Synovus Financial Corp. said Monday that it has an agreement to acquire the debt collection and bankruptcy management business of Wallace & de Mayo, Norcross, Ga.

Wallace & de Mayo, which ranked 18th on the list of third-party collectors evaluated by Faulkner & Gray and the Nilson Reports, recorded $18.8 million in revenues in 1998.

Synovus will offer Wallace & De Mayo's collections services to clients of Total System Services Inc. through its subsidiary TSYS Total Solutions. Synovus expects to complete the transaction in the third quarter, pending regulatory approval.

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