Synovus (SNV) Receives Preliminary Approval to Participate in U.S. Treasury Capital Purchase Program
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Synovus (NYSE: SNV) received preliminary approval from the U.S. Treasury for the sale of approximately $973 million in preferred stock and related warrants to Treasury under the Capital Purchase Program. The final approval is subject to satisfaction of certain conditions, including approval by Synovus’ shareholders of amendments to the company’s articles of incorporation and bylaws to allow Synovus to issue preferred stock, as well as the execution of definitive agreements.
Synovus expects to use the proceeds from the Capital Purchase Program to further strengthen the company’s capital base, enhance lending capabilities and position Synovus banks to capitalize on competitive growth opportunities in local markets.
Synovus is a financial services holding company with more than $34 billion in assets based in Columbus, Georgia. [SM]
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