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|Synovus Receives Capital from U.S. Treasury Program
December 19, 2008, Columbus, GA – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, announced today that it has completed the sale of $967,870,000 in preferred stock and warrants to the U.S. Treasury as part of the government’s Capital Purchase Program. Synovus issued Treasury 967,870 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, and a ten-year warrant to purchase up to 15,510,737 shares of Synovus’ common stock at a strike price of $9.36. Synovus’ preliminary approval to participate in the program was announced on November 14, 2008.
“We are proud to be selected as one of the banks participating in Treasury’s Capital Purchase Program,” said Richard Anthony, Chairman and CEO of Synovus. “This capital provides a dimension of strength to the credit system and to our banks during these challenging economic times, and we expect to utilize these funds to further manage our credit losses, enhance lending efforts and invest in growth opportunities.”
The Capital Purchase Program, part of the U.S. Treasury Troubled Asset Relief Program (TARP), is designed to encourage U.S. financial institutions to build capital and increase the flow of financing to U.S. businesses and consumers. Treasury has set aside $250 billion dollars to invest in the country’s strongest financial institutions.
Synovus is a financial services holding company with more than $34 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 31 banks, 440 ATMs, and other Synovus offices 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 the delivery of unparalleled customer experiences. See Synovus on the web at www.synovus.com.
Forward Looking Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, our expectations regarding use of any proceeds we receive under the Capital Purchase Program. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward- looking statements in this press release and our filings with the Securities and Exchange Commission (“SEC”). Many of these factors are beyond Synovus’ ability to control or predict. Factors that could cause actual results to differ materially from those contemplated in this press release include the risk that Synovus’ shareholders will not approve the amendments to Synovus’ articles of incorporation and bylaws that are required in order to participate in the Capital Purchase Program and the factors set forth in our Annual Report on Form 10-K, 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. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.