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Synovus Financial (SNV) in Columbus, Ga., will raise roughly $125 million through a preferred stock offering.
July 23 -
Synovus Financial (SNV) said Thursday it plans to use a combination of new capital and cash on hand to repurchase preferred stock from the Troubled Asset Relief Program.
July 18 -
Banks that still hold Tarp funds face the prospect of dividend rates rising to 9% from 5% at a time when many of those institutions are still struggling.
June 11 -
The Georgia company is finally ready to exit the Troubled Asset Relief Program, allowing executives to set their sights on increasing revenue.
July 19
Synovus Financial (SNV) in Columbus, Ga., has redeemed its Troubled Asset Relief Program shares after raising cash in two stock offerings.
Synovus repaid the Treasury Department the $968 million it received through the program in December 2008, it announced Friday. The $26.6 billion-asset company funded the redemption by selling $185 million of common stock and
The Treasury still owns warrants to purchase 15.5 million shares of Synovus common stock at $9.36 a share. The company still has to decide whether it will seek to buy back the warrants, it said last week when it
Treasury's stake in Synovus had been the largest of the agency's remaining bank holdings. Popular (BPOP) in San Juan, Puerto Rico, now has the largest outstanding Tarp balance, at $935 million.
The dividend rate Synovus paid on its Tarp shares would have
"The events of the past week are huge for our company, including three ratings-agency upgrades, two successful capital offerings and now the exit from Tarp," Kessel Stelling, Synovus' chairman and chief executive, said in the press release. "Our company is stronger, our team is energized, and we can now intensify our focus on our customers."
Last week Synovus announced a second-quarter profit of $30.7 million, 24% higher than the second quarter of 2012.
