Synovus Financial Corp. announced the pricing of its 59,870,550 million shares priced at $3.09 per share. The companys said that they are expecting to generate net proceeds of approximately US$175 million from the offering. The closing date for the transaction was set for July 24, 2013.

Synovus Financial Corp. said that they intend to utilize the net proceeds from this offering, along with net proceeds of a scheduled US$130 million preferred stock offering and a US$680 million dividend coming from its subsidiary bank. The total net proceeds will be used to redeem 967,870 shares from the company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, which were issued to the US Department of the Treasury. The issuance of stocks were pursuant to the Capital Purchase Program that was part of the Troubled Asset Relief Program.

J.P. Morgan Securities LLC was hired as the sole book-running manager for the offering, and Sandler O'Neill + Partners, L.P. and Goldman Sachs & Co. served as the co-managers for the deal.