Synovus has a long, proud history of partnering with businesses to deliver the depth and breadth of advice and solutions necessary to help you achieve your financial objectives and goals. This relationship-based approach is part of our core values and will guide us as we together face the unprecedented challenges ahead due to the coronavirus (COVID-19) pandemic.
First, I want to reassure you that Synovus is strong and well-prepared to manage through this crisis. Since the 2008 financial crisis, we’ve actively diversified our balance sheet, built adequate capital buffers, and enhanced current and contingent sources of liquidity. As a result, we enter this economic downturn in a good position to manage through and mitigate the risks we’ll face.
Because the following weeks, and even months, will be defined by uncertainty and a fluid business environment, I wanted to provide you with an update on the steps we’re taking to ensure we continue to serve as your trusted banking partner.
Our first focus is on the safety and well-being of our team members, who are vitally important to support you and your business, as well as the communities we serve. We’ve exercised our own business continuity plan, and many of the teams you work with are now working remotely.
Our other focus is the safety and continued service of our customers. Although we are following the current guidance from health authorities to promote social distancing, we are here to serve you and your business. Our bankers have been and will continue to reach out to support your efforts for business continuity. We’ll be here to offer advice and solutions to help you navigate the changing business climate and support your business operations.
We know this crisis is having a profound impact on your business and your financial position. The U.S. government is finalizing a substantial and comprehensive fiscal stimulus package that will provide liquidity through various programs to ensure the economy can overcome the short-term pressures this pandemic is placing on our country. As we await the specifics and determine how to operationalize the stimulus actions, we’re standing by prepared to help you manage through any liquidity shortfalls you face with loan payment deferments and other proactive relief measures. We’re also streamlining our processes to provide new services and solutions in a timely manner to support changes in your business model. Simply said, we’ll work with you in every way we can to help weather the storm.
As a company, we’ve seen our share of highs as well as a number of challenging lows. This current crisis will serve as one of the most challenging. However, we will see this through, supporting our customers along the way. Our goal, as your trusted partner, is to offer the level of quality, responsiveness and support you’ve come to expect. While it’s impossible to know how long this crisis will last, when we come through the other side, we want to be known for the actions we have taken and the advice and support we have provided to help you endure these challenging times. Please be safe and know we are here for you.
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