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|Synovus To Spin-off TSYS
The distribution of the approximately 159.6 million
Based on the number of Synovus shares outstanding as of
Pursuant to the agreement and plan of distribution,
Both the distribution of the
Immediately following the distribution of
The decision by the Synovus Board of Directors to distribute Synovus’ ownership position in
“I am extremely pleased to announce the decision to spin-off
o Allowing the leadership teams of Synovus and
Synovus intends to leverage its key competitive strengths, including its 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 and to continue its proven track record of exceptional performance as a bank holding company.
Synovus will take advantage of its new position post-spin to focus on growing and developing its highly skilled team of financial services experts, and will use available capital for growing its banking and investment businesses. Synovus believes that its customer-centric, decentralized delivery model is attractive to both retail and commercial customers who want the responsiveness and flexibility of a community bank, combined with the expertise, products and services of a bank that has the capacity to meet a variety of financial services needs.
“Giving our bankers and investment professionals the resources they need while empowering them to make relationship- and market-based decisions that are best for their customers offers us a truly unique edge in our markets,” said Anthony. “Leveraging our competitive differentiators, combined with our track record for excellent financial performance, strong leadership and highly ethical business standards, positions us for long-term success.”
In connection with the spin-off, J.P. Morgan Securities Inc. acted as financial advisor and King & Spalding acted as legal counsel for Synovus.
Synovus will host a conference call at today. Shareholders and other interested persons may listen to this conference call via simultaneous Internet broadcast at www.synovus.com by clicking on the “Live Webcast” icon on the homepage. The replay will be archived for 12 months and will be available approximately 30-45 minutes after the completion of the call. You may download RealPlayer or Windows Media Player (free download available) prior to accessing the actual call or the replay.
Additional information about the
Synovus (NYSE: “
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, statements identified by words or phrases such as “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “assume,” “outlook,” “continue,” “seek,” “plans,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. Examples of such forward-looking statements include those regarding our expectations about the spin-off, the associated pre-spin cash dividend and the timing associated therewith, as well as our expectations regarding the potential benefits of the spin-off. These statements are based on the current beliefs and expectations of our management and are subject to significant risks and uncertainties. There can be no assurance that these transactions will occur or that the expected benefits associated therewith will be achieved. A number of important factors could cause actual results to differ materially from those contemplated by our forward-looking statements in this press release. Many of these factors are beyond our ability to control or predict. These factors include, but are not limited to, those found in our filings with the Securities and Exchange Commission, including 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.