Synovus Reduces Quarterly Common Stock Dividend - WTVM.com-Columbus, GA News Weather & Sports

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Synovus Reduces Quarterly Common Stock Dividend

Press Release

COLUMBUS, GA - Synovus (NYSE:SNV) announced Tuesday that its Board of Directors has reduced the quarterly dividend payable on the company's common stock from $0.06 to $0.01 per share, effective for the dividend payable April 1, 2009, to shareholders of record on March 19, 2009. This action will enable the company to retain an estimated additional $66 million in retained earnings per year.

"While our capital position is strong, the uncertainties in today's unprecedented economic conditions require that we elevate capital preservation to the highest priority. A strong capital position provides the greatest value as it cushions against credit losses and positions us to emerge with strength from this weak economic cycle," said Richard Anthony, Chairman and Chief Executive Officer.

"We do not take lightly the importance of the dividend to shareholders, but believe the current environment requires strong precautionary measures. Our highest priority is keeping our company healthy and strong for the future," Anthony added.

The company said it intends to return to a more normalized dividend payout when economic conditions have stabilized.

Courtesy: Synovus

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