Synovus Financial Corp. (NYSE:SNV) all set to pay penalty


Dallas, Texas 09/03/2013 (Financialstrend) – Synovus Financial Corp. (NYSE:SNV) has decided to make payment of an administrative fine for failing to offer up enough flood insurance on 367 loaning sums.

The Columbus banking institution has decided to pay around $135,050 for failing to offer satisfactory flood insurance on the loans and for failing to give the necessary notification on 30 loaning sums between June 1 of the year 2010 and Oct. 2 last year. It did not confess or reject any breaches of the regulation.

The civil money penalization, evaluated by the Federal Deposit Insurance Corp., will be paid to the Treasury division.

Synovus Financial Corp. – why shareholders make investment in this stock?

Synovus Financial Corp. is a well known financial firm as the name hints. The scrip looks good at the moment and the shareholders will soon reap hefty returns. The only thing they have to do is to follow the ‘wait and watch’ policy.

Synovus Financial Corp not in harmonization with profitableness

In recent times, it had been declared that the company had finished all its practical formalities, which were connected to the “Troubled Asset Relief Plan” and that it is now ready for redemption of $968 million of its Series A scrips.

Company’s profit zooms in second quarterly period

The company has registered profit of about $30.7 million in its 2nd quarter from $24.8 million registered in the same period of 2012. The company’s earnings per share stood at $0.03.

The firm’s net interest proceeds fell 5.3% to $202.1 million while non-interest profits for the same period remained at $65.1 million.

Fitch boosts rating for the company

Fitch Ratings has uplifted its long-standing issuer default ranking for the firm by 1 notch to “BB” from “BB-,” relating to news that the banking institution plans to pay back the govt. loaning sums it got during the fiscal disaster.