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...Two deals in 2018 that included meaty premiums — Fifth Third/MB and Synovus/Florida Community — resulted in the shares of both buyers taking an immediate beating....
...Synovus spokesperson Lee Underwood said: “We believe investors recognise that the FCB acquisition will make Synovus a stronger company....
...Two significant regional bank mergers announced in 2018, Synovus/FCB and Cadence/State Bank, have already been cleared and closed. This transaction is far bigger....
...That Synovus has a very unusual shareholder-unfriendly voting scheme doesn’t help either....
...Shares in both Synovus and FCB, both of which also published earnings on Tuesday, fell about 10 per cent. The new lender would have a combined $44bn in assets....
...While Synovus has bounced back since its bail out in the financial crisis, it was still regarded on Wall Street more as a prospective takeover target than a buyer....
...regional banks such as US Bancorp and PNC, with assets over $200bn, would be looking for deals that are “mathematically attractive” in the same way, and looking over somewhat smaller banks such as Regions, Synovus...
...Four banks — SunTrust, Regions, Fifth Third and Synovus — fund almost 90 per cent of loans. On recent earnings calls Synovus was muted about prospects for growth....
...A 10th of Synovus’s market value has been wiped out since it announced the takeover, while FCB shares are down 14 per cent....
...The land and construction costs will be funded by equity from River’s Rock and a debt facility from Synovus Bank....
...Analyst Craig Siegenthaler recommended buying Fifth Third, Zions and Synovus Financia l. But Zions and Synovus both fell, down 1.2 per cent to $15.99 and 2.2 per cent to $1.31 respectively....
...Synovus’s choices include issuing additional stock to raise capital, selling itself, or standing pat as it inches closer to breaking even, the people said....
...Synovus , which has branches across the southern states, rose 10.7 per cent to $1.45. Bank of America rose 7 per cent to $7.48 after a reshuffle of senior management at the much scrutinised bank....
...No decision is imminent, and Synovus had yet to formally engage JPMorgan Chase, its long-time adviser, they said. Synovus and JPMorgan declined to comment....
...When cyberthieves hit, banks make their own position clear, leading to “some pretty tense discussions”, says Kevin Gibson at Synovus Bank of Columbus, Georgia, which has about $30bn in assets....
...Another potential target is Synovus Financial, based in Columbus, Georgia, which has one-third of its $31bn in loans in commercial real estate....
...Regions, SunTrust and Synovus declined to comment. US banks have often been a fertile source of deals....
...Other banks that have sold back-office operations in recent years include Fifth Third Bank, Marshall & Ilsley and Synovus....
...Carolina First Bank, Citizens Republic Bancorp, Huntington Bancshares, Synovus and Whitney Holding were cut to “junk” status after S&P warned of the effects of a transition period on balance sheets as institutions...
...As Bloomberg reports on Thursday, S&P cut five of the US banks to junk states: Carolina First Bank, Citizens Republic Bancorp, Huntington Bancshares, Synovus and Whitney Holding, warning of the effects of...
...Other banks aggressively cutting back on interest rates for depositors include National City, based in Ohio, and Georgia-based Synovus Financial....
...Without getting into details, the only pure play in this space is Synovus, which makes the staple-line reinforcement strips – called Peri-Strips – that are used when sewing up the stomach....
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