Synovus Financial Corp. said Monday that it had completed its spinoff of the transaction processor Total System Services Inc., as planned.
TSYS said it paid a one-time cash dividend of $600 million to its shareholders, including Synovus, which owned 81% of the processor; Synovus said its shareholders received 0.048 shares of TSYS for each share they held in the bank holding company.
Synovus said it would reduce its annual dividend to 68 cents per share, from 82 cents, so that shareholders would continue to receive the same total amount. TSYS' annual dividend is expected to remain at 28 cents per share initially.
The Columbus, Ga., companies said they would make future decisions about dividends independently.
TSYS shares were trading at $27.45 Wednesday morning, down 1.96% from Monday's closing price.
