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Synovus Invests in FDIC Liquidity Guarantee Program
 
 

Columbus, GA, October 21, 2008 – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, will participate in the Federal Deposit Insurance Corporation’s (FDIC) Temporary Liquidity Guarantee Program beyond the initial 30-day program offered by all banks in conjunction with the FDIC.  This FDIC program allows Synovus to offer 100% deposit protection for non-interest bearing deposit transaction accounts regardless of dollar amount at FDIC-insured institutions.  Non-interest bearing deposit transaction accounts are usually payment-processing accounts, such as payroll accounts used by businesses, which frequently exceed the current maximum limit of $250,000.  The Liquidity Guarantee Program can be voluntarily offered by banks to customers through the end of 2009.  There is no cost to customers to receive the additional FDIC insurance.

 

“The benefit for our customers is that there is no limit on FDIC insurance coverage for their deposits in these types of accounts at any Synovus bank,” said Richard Anthony, Chairman and CEO of Synovus.  “We understand the desire customers have during this difficult economic climate to be guaranteed they will always have access to their money.”

 

Additionally, Synovus’ Shared CD and Money Market accounts offer customers the unique opportunity to access up to $8 million in FDIC insurance by spreading deposits across its 32 separately-chartered banks.

 

About Synovus

Synovus (NYSE: “SNV”) 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 32 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. 

 
Contact
Greg Hudgison
Company: Synovus
Title: External Communications Manager
Phone: 706.644.0528
Email: gregoryhudgison@synovus.com