(BUSINESS WIRE)--In response to recent questions, Synovus Financial Corp. (NYSE: SNV) today (November 13) reaffirms that it is not under a regulatory requirement to raise additional capital. The company’s capital position remains strong. Synovus is considered well-capitalized by regulatory standards and its ratios compare favorably to those of its peers. As of September 30, 2009, Synovus’ Tier 1 Capital Ratio was 10.48 percent compared to the regulatory minimum of 6.00 percent to be considered well-capitalized. The company’s Total Risk-Based Capital Ratio of 13.84 percent is well above regulatory minimums of 10.00 percent.
Synovus Chairman and CEO Richard Anthony commented, “Synovus continues to manage credit in a proactive and aggressive manner. Given our strength of capital combined with our continued focus on disposing of non-performing assets and improvements in core operating results, we remain confident in our belief that we have the opportunity to achieve profitability during 2010.”
Forward Looking Statements
This press release and certain of our other filings with the Securities and Exchange Commission contain statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, our statements regarding our belief in our opportunity to achieve profitability during 2010 and the assumptions underlying our expectations. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. A number of important factors could cause actual results to differ materially from those contemplated by the forward- looking statements in this press release and our filings with the Securities and Exchange Commission. Many of these factors are beyond Synovus’ ability to control or predict. Factors that could cause actual results to differ materially from those contemplated in this press release and our filings with the Securities and Exchange Commission include the factors set forth in Synovus’ filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K. We believe these forward-looking statements are reasonable; however, undue reliance should not be placed on any forward-looking statements, which are based on current expectations. We do not assume any obligation to update any forward-looking statements as a result of new information, future developments or otherwise.
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Saturday, November 14, 2009
Synovus Reaffirms Capital Position
Friday, February 27, 2009
Companies Across U.S. Poised for Growth Under Cap on Carbon
/PRNewswire-USNewswire/ -- Environmental Defense Fund today released a groundbreaking online map that identifies and profiles more than 1,200 companies in key manufacturing states poised to grow their business and create new jobs when Congress passes a cap on global warming pollution.
The interactive map, online at LessCarbonMoreJobs.org, was released at the first meeting of Vice President Joe Biden's task force on middle class jobs in Philadelphia. It highlights hundreds of companies and communities in coal country, the rust belt and other manufacturing regions poised to benefit from demand for clean energy technologies created by a cap on carbon.
Vice President Biden hosted EDF President Fred Krupp and a range of experts to highlight new ways to increase renewable energy jobs and improve America's energy efficiency. Krupp said EDF's map shows that a carbon cap will create new markets and new customers for companies in the supply chain for low-carbon energy technologies and services.
"Our nation is rich with a skilled and dedicated workforce waiting for the economic opportunity that comes with a cap on carbon, especially in the current economy," said Krupp. "A cap creates customers for U.S. manufacturers, and new customers mean new jobs. If there was ever a time we needed new customers at home and abroad, that time is now."
LessCarbonMoreJobs.org identifies the locations, products, and services as well as select case studies and worker profiles for companies in 12 states: Michigan, Ohio, Pennsylvania, Indiana, New Hampshire, Arkansas, Tennessee, Colorado, Georgia, Missouri, Virginia and Florida.
Jackie Roberts, Director of Sustainable Technologies for EDF, spearheaded the research behind the website. "These maps tell the story of how a cap can fuel economic growth in the heartland while reducing America's global warming pollution," Roberts said. "There is a manufacturing boom ready to happen, and a cap will help ignite that spark."
LessCarbonMoreJobs.org allows visitors to search by state, Congressional district and media market to find companies manufacturing windmill components, shipping solar panel equipment and installing energy efficient building materials. The site also provides business details and contact information for companies in each profiled state.
Among the business leaders highlighted is Jeff Metts, owner and president of Dowding Industries, a Michigan-based manufacturer of large-scale machinery and parts that is hiring laid-off auto workers to build wind turbine components.
"This business is growing exponentially," Metts said. "I don't come here as the owner of a company that last year employed 250 people, I come here excited about being the owner of a company that will create hundreds of jobs for our community and the possibility of thousands of jobs for our state in this new energy market. We've tapped into a workforce eager to apply their skills from previous jobs to our new ventures, and the result has been incredible. We're ready to do much more."
