-
Regulators on Friday seized two banks owned by the $1.6 billion-asset company. The failures could tangle the Lansing, Mich., company in what the Federal Deposit Insurance Corp. calls the cross-guarantee liability, meaning that the agency has the ability to charge Capitol's nine surviving banks with the cost of the failures.
May 10 -
Regulators let Synovus acquire a failed bank its first deal in four years though it still owes Tarp $968 million. A surprising number of similar deals have occurred in recent years.
May 16 -
Though profitable, Synovus is still trying to hit its stride. Still, CEO Kessell Stelling told analysts that he wants to make acquisitions at some point in the future.
April 23
The Federal Reserve Board has taken action against two banks and terminated orders with four others, and the Federal Deposit Insurance Corp has freed Synovus Financial (SNV) from an order.
The Fed entered a
The Fed board also entered into a
The Fed board also said Thursday that it has terminated written agreements with Border Bancshares in Greenbush, Minn.; Border Capital Group in McAllen, Texas; CIT Group in New York; and Market Bancorp in Elk New Market, Minn.
Separately, the FDIC and the Georgia Banking Commissioner freed Synovus' bank from a 2010 memorandum of understanding, the $25.9 billion-asset company disclosed in a Thursday filing with the Securities and Exchange Commission. The termination of the order was effective May 29.
The Columbus, Ga., company's MOU required the company to form plans to minimize loan losses, obtain permission before paying dividends and take steps to minimize customer confusion over it bank's various trade names.
Synovus