Synovus Financial Corp. (NYSE:SNV) Good competition on redemption of the TARP funds


Dallas, Texas 07/29/2013 (Financialstrend) – An announcement is laid by a Georgia based financial services company named Synovus Financial Corp. (NYSE:SNV) that, the company has completed all formalities about Troubled Asset Relief Program (TARP) and is associated with exit procedure. It is done through the redemption amounting to a figure of $968 million, which was included in Company’s series A. The stock was issued to the company to US through the program of capital purchase.

Internally available funds of the company were used for TARP redemption. This fund was amounted to two thirds of its share (it includes dividend amounting to $680 million which was among the whole owned subsidiary of the company, Synovus bank). The net proceeds from $185 million common stock also include an amount of $13o million preferred stocks. The net proceeds fund the balance of redemption.

Synovus is such a financial company that owns $27 billion of their asset in Georgia, Columbia. This includes retail banking, mortgage services, commercial trades, investments etc.  They also have variety of establishments in Florida, Georgia, South Carolina and Alabama.

Forward looking statement

We have securities, exchanges and other filings with the statement which signifies forward looking statement. Under the securities act 1933, all the statements other than statements belonging to the historical fact are specifically known as forward looking statement. There are various words such as believes, anticipates, will, should etc to identify these forward looking statements.  These are also connected to the future business as well as financial performance of the company.

Caution is provided to the prospective investors that any type of such forward looking statement does not provide a guarantee of the future performance. You must be aware of the uncertainties as well as unknown risk in this situation. The information which is presently known to Synovus is a basis of forward looking statements.