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|Synovus Completes Sale of Merchant Services Business to Merchant e-Solutions
April 1, 2010, Columbus, GA – Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company today announced that its affiliate, Columbus Bank and Trust Company (CB&T), has completed the previously announced sale of CB&T’s merchant services business to Merchant e-Solutions, Inc. (MeS) for $70.5 million in cash. Synovus also anticipates receipt of future revenue as a result of a referral agreement with MeS.
“This is a positive, strategic transaction and will also provide us with significant capital to further strengthen our reserves and fund future growth opportunities,” said Richard Anthony, Synovus Chairman and CEO. “Merchant e-Solutions will continue to provide the high levels of service and product solutions our customers expect.”
Synovus anticipates the sale will generate an approximate $70 million pre-tax gain and addition to capital. Synovus intends to continue to identify, consider and pursue additional strategic initiatives to bolster its capital position, including potential capital market transactions, additional liability management initiatives, and possible sales of additional assets.
Synovus (NYSE; “SNV”) is a financial services holding company with approximately $33 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 30 banks, 327 offices, and 461 ATMs in Georgia, Alabama, South Carolina, Florida and Tennessee. The company focuses on its unique customer service delivery model, position in attractive 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.
Forward Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain 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 statements regarding the estimated capital impact of the sale of the merchant services business, our intentions regarding additional strategic initiatives to bolster our capital position and the assumptions underlying our expectations. Prospective investors are cautioned that any such 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. 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 and our filings with the Securities and Exchange Commission include the factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its 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.