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October 28
Synovus Financial Corp. reported its ninth straight quarterly loss, though credit costs continue to decline.
The $31 billion-asset company based in Columbus, Ga., lost $195.8 million in the third quarter, compared with a loss of $454 million a year earlier.
Kessell Stelling, who was named CEO this month after several months in an interim role, said in a press release that the company is "focused on reestablishing a growth engine" that includes plans for developing a new set of products geared toward commercial clients.
The loan-loss provision fell 20% from the previous quarter and 52% from a year earlier, to $239 million.
Net chargeoffs fell 45% from the second quarter and 52% from a year earlier, to $237.2 million. Nonperforming assets fell 1.1% from the second quarter and 11% from a year earlier, to $1.6 billion.