AP News

Synovus completes sale of distressed assets


COLUMBUS, Ga. (AP) — Regional bank Synovus Financial Corp. said Thursday it expects to absorb about $155 million in pre-tax charges in the fourth quarter as it completed the sale of roughly $530 million worth of distressed assets.

The company's CEO Kessel Stelling said the transaction would "strengthen our balance sheet, improve asset quality, and enhance future earnings."

The bank based in Columbus, Ga., said the sale was completed effective Dec. 10.

It included $400 million in non-performing assets, $110 million in loans rated accruing substandard and $20 million in loans rated special mention.

Synovus operates retail banks in Georgia, Alabama, South Carolina, Florida and Tennessee.

Company shares fell 2 cents to close at $2.44. They traded as high as $2.60 in October and as low as $1.30 almost a year ago.


Monsanto vs. GMO Haters
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus