Synovus Financial Corp. announced the commencement of the company's underwritten public offering. The offering was for US$130 million of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C. Synovus said that they intend to use the net proceeds from the offering to redeem funds previously issued. The net proceeds from the offering together with the proceeds of its recently announced $185 million common stock offering will combine with the company's internal funds. This includes the US$680 million dividend from its wholly owned subsidiary, Synovus Bank. The amount would all be added up to fund the redemption of all 967,870 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A. These were issued to the U.S. Treasury as part of the Capital Purchase Program which was established under the Troubled Asset Relief Program (TARP) for US$967.87 million.

J.P. Morgan Securities LLC was hired as sole book-running manager for the initial public offering.