Synovus Financial Corp. - SNV STOCK NEWS

Synovus Financial Corp. (NYSE: SNV) reported strong financial results for the fourth quarter and year ended December 31, 2021. Net income for 2021 was $727.3 million, or $4.90 per diluted share, a sharp rise from $340.5 million in 2020. Adjusted diluted earnings per share reached $1.35, up 12% from the previous quarter. Total loans grew by $1.4 billion, or 4%, while deposits rose by $1.7 billion, or 4%. The company maintained a strong capital position with a CET1 ratio of 9.49% and completed $200 million in share repurchases.

Synovus Bank has appointed Ken Ho as the new chief analytics officer, a position aimed at enhancing the bank's data sciences and analytics capabilities. Ho brings over 30 years of experience from roles at United Health Care, Citibank, and Morgan Stanley. He will report to Liz Wolverton, EVP and Head of Consumer Banking, and is tasked with leveraging analytics to improve client insights and relationships. The move aligns with Synovus's strategy to adapt to evolving client behaviors and drive sustainable growth.

Synovus has partnered with Visa to launch a mobile virtual commercial credit card solution, enabling businesses to generate and issue virtual Visa cards instantly through a mobile app. This collaboration aims to enhance cash flow management and provide clients with control over corporate spending through specific card settings for employees and vendors. Key benefits include increased visibility on expenses, improved security with unique one-time account numbers, and reduced reimbursement times for businesses.

Synovus Financial Corp. (NYSE: SNV) will announce its fourth quarter 2021 results on January 20, 2022. An earnings press release will precede the 8:30 a.m. ET conference call. Investors can access a live audio webcast and slides online, with a replay available for 12 months post-call. Synovus, based in Columbus, Georgia, manages approximately $56 billion in assets and offers a range of financial services through its 281 branches across the Southeastern U.S.

Synovus has established the Here Matters Community Fund, a $4 million charitable fund aimed at enhancing community investments across its five-state Southeastern footprint. The fund focuses on affordable housing, financial education, and economic development for low-to-moderate income communities. Synovus’ president, Kevin Blair, emphasized the bank's commitment to supporting lasting community change. In 2021, Synovus donated over $3 million to over 500 organizations, with further corporate donation announcements expected in early 2022.

Synovus Financial Corp. (NYSE: SNV) has announced its 2022 Investor Day event, scheduled for February 8, 2022, from 8 a.m. to 12 p.m. ET. The event will feature presentations from President and CEO Kevin Blair, CFO Jamie Gregory, and other executives, focusing on the company’s strategic plans. It will be held at Synovus' corporate office in Atlanta and will also be accessible via a live webcast. Registration is required, and a recording will be available post-event. Synovus manages approximately $56 billion in assets across 281 branches.

Synovus has launched a dedicated restaurant finance team aimed at supporting restaurants in their growth strategies. This team, part of Synovus' wholesale banking division in Atlanta, offers tailored financial solutions including acquisition financing, credit facilities, and treasury management. Led by industry veterans Scott Tocci, Kelly Nyquist, and Jay Sim, the team is positioned to create value for both Synovus and the restaurant sector, recognizing its significant role in economic development across its operational states.

Synovus Financial Corp. (NYSE: SNV) has declared its quarterly dividends. Shareholders will receive $0.33 per share on common stock, payable on January 3, 2022, to those on record by December 16, 2021. Additionally, a dividend of $0.39375 per share for Series D Preferred Stock will be paid on December 21, 2021, for shareholders of record as of December 15, 2021. Series E Preferred Stock shareholders will receive $0.3671875 per share on January 3, 2022, also to record holders by December 15, 2021.

Synovus Bank has appointed Liz Wolverton as head of consumer banking and brand experience, overseeing marketing, digital, and customer functions. Additionally, Susan Pitts has been named COO of the new consumer banking segment, focusing on retail network and client relationship growth. These leadership changes reflect Synovus' strategy to adapt to the evolving retail banking landscape, which is characterized by fewer branches and increased digital use.