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|Synovus Financial Corp. Announces Closing of $600 Million Underwritten Public Offering of Common Stock
|Columbus, Georgia – September 23, 2009 – Synovus Financial Corp. (NYSE: SNV) (the “Company”) announced today that on September 22, 2009, it completed the previously announced $600 million underwritten public offering of 150,000,000 shares of the Company’s common stock at a public offering price of $4.00 per share. The net proceeds to the Company after deducting underwriting discounts and commissions and estimated offering expenses are expected to be approximately $570.5 million.
“We believe the market’s response to our public offering demonstrates its confidence in the future of Synovus as we seek to emerge stronger from this tough economic cycle,” said Richard Anthony, Synovus Chairman, CEO and President. “The results of this first step of our previously announced capital plan exceeded our expectations. Access to additional capital strengthens our capital ratios, better positions us to manage through this cycle and enables us to meet increasing regulatory requirements around desired capital levels. Further, we will be better able to take advantage of potential growth and expansion opportunities as a result of this enhanced capital base.”
The net proceeds from the offering will qualify as tangible common equity and Tier 1 capital and will be used for working capital and general corporate purposes.
J.P. Morgan Securities Inc. served as sole book-running manager of the offering, and Sandler O’Neill + Partners, L.P. and SunTrust Robinson Humphrey, Inc. served as co-managers.
About this Press Release
This press release is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Synovus is a financial services holding company with approximately $34 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 30 banks, 330 offices, and 467 ATMs in Georgia, Alabama, South Carolina, Florida and Tennessee. The Company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure unparalleled customer experiences. See Synovus on the Web at www.synovus.com.
This press release contains statements that constitute “forward-looking statements” within the meaning of, and subject to the protections of, Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, targets, expectations, anticipations, assumptions, estimates, intentions and future performance and involve known and unknown risks, many of which are beyond our control and which may cause the Company’s actual results, performance or achievements or the commercial banking industry or economy generally, to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are forward-looking statements. You can identify these forward-looking statements through our use of words such as “believe,” “anticipate,” “expect,” “may,” “will,” “assume,” “should,” “predict,” “could,” “should,” “would,” “intend,” “target,” “estimate,” “project,” “plan,” “potential” and other similar words and expressions of the future or otherwise regarding the outlook for the Company’s future business and financial performance and/or the performance of the commercial banking industry and economy in general. Such forward-looking statements include statements about the Company’s beliefs about the market response to the public offering; the capital plan in general; the impact of the offering on the Company’s capital ratios and ability to meet increasing regulatory capital requirements; the anticipated use of proceeds from the offering; and the net proceeds to be realized by the Company in connection with the offering. Forward-looking statements are based upon the current beliefs and expectations of the Company’s 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 document, including, without limitation those risks and factors discussed in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2008, Quarterly Reports for the quarters ended March 31, 2009 and June 30, 2009, under the captions “Forward-Looking Statements” and “Risk Factors,” and in the Company’s Current Report on Form 8-K filed on September 15, 2009. Many of these factors are beyond the Company’s control or ability to predict. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.