COLUMBUS, Ga.–(BUSINESS WIRE)–Synovus Financial Corp. (the “Company”) (NYSE: SNV) announced today that
the Company’s Board of Directors has increased its prior $400 million
share repurchase authorization to $725 million for the year 2019. The
Company has previously repurchased approximately $325 million of its
common stock under the share repurchase program, leaving approximately
$400 million of additional availability during 2019. The Company expects
to fund the share repurchase through a combination of cash on hand,
future cash flow from operations, borrowings and financings.
Under the share repurchase program, the Company may, from time to time
and on or before the program’s expiration date, repurchase shares of its
outstanding common stock in the open market, in privately-negotiated
transactions, or otherwise, subject to applicable laws and regulations.
The extent to which the Company repurchases its shares, and the timing
of such repurchases, will depend upon a variety of factors, including
market conditions, regulatory requirements, capital levels, availability
of funds, and other relevant considerations, as determined by the
Company. The Company may, in its discretion, begin, suspend or terminate
repurchases at any time prior to the program’s expiration, without any
prior notice. Repurchases may also be made pursuant to a trading plan
under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended,
which would permit shares to be repurchased when the Company might
otherwise be precluded from doing so because of self-imposed trading
blackout periods or other regulatory restrictions.
About Synovus
Synovus Financial Corp. is a financial services company based in
Columbus, Georgia, with approximately $47 billion in assets. Synovus
provides commercial and retail banking, investment, and mortgage
services through 297 branches in Georgia, Alabama, South Carolina,
Florida, and Tennessee.
Cautionary Statement Regarding Forward-Looking Information
This communication contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
including, but not limited to, Synovus’ expectations or predictions of
future financial or business performance or conditions. Forward-looking
statements are typically identified by words such as “believe,”
“expect,” “anticipate,” “intend,” “target,” “estimate,” “continue,”
“positions,” “plan,” “predict,” “project,” “forecast,” “guidance,”
“goal,” “objective,” “prospects,” “possible,” or “potential,” by future
conditional verbs such as “assume,” “will,” “would,” “should,” “could”
or “may”, or by variations of such words or by similar expressions.
These forward-looking statements are subject to numerous assumptions,
risks and uncertainties, which change over time. Forward-looking
statements speak only as of the date they are made and we assume no duty
to update forward-looking statements. Actual results may differ
materially from current projections.
These forward-looking statements are made to provide the public with
management’s current expectations with regard to the share repurchase
program. Although the Company believes the expectations reflected in
forward-looking statements are reasonable, there can be no assurances
such expectations will prove to be accurate. Security holders are
cautioned such forward-looking statements involve risks and
uncertainties. Certain factors may cause results to differ materially
from those anticipated by the forward-looking statements made in this
release. Such factors may include, without limitation, the risks,
uncertainties and regulatory developments discussed and described in (i)
the Company’s 2018 annual report on Form 10-K filed with the Securities
and Exchange Commission (the “SEC”) on February 28, 2019, including the
risks described in Part 1, Item 1A, “Risk Factors” thereof, and (ii) the
other reports filed with the SEC. Many of these risks and uncertainties
are beyond the ability of the Company to control, nor can the Company
predict, in many cases, all of the risks and uncertainties that could
cause its actual results to differ materially from those indicated by
the forward-looking statements. The forward-looking statements contained
in this release speak only as of the date of this release, and the
Company expressly disclaims any obligation or undertaking to report any
updates or revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions or
circumstances on which any such statement is based, except as required
by law.
Contacts
Synovus Financial Corp.
Media
contact:
Lee Underwood, 706-644-0528
Media Relations
or
Investor
contact:
Steve Adams, 706-641-6462
Investor Relations
