Synovus clear of TARP program
COLUMBUS — Synovus (NYSE: SNV), the Columbus-based financial services company, has repaid loans from the Troubled Asset Relief Program (TARP) through the redemption of $968 million in stock.
More than two-thirds of the TARP redemption was funded by internally available funds, including a $680 million dividend from the company’s wholly-owned subsidiary, Synovus Bank, the company said.
The rest was funded by net proceeds from a $185 million common stock offering and $130 million preferred stock offering.