Synovus contributes $500,000 to AAA Scholarship Foundation

Rhea-AI Summary

Synovus has contributed $500,000 to the AAA Scholarship Foundation to support educational opportunities for students from low- and moderate-income families in Florida. According to Sean Simpson, CEO of Synovus Central/South Florida Division, this donation reflects Synovus's commitment to community service and the transformative power of education. The AAA Scholarship Foundation, through the Florida Tax Credit Scholarship Program, has helped thousands of K-12 students access education tailored to their needs. This contribution will fund over 60 scholarships. Since 2015, Synovus has donated more than $10 million to the AAA Scholarship Foundation and other approved scholarship organizations in Florida. Synovus Bank, headquartered in Georgia, offers a range of banking services, including commercial and consumer banking, wealth services, and more, across branches in Georgia, Alabama, Florida, South Carolina, and Tennessee. Synovus is a Great Place to Work-Certified Company.

Positive

• Synovus's $500,000 contribution will fund over 60 scholarships for low- and moderate-income families in Florida.
• Since 2015, Synovus has contributed over $10 million to educational scholarship programs in Florida.

Negative

• None.

Insights

Financial Analyst

Synovus' $500,000 contribution to AAA Scholarship Foundation, while philanthropic, has minimal direct financial impact on the company's $7.5 billion market cap. The tax credit benefit through Florida's Tax Credit Scholarship Program provides some financial advantage, but the amount is negligible relative to Synovus' overall financial position. The cumulative $10 million contributed since 2015 demonstrates consistent community investment, which can enhance brand reputation and customer relationships in Florida - a key market for Synovus' banking operations. However, this type of corporate social responsibility initiative typically doesn't materially affect stock performance or financial metrics.

Market Research Analyst

From a market positioning perspective, this initiative strengthens Synovus' foothold in the competitive Florida banking market. The contribution strategically aligns with their expansion efforts in Central/South Florida, where building community goodwill is important for regional banks. The scholarship program targets low and moderate-income families - a demographic segment with significant potential for future banking relationships. While the immediate financial impact is neutral, this investment in community relations could yield long-term benefits in customer acquisition and retention, particularly in the growing Florida market where Synovus faces competition from larger national banks.

COLUMBUS, Ga.--(BUSINESS WIRE)-- Synovus has contributed $500,000 to the AAA Scholarship Foundation to provide educational opportunities for students from low- and moderate-income families in Florida.

“At Synovus we believe every child deserves the chance to reach their full potential,” said Synovus Central/South Florida Division CEO Sean Simpson. “Supporting the AAA Scholarship Foundation reflects our commitment to the communities we serve and the power of education to transform lives. Together we’re removing financial barriers to education and opening doors to academic achievement.”

The AAA Scholarship Foundation promotes education by administering student learning opportunities through the Florida Tax Credit Scholarship Program. The foundation has provided thousands of K-12 students with scholarships to access schools best suited to their learning styles and aspirations, paving the way for personal growth and success. The contribution from Synovus will allow the AAA Scholarship Foundation to award more than 60 scholarships to students across Florida.

Since 2015 Synovus has contributed more than $10 million to the AAA Scholarship Foundation and other state-approved scholarship funding organizations in Florida.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and consumer banking in addition to a full suite of specialized products and services, including wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets and international banking. Synovus has branches in Georgia, Alabama, Florida, South Carolina and Tennessee. Synovus is a Great Place to Work-Certified Company. Learn more about Synovus at synovus.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241219941621/en/

Audria Belton

Media Relations

media@synovus.com

Source: Synovus Financial Corp.

FAQ

What is the impact of Synovus's $500,000 contribution to the AAA Scholarship Foundation?

Synovus's $500,000 contribution will fund over 60 scholarships for students from low- and moderate-income families in Florida.

How has Synovus supported education through the AAA Scholarship Foundation?

Since 2015, Synovus has contributed more than $10 million to the AAA Scholarship Foundation and other state-approved scholarship funding organizations in Florida.

What is the purpose of the AAA Scholarship Foundation's Florida Tax Credit Scholarship Program?

The Florida Tax Credit Scholarship Program aims to provide educational opportunities by offering scholarships to K-12 students, helping them access schools best suited to their learning needs.

What banking services does Synovus provide?

Synovus offers commercial and consumer banking, wealth services, treasury management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking.

Where does Synovus operate its banking services?

Synovus operates branches in Georgia, Alabama, Florida, South Carolina, and Tennessee.