Synovus Financial To Get $973 Million Under TARP
Final approval for the Georgia financial-services company to participate in the Treasury Department's Capital Purchase Program requires approval by its shareholders of changes to its articles of incorporation and bylaws.
The program, part of the Troubled Asset Relief Program, is designed to encourage financial institutions to build capital and increase lending to businesses and consumers. The Treasury Department has set aside $250 billion to invest in the country's strongest financial institutions.
Synovus, a midsize regional bank, expects to use the funds to strengthen its capital base, enhance its lending capabilities and position its banks to increase market share.
Synovus' shares closed at $7.89, up 0.9%, and were unchanged in after-hours trading. On Thursday, the stock price fell to a 11-year low of $6.48 as investors wondered whether Synovus would participate in the program.
-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; Kathy.Shwiff@dowjones.com
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(END) Dow Jones Newswires
November 14, 2008 17:48 ET (22:48 GMT)
Publié le 14 novembre 2008 Copyright © 2008 Dowjones
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