Abe Breehey, Director of Legislative Affairs for the International Brotherhood of Boilermakers, said, "The demand for climate solutions will create job opportunities across the economy. We can put American ingenuity and skills to work to reduce emissions, with all the necessary labor and materials to make it happen. With the right market signals, we can turn the jobs union members do everyday into the environmental solutions our nation needs to meet this enormous challenge."
Bill Keith, president of the St. John, Indiana-based Sunrise Solar, Inc., echoed Breehey's comments.
"We're producing solar-powered attic fans, trying to keep up with a demand that's skyrocketing," Keith said. "We saw a market for energy efficient products and technologies that help consumers reduce their energy consumption, and we've been greeted with overwhelming support and demand. But we know there's much more to do. We are hoping that Congress finally puts the economy on a path to embrace these technologies. My operation is ready to grow, and I know others companies like mine are ready too."
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Friday, February 6, 2009
Unemployment Rises, Yet Profiles International Reports Hiring in Select Sectors
/PRNewswire/ -- Profiles International, the world leader in employment evaluation and human resource management assessment tools, has identified growing job sectors despite the latest unemployment figures.
"The silver lining behind the ongoing employment clouds is that select sectors of the economy remain vibrant, with numerous unfilled positions," said Jim Sirbasku, co-founder and CEO of Profiles International. "We have clients in healthcare, transportation / logistics and financial services that continue to add to their payrolls."
According to the Bureau of Labor Statistics (BLS) of the U.S. Department of Labor, nonfarm payroll employment fell in January 2009 by 598,000 and the unemployment rate rose from 7.2 to 7.6 percent. Job loss was distributed across most major industry sectors.
However, Profiles International continues to experience demand for personnel evaluation and assessment from clients that are looking to hire. For example, credit unions are expanding as traditional financial institutions continue to shrink their workforces. Demand for skilled healthcare professionals at all levels continues to remain strong, while segments of the transportation industry have rebounded due to the drop in fuel prices, and are now expanding their workforces.
While the overall U.S. economy still has not begun its recovery, Sirbasku said preemptive layoffs will actually hurt many companies in the long run.
"A strong staff and viable workforce is the greatest asset a company can have because it's the biggest investment a company will ever make," he said. "Releasing talented workers in anticipation of an uncertain economic future is often a costly mistake that can mortgage a company's future. It is far better that companies put off capital investments, which can always be made when the economic conditions strengthen."
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Tuesday, November 18, 2008
Ford Sells a Portion of Its Stake in Mazda; Two Companies Will Continue Strategic Relationship
-- Ford Motor Company said it will sell a portion of its ownership stake in Mazda Motor Corp., and the two companies will continue their successful strategic relationship. The ratio of Ford's ownership of Mazda stock has been reduced from 33.4 percent to just over 13 percent.
-- The action is in line with Ford's plan to strengthen its balance sheet and ensure it has the resources to fund its product-led transformation plan focusing on the Ford brand worldwide.
-- Under the new agreement, Ford and Mazda will continue their ongoing joint ventures, as well as the sharing of platforms and powertrains. Ford and Mazda's nearly 30-year relationship has been and continues to be an effective way to utilize the resources of both organizations and maximize joint synergies.
-- The divestiture of Ford's shares in Mazda will be accomplished both through the sale of shares to Mazda and the sale of shares to a group of Mazda's strategic business partners.
/PRNewswire-FirstCall/ -- Ford Motor Company (NYSE:F) today announced it has entered into an agreement to sell a portion of its stake in Mazda Motor Corp. and that the two companies will continue their successful strategic relationship that spans nearly 30 years.
In line with Ford's plan to strengthen its balance sheet and ensure it has the resources to implement its product-led transformation plan focusing on the Ford brand worldwide, the company said it is reducing its stake in Mazda from 33.4 percent to just over 13 percent.
Under the agreement, the divestiture of Ford's shares in Mazda will be accomplished both through the sale of shares to Mazda and the sale of shares to a group of Mazda's strategic business partners. The sales of the Mazda shares will net Ford approximately $540 million.
"This agreement allows Ford to raise capital that will help fund our product-led transformation, and at the same time, allows Ford and Mazda to continue our successful strategic relationship in the best interest of both companies," said Ford President and CEO Alan Mulally. "Ford will continue to focus on the Ford brand worldwide and deliver the products our customers really want and value."
