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Synovus Financial Corporation (NYSE: SNV)

Corporate Overview

Synovus Financial Corp. is a diversified financial services and bank holding company which provides commercial and retail banking, financial management, insurance, and mortgage services in southeast states of Georgia, Alabama, South Carolina, Florida, and Tennessee. Its retail banking services include accepting customary types of demand and savings deposits; individual, consumer, installment, and mortgage loans; safe deposit services; automated banking services; automated fund transfers; Internet based banking services; and bank credit card services, including mastercard and visa services, as well as commercial banking services comprise commercial, financial, agricultural, and real estate loans. The company also provides various other financial services, which include the portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, and the provision of individual investment advice on equity and other securities; trust services; mortgage services; financial planning services; and asset management services. Synovus Financial Corp. was founded in 1888 and is headquartered in Columbus, Georgia. As of December 31, 2009, it had approximately $32.9 billion in assets, $27.4 billion in total deposits and $2.9 billion in shareholders’ equity and its banks ranged in size from $221.5 million to $7.2 billion in total assets.


Key Trends and Forces

Synovus Financial Corp. shares have been battered over the past two years. The southeast regional bank is still trying to recover from the financial crisis that struck two years back. The firm has reported a net loss for the past six consecutive quarters, and may report loss in upcoming Q12010 as well. The bank officials are confident of return to profitability in fourth-quarter 2010, helped by improving credit trends. The company's efforts were evident in the most recent quarter as well as it managed to significantly trim its loss. Synovs recorded a net loss $249.9 million and a loss per share of 54 cents for the fourth quarter of 2009, compared with a net loss of $634 million and a loss per share of $1.93 in the fourth quarter of 2008.

The bank is pursuing several capital initiatives and sees potential for recovery of deferred tax asset valuation allowance in 2010. Credit costs already appears to have peaked while new problem loans and chargeoffs have fallen. Meanwhile, the non-performing assets are being written off their books. Moreover, the company's loan loss provision is set to fall as well. The firm has already done a remarkable job in cutting the cost of operations and curbing expenses.

Meanwhile, the bank is poised to benefit from diminished competition as a number of banks in the south-east region are going out of business or being taken over by FDIC. The bank is also poised to benefit from a sustained recovery in housing market.



References

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