False alarm at Synovus
Posted on November 16, 2009 at 7:38 amThe parent of The Bank of Nashville says its capital levels are still where the regulators want them.
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Making the case for Synovus
Posted on September 23, 2009 at 7:13 amHedge fund manager Tom Brown says the parent of The Bank of Nashville is just his kind of stock, especially after the recent capital raise.
But the company’s outlook isn’t nearly as bleak as the market seems to think. In the runup to an equity offering last week (about more of which in a minute) the company made it pretty clear that it’s in the process of getting its credit issues under control, and that its underlying profitability is strong. In particular Synovus says that its ongoing program of aggressive problem loan disposition is on track, and that the run-rate on new non-performers continues to improve. Meanwhile, pre-tax, pre-credit cost earnings continue to rise.
Shares of Synovus (Ticker: SNV) have traded either side of $4 for most of the past two months.
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Bank of Nashville parent to raise capital
Posted on September 15, 2009 at 7:08 am
Synovus Financial Group, the parent of The Bank of Nashville since 2002, plans to raise $500 million by selling stock, exchanging some of its debt and other moves. The company booked a big first-half loss after booking $920 million in loan loss provisions. The news of the capital plan was announced after hours, which resulted in Synovus shares (Ticker: SNV) giving back all the gains from a strong trading day Monday.
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Nashville loans also a pain in Synovus’ you-know-what
Posted on July 24, 2009 at 6:43 amSynovus Financial, the parent company of The Bank of Nashville, says it has its hands full with its loan portfolio in Nashville and Memphis. The Bank of Nashville lost almost $70 million in the year ended March 31, mostly due to asset writedowns.
SEE ALSO: Synovus’ earnings and similar messages from Green Bankshares and Cadence Financial as well as a sobering thought from Pinnacle CEO Terry Turner
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Synovus president out
Posted on May 28, 2009 at 9:32 am
Fred Green, president and COO of the parent of The Bank of Nashville since the fall of 2006, is stepping down for undisclosed reasons. Prior to his most recent role, he was vice chairman of the holding company. (Ticker: SNV)
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Bank of Nashville now in Publix ATM network
Posted on April 28, 2009 at 12:39 amThe bank’s parent, Synovus Financial, recently joined Publix’s extensive list of Presto! members.
Customers of banks affiliated with Synovus can now access more than 1,000 ATMs, free of charge, across Georgia, Alabama, South Carolina, Florida and Tennessee. Presto! is owned by the Publix grocery store chain, which has a geographic footprint consistent with locations of Synovus banks.
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Synovus unit takes over failed Georgia bank
Posted on April 24, 2009 at 6:44 pmBank of North Georgia, an Atlanta-area sister of The Bank of Nashville, will assume more than $50 million in deposits and $30 million in assets formerly belonging to American Southern Bank. It’s the fifth bank failure in Georgia this year.
Analyst: First Horizon won’t need to raise more capital
Posted on April 9, 2009 at 8:48 amKeefe Bruyette & Woods analyst Jefferson Harralson says loan losses at the Southeast’s top regional banks will rise further this year but that the parent of First Horizon has enough of a cushion to avoid needing to raise more capital. The same goes for Synovus, the parent of The Bank of Nashville, but Harralson expects Regions and SunTrust to have to make a move by the end of the year.
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Bank of Nashville parent cuts dividend
Posted on March 11, 2009 at 9:44 pmSynovus Financial joins the list of banks hoarding their cash. The cut will save the Georgia-based company (Ticker: SNV) $66 million per year.
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Ya know how we always say we don’t wanna be Atlanta?
Posted on January 22, 2009 at 3:59 pmSynovus Financial, the parent of The Bank of Nashville, says the wrecked housing market in the Capital of the South is wreaking havoc on its income statement. The company (Ticker: SNV) lost $637 million last quarter, a number that included a goodwill charge of more than $400 million.
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Still very much in the middle of the woods
Posted on January 2, 2009 at 5:13 pmSynovus Financial (Ticker: SNV), the parent of the Bank of Nashville, says it needs to hike its loan loss reserves and charge-offs, mainly because of Atlanta’s housing market.
UPDATE: Uh, it’s actually worse – by $100 million.
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Bank of Nashville parent gets TARP cash
Posted on December 19, 2008 at 1:17 pmSynovus Financial (Ticker: SNV) will get almost $1 billion from the Treasury.
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