Synovus Financial Corp. called off a planned exchange of common stock for subordinated notes due to strong demand last week for its common stock offering.

The $32 billion-asset Columbus, Ga., banking company said it will return any of the notes that were already tendered. The original plan had been to swap 97 million shares of common stock for the notes, due in 2017.

Synovus, however, sold more than $1 billion in stock and tangible equity units last week, exceeding its original plan by 67% and leading the company to call off the other part of its capital plan.

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.