Synovus completes redemption of TARP funds | Business
July 26, 2013, Columbus, GA– Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, today announced that it has completed its exit from the Troubled Asset Relief Program (“TARP”) through redemption of $968 million of the company’s Series A preferred stock issued to the U.S. Treasury through the Capital Purchase Program.
Over two-thirds of the TARP redemption was funded by internally available funds (including a $680 million dividend from the company’s wholly-owned subsidiary, Synovus Bank). The balance of the redemption was funded by net proceeds from the recently completed $185 million common stock offering and $130 million preferred stock offering.
“The events of the past week are huge for our company, including three ratings agency upgrades, two successful capital offerings, and now the exit from TARP,” said Kessel Stelling, Chairman and CEO of Synovus. “Our company is stronger, our team is energized, and we can now intensify our focus on our customers.”
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