FORM 8-K
 
 
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
September 14, 2009
Date of Report
(Date of Earliest Event Reported)
Synovus Financial Corp.
(Exact Name of Registrant as Specified in its Charter)
         
Georgia   1-10312   58-1134883
         
(State of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
1111 Bay Avenue, Suite 500, Columbus, Georgia 31901
(Address of principal executive offices) (Zip Code)
(706) 649-2311
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     
o
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
    
o
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
    
o
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
    
o
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 8.01   Other Events
Capital Plan
     On September 14, 2009, Synovus Financial Corp. (the “Company”) issued a press release announcing a capital plan pursuant to which the Company will undertake initiatives expected to increase its Tier 1 capital by approximately $400 million and improve its tangible common equity to tangible assets ratio by an amount that is representative of an additional $100 million of capital. The Company also announced a $0.01 per share third quarter dividend on its common stock. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 8.01 by this reference.
Risk Factors
     The Risk Factors included in Exhibit 99.2 and incorporated into this Item 8.01 by this reference update and supersede the factors discussed in Part I under the caption “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2008 (the “2008 10-k“) and in Part II under the caption “Item 1A. Risk Factors” in our Quarterly Reports on Form 10-Q for the period ended March 31, 2009 and June 30, 2009.
Supplemental Information
     The table set forth below supresedes and corrects certain figures as reported in Table 21 — Nonperforming Assets and Past Due Loans in the section captioned “Management’s Discussion and Analysis” of the Company’s 2008 10-K.
 
Nonperforming Assets and Past Due Loans
(Dollars in thousands)
 
                                         
    December 31,  
    2008     2007     2006     2005     2004  
 
Nonperforming loans
  $ 921,708       342,082       96,622       82,175       80,456  
Other real estate
    246,121       101,487       25,923       16,500       21,492  
Impaired loans held for sale
    3,527       —       —       —       —  
                                         
Nonperforming assets
  $ 1,171,356       443,569       122,545       98,675       101,948  
                                         
Net charge-offs
  $ 469,195       117,055       60,217       58,665       41,515  
Net charge-offs/average loans
    1.71 %     0.44       0.24       0.27       0.21  
Loans 90 days past due and still accruing interest total outstanding
  $ 38,794       33,663       34,495       16,023       18,138  
                                         
As a % of loans
    0.14 %     0.13       0.14       0.07       0.09  
                                         
Total past due loans and still accruing
  $ 362,538       270,496       155,058       93,291       84,458  
As a % of loans
    1.30 %     1.02       0.63       0.44       0.43  
Allowance for loan losses
  $ 598,301       367,613       314,459       289,612       265,745  
                                         
Allowance for loan losses as a % of loans
    2.14 %     1.39       1.28       1.35       1.36  
                                         
As a % of loans and other real estate:
                                       
Nonperforming loans
    3.28 %     1.29       0.39       0.38       0.41  
Other real estate
    0.88       0.38       0.11       0.08       0.11  
                                         
Nonperforming assets
    4.16 %     1.67       0.50       0.46       0.52  
                                         
Allowance for loan losses to nonperforming loans
    64.91 %     107.46       325.45       352.43       330.30  
                                         

2

 

             
Item 9.01   Financial Statements and Exhibits
 
            
 
  (d)       Exhibits
 
            
 
  Exhibit No.   Description
 
            
 
  99.1       Synovus press release dated September 14, 2009—filed herewith
 
            
 
  99.2       Supplemental Information—filed herewith

3

 

Signature
     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  SYNOVUS FINANCIAL CORP.
 		  
Dated: September 14, 2009  By:   /s/ Samuel F. Hatcher   
    Samuel F. Hatcher   
    Executive Vice President,
General Counsel and Secretary 		  
 

4