Synovus Completes Redemption of TARP Funds
July 26 2013 - 11:56AM
Business Wire
Synovus (NYSE: SNV), the Columbus, Georgia-based financial
services company, today announced that it has completed its exit
from the Troubled Asset Relief Program (“TARP”) through redemption
of $968 million of the company’s Series A preferred stock issued to
the U.S. Treasury through the Capital Purchase Program.
Over two-thirds of the TARP redemption was funded by internally
available funds (including a $680 million dividend from the
company’s wholly-owned subsidiary, Synovus Bank). The balance of
the redemption was funded by net proceeds from the recently
completed $185 million common stock offering and $130 million
preferred stock offering.
“The events of the past week are huge for our company, including
three ratings agency upgrades, two successful capital offerings,
and now the exit from TARP,” said Kessel Stelling, Chairman and CEO
of Synovus. “Our company is stronger, our team is energized, and we
can now intensify our focus on our customers.”
Synovus is a financial services company with
approximately $27 billion in assets based in Columbus, Georgia.
Synovus’ divisions provide commercial and retail banking,
investment, and mortgage services to customers through 29 locally
branded divisions, 280 offices, and more than 400 ATMs in Georgia,
Alabama, South Carolina, Florida, and Tennessee. See Synovus on the
web at www.synovus.com, and follow us on twitter @synovusbank.
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Forward-Looking Statements
This press release and certain of our other filings with the
Securities and Exchange Commission contain statements that
constitute “forward-looking statements” within the meaning of, and
subject to the protections of, Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. All statements other than
statements of historical fact are forward-looking statements. You
can identify these forward-looking statements through Synovus’ use
of words such as “believes,” “intends,” “anticipates,” “expects,”
“may,” “will,” “assumes,” “should,” “predicts,” “could,” “would,”
“intends,” “targets,” “estimates,” “projects,” “plans,” “potential”
and other similar words and expressions of the future or otherwise
regarding the outlook for Synovus’ future business and financial
performance and/or the performance of the commercial banking
industry and economy in general. These forward-looking statements
include, among others, those statements regarding the impact of the
TARP redemption and the assumptions underlying these expectations.
Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
known and unknown risks and uncertainties, which may cause the
actual results, performance or achievements of Synovus to be
materially different from the future results, performance or
achievements expressed or implied by such forward-looking
statements. Forward-looking statements are based on the information
known to, and current beliefs and expectations of, Synovus’
management and are subject to significant risks and uncertainties.
Actual results may differ materially from those contemplated by
such forward-looking statements. A number of factors could cause
actual results to differ materially from those contemplated by the
forward-looking statements in this report. Many of these factors
are beyond Synovus’ ability to control or predict.
These forward-looking statements are based upon information
presently known to Synovus’ management and are inherently
subjective, uncertain and subject to change due to any number of
risks and uncertainties, including, without limitation, the risks
and other factors set forth in Synovus’ filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K
for the year ended December 31, 2012 under the captions “Cautionary
Notice Regarding Forward-Looking Statements” and “Risk Factors” and
in Synovus’ quarterly reports on Form 10-Q and current reports on
Form 8-K. We believe these forward-looking statements are
reasonable; however, undue reliance should not be placed on any
forward-looking statements, which are based on current expectations
and speak only as of the date that they are made. We do not assume
any obligation to update any forward-looking statements as a result
of new information, future developments or otherwise, except as
otherwise may be required by law.
SynovusGreg Hudgison, 706-644-0528External Communications
Manager
Synovus Financial (NYSE:SNV)
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