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The Georgia company is ready to return to buying banks, but it isnt looking for a game changer. Rather, management wants to ease into consolidation by acquiring a smaller institution.
October 21 - Georgia
SunTrust Banks has promoted its Atlanta market leader to a new position in wholesale banking and has named its first woman executive to lead the Atlanta market.
October 23 -
Regions Financial in Birmingham, Ala., has acquired BlackArch Partners, a Charlotte, N.C., firm that handles M&A for middle-market companies.
October 23
Synovus Financial in Columbus, Ga., plans to issue $250 million in subordinated notes to fund potential acquisitions or refinance other debt.
The $28.2 billion-asset company is poised to restart its role as an
The parent company of Bank of North Georgia, Tallahassee State Bank in Florida and other banks will issue fixed-to-floating notes due 2025. The notes will carry a fixed 5.75% rate for 10 years, then reset to the then-current three-month Libor plus 418.2 basis points. The offering is expected to close Dec. 7.
In addition to possible M&A deals, Synovus may use the proceeds for share repurchases and general corporate purposes. Synovus may also use the funds to repay previous debt at or prior to maturity, including 5.125% subordinated notes set to come due 2017.
Sandler O'Neill is financial adviser on the debt offering. Alston & Bird is legal counsel.
