- News Releases
- Synovus Announces Changes to Board of Directors
- Synovus Announces REACH Awards
- Synovus Presents Annual Awards
- Synovus Receives 20 Customer Service Excellence Awards in Middle and Small Business Banking
- Kamensky Named Synovus Executive Vice President and General Counsel
- Synovus Reports Earnings for Fourth Quarter of 2013
- Dunlevie Named Managing Director of Synovus Family Asset Management
- Synovus Announces Quarterly Stock Dividend
|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.
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.