In June 2014, GE Capital Retail Bank changed its name to Synchrony Bank, reports Bloomberg Business. Synchrony Bank is a subsidiary of Synchrony Financial, which was founded in 1932, as noted by Synchrony Financial.
Synchrony Bank is a federal savings bank headquartered in Draper, Utah, according to Synchrony Financial. It is also a member of the Federal Deposit Insurance Corporation. Synchrony Bank provides credit card services, promotional financing and installment lending, and loyalty programs. Synchrony Financial, the bank’s parent company, has over 60 million customer accounts and reported $103 billion in financed sales in 2014. It also has 11,000 employees and $35 billion in deposits in FDIC-insured certificates of deposit, money market accounts and savings.