jay Sim, the team is positioned to create value for both Synovus and the restaurant sector, recognizing its significant role in economic development across its operational states.

Positive

• Launch of a specialized restaurant finance team to cater to the restaurant industry's financial needs.
• Experienced team members with over 25 years of sector-specific expertise.
• Diverse service offerings including acquisition financing and credit facilities.

Negative

• None.

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus today announced the launch of a new restaurant finance team focused on helping restaurants across the country execute strategic plans for growth while fostering relationships with established and up-and-coming names in the sector.

Residing in Synovus’ wholesale banking division and based in Atlanta, the restaurant finance team offers a wide array of services and solutions tailored to the foodservice industry. Services include acquisition financing, senior credit facilities (term loans, development loans and revolving lines of credit), property company financing, loan syndications, derivatives hedging, treasury management, foreign exchange, and institutional trust expertise. The team consists of restaurant industry and banking veterans Scott Tocci, Kelly Nyquist, and Jay Sim.

“Restaurants are a major source of economic growth and development throughout Synovus’ five-state footprint and the country,” said Kevin Howard, Synovus executive vice president and chief wholesale banking officer. “Our new restaurant finance team combines the resources of a large financial institution with industry expertise, a deep understanding of market conditions, the knowledge of restaurant equity and debt investor needs, and the flexibility to work with middle market to large market clients. We are confident this team will be an important source of value creation for Synovus and the growing number of restaurant industry businesses and clients. We couldn’t be more excited to welcome Scott, Kelly, and Jay to Synovus."

Tocci, senior director of the restaurant finance team, is an experienced banking professional with more than 25 years in the restaurant financing sector. Prior to joining Synovus, he spent more than eight years as managing director of the restaurant banking division at Regions Bank and 11 years as managing director at GE Franchise Finance.

Nyquist, named senior manager of wholesale credit risk management, has more than 15 years of banking experience and also joined Synovus from Regions Bank where he worked alongside Tocci on the specialized restaurant banking team. Prior to Regions, he was part of Bank of America's franchise finance team and worked at CompuCredit as a securitization-financial analyst. Nyquist earned his undergraduate degree from Dickinson College and his MBA from Mercer University.

Sim, senior wholesale credit manager, is a more than 20-year banking veteran with extensive experience in restaurant credit analysis and underwriting. Prior to joining Synovus, he spent more than ten years at Regions Bank and worked with Tocci and Kelly on the specialized restaurant banking team. Preceding Regions, Sim worked at Bank of America in restaurant finance credit, underwriting, and analysis. Sim is a graduate of Emory University.

For more information about the Synovus restaurant finance team, visit synovus.com/corporate/specialty-groups/restaurant-finance.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 281 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211217005098/en/

Sara Bagdadi

sarabagdadi@synovus.com

 

Source: Synovus Financial Corp.

FAQ

What is the new initiative by Synovus announced in the press release?

Synovus has launched a restaurant finance team to support restaurants with strategic growth plans.

Who leads Synovus' new restaurant finance team?

The team is led by industry veterans Scott Tocci, Kelly Nyquist, and Jay Sim.

What services does Synovus' restaurant finance team offer?

The team offers services such as acquisition financing, senior credit facilities, and treasury management.

How does the new restaurant finance team impact Synovus' operations?

This initiative aims to enhance value creation for Synovus and its clients in the restaurant sector.

What is the significance of the restaurant sector for Synovus?

The restaurant sector is recognized as a major source of economic growth within Synovus' operational regions.

What experience do team members of Synovus' restaurant finance team have?

Team members have extensive backgrounds in restaurant financing, with decades of combined experience in the banking sector.