A historic university enhances its financial future, with help from Synovus
Since 1870, Allen University, a historically black college in Columbia, South Carolina, has served a student body of mostly African-American students. Today, the campus welcomes more than 700 students and recently launched its first master's program.
The university already had a relationship with Synovus when Ruby Fielding, the vice president of fiscal affairs, started her position in 2013. By working closely with Synovus, she says she was able to enhance the university's financial future.
"The vice president of Synovus paid a visit to introduce themselves when they found out I was the new chief financial officer, and our relationship just grew stronger," she says.
The bank helped her refinance a bond and loan that were up for renewal with more favorable rates. Since her predecessors were no longer at the university, it took some research and legwork to understand the original structure of the financing — and how to make the refinancing most beneficial for the university.
Synovus helped Ruby Fielding, VP of Fiscal Affairs, refinance a bond and loan for Allen University that were up for renewal, with more favorable rates.
"It was a very complex transaction, but it worked out," Fielding says.
Allen University has some international students, and through Synovus, those students can pay their tuition via international wire transfers. The bank also helped the university open an interest-bearing rainy-day savings account, "a more creative way to help build some reserves," based on a casual conversation Fielding had with her banker.
Synovus also helped the university create business debit cards tied to expense accounts for the school's athletic teams. Previously, the university had to issue checks to advance the coaches money needed for athletic travel. The coaches might have to carry a significant amount of cash on the road, exposing the coaches and the university to greater risk. The coaches would then settle up, including returning any unspent cash to the school. Now, each coach has a debit card with his or her name on it, and they don't have to carry cash with them on the road. And when they file expense reports, cash doesn't have to change hands — they just file their receipts for what they spent on the cards.
"It solved a very cumbersome problem," Fielding says.
Are you looking for a bank to help you solve problems? Give us a call today at 1-888-SYNOVUS (1-888-796-6887) or stop by a Synovus location near you. We're here to help.
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