COLUMBUS, Ga. -- Synovus Financial Corp. said its brokerage subsidiary has agreed to pay a $200,000 civil penalty to the Securities and Exchange Commission to settle charges of violating municipal bond-trading rules.

The settlement, in which Synovus also agreed to hire a consultant to review its compliance procedures, ended an investigation into trades that a former president of Synovus Securities Inc., Clark L. Reed Jr., handled for six clients between 1988 and 1991.

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