COLUMBUS, GA (WTVM) – Columbus-based Synovus Financial Corp.'s posted a loss of $250 million.
The company has been hit hard by declining housing markets, while preserving capital and reducing bad-loan exposure.
Under the government's Troubled Asset Relief Program it received $957.9 million. Click here to view Synovus earnings chart.
Synovus expects foreclosure and credit expenses to remain high in 2010. In addition, officials announced to its Board of Directors it has approved a plan to consolidate the legal charter of it's subsidiary banks-- pending regulartory approvals. The consolidation is expected to reduce the number of bank charters held by the company from 30 to one by summer of 2010.
For more information on its losses, click here.