Synovus Announces Closing of Acquisition of Entaire Global Companies, Inc.
October 03 2016 - 8:05AM
Business Wire
Synovus Financial Corp. (NYSE: SNV) today announced the
completion of its acquisition of Entaire Global Companies, Inc.
(“Entaire”), an Atlanta-based specialty financial services
company.
Under the terms of the agreement, Synovus acquired Entaire for
an up-front payment of $30 million in common stock and cash, with
potential additional payments to Entaire’s stockholders over the
next three to five years based on Entaire’s earnings.
Entaire is a private life insurance premium finance lender
providing fully collateralized, non-mortality-based loans to
commercial borrowers. Entaire lends primarily to small businesses,
with all loans collateralized by cash value life insurance policies
issued by investment grade insurance companies.
Entaire’s business operations will be fully integrated by the
end of the year.
Synovus Financial Corp. is a financial services company
based in Columbus, Georgia, with approximately $29 billion in
assets. Synovus provides commercial and retail banking, investment,
and mortgage services to customers through 28 locally-branded
divisions, 250 branches, and 332 ATMs in Georgia, Alabama, South
Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned
subsidiary of Synovus, was recognized as one of America’s Most
Reputable Banks by American Banker and the Reputation Institute in
2015 and 2016. Synovus is on the web at synovus.com, on Twitter
@synovus, and on LinkedIn at
http://linkedin.com/company/synovus.
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Synovus Financial Corp.Lee Underwood, 706-644-0528External
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