Ford and Mazda will continue their ongoing joint ventures, as well as the sharing of platforms and powertrains. Ford will remain Mazda's largest shareholder and will maintain a seat on Mazda's Board of Directors.
"The sale of Mazda shares by our partner, Ford, will not result in any change in Mazda's strategic direction and we will continue to accelerate our product-led brand improvement and cost innovation initiatives," said Mazda Chairman, President and CEO Hisakazu Imaki. "We will continue our strategic relationship through our ongoing joint ventures with Ford, as well as the sharing of platforms and powertrains."
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Friday, November 14, 2008
SBA Announces New Ways to Improve Small Businesses Access to Capital
(BUSINESS WIRE)--In response to the credit crunch, today SBA’s Acting Administrator Sandy K. Baruah announced important loan program changes to help the agency’s lending partners increase access to capital for small businesses.
First, an interim final rule allowing new SBA loans to be made with an alternative base interest rate, the one month LIBOR rate (London Interbank Offered Rate), in addition to the prime rate, which was previously allowed. In the past 60 days, both the prime and LIBOR rates have not yet returned to their historical relationship—of roughly 300 basis points between the two rates. The mismatch between the rates is squeezing SBA lenders out of the lending market, since their costs are based on the LIBOR rate.
“This change will help more small businesses obtain capital to grow their businesses and create new jobs,” Baruah said. “By allowing both rates, SBA is making its programs more flexible, increasing opportunities to access capital and giving both lending partners and small business customers more options to meet their needs.”
The second change allows a new structure for assembling SBA loans into pools for sale in the secondary market. The enhanced flexibility in loan pool structures can help affect profitability and liquidity in the secondary market for SBA guaranteed loans, especially with the current market conditions. Because the average interest rate is used, these pools are easier for pool assemblers to create, thus providing incentives for more investors to bid on these loans.
“The challenge small businesses face today is not the cost of capital, it is access to capital,” said Baruah. “Interest rates are at historically low levels meaning money is inexpensive, yet lenders aren’t lending and borrowers aren’t borrowing. This indicates markets are frozen due to liquidity concerns. This interim final rule is an important step to reenergize the lenders to make SBA-backed loans and will help open the gateway of capital for entrepreneurs.”
“SBA moved quickly on these changes after consulting with small businesses, lending partners and other government agencies,” said Eric R. Zarnikow, SBA’s Associate Administrator for the Office of Capital Access. “We’re confident these solutions will help free up capital so lenders can continue to make SBA-backed loans.”
By addressing market issues that were impeding the funding streams for both lenders and small businesses, SBA is making capital more available to America’s small businesses. The SBA will be issuing additional technical guidance to lenders in the coming weeks relating to the implementation of these important changes.
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Tuesday, October 14, 2008
Southeast Venture Conference Announces Call for Presenting Companies
PRNewswire/ -- The 2009 Southeast Venture Conference announced it is actively seeking showcase companies for its third annual event set for March 11-12, 2009 at Atlanta's Intercontinental Buckhead Hotel.
The conference selection committee, made up of top venture capitalists from around the region, is seeking high growth, innovative companies from a multitude of industries and stages. Southeast Venture Conference presenting companies will have proven management teams and unique market and/or technology positions.
The conference will feature a combination of both early and later stage firms, with previous presenting companies ranging from pre-revenue to firms with over $30 million in revenue.
Over 40 presenting companies will showcase their technologies before a regional and national audience of venture capitalists, private equity investors, angel investors, investment bankers and the technology service community. Presenting companies must be headquartered in one of the following: Alabama, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia or Washington DC.
The application deadline for presenting companies is set for November 14th, 2008. Additional details on presenting or registration information can be found at www.seventure.org .
The sold-out 2007 and 2008 SEVC's held in Research Triangle Park, NC and Tysons Corner, VA respectively featured over $80 billion in private equity investment capital represented in attendance.
In addition to presenting companies, the conference will feature exclusive networking opportunities, featured speakers and a number of investor/executive oriented panels.
Tim Draper, founder and managing director of venture capital heavyweight Draper Fisher Jurvetson, has been announced as one of the conference's keynotes.
About the Southeast Venture Conference
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Wednesday, September 24, 2008
Third Annual Southeast Venture Conference Set for March 11-12th in Atlanta
PRNewswire/ -- The third annual Southeast Venture Conference (