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The Columbus, Ga., company reported higher quarterly earnings, helped by a $800 million deferred tax asset, and quieted M&A talk for now.
January 22 -
Synovus Financial posted stronger fourth-quarter earnings after it recaptured substantially all of the value of its deferred tax asset.
January 22
Synovus Financial (SNV) is adding a director while losing two others.
The $27 billion-asset company said Monday it has nominated Barry Storey to serve on its board.
Shareholders of the Columbia, Ga., company are expected to vote on the nomination at the company's annual meeting on April 25.
The nomination coincides with a decision by directors Frank Brumley and H. Lynn Page to step down because they've reached the mandatory retirement age. T. Michael Goodrich, who has served on the board since 2004, will replace Brumley as lead director.
The changes would trim the board by one, to 14 members.
Brumley has been a Synovus director since 2004. Page, who has served on the board since 1978, also held a series of executive posts at Synovus over the course of 25 years with the company and helped to develop its payments processing business.
Storey is founding partner of an Augusta, Ga., real estate development firm that bears his name and an advisory trustee at the University of Georgia foundation. He also serves as on the advisory board of Synovus' AFB&T division.
Kessel Stelling, Synovus' chairman and chief executive, said in a press release the board would "benefit tremendously" from Storey's business experience.
