Broadway Asset Management, a holding company created by Synovus Financial Corp. last quarter, will isolate troubled property on the company's balance sheet and eventually sell it, the company's top executives said last week.

"What you've accomplished from this is two things: removing the distraction from the local bankers and, secondly, putting these assets into the direct hands of professional asset managers," said Tommy Prescott, Synovus' chief financial officer in an interview. "We don't want to be in the real estate business. We want to be in the banking business."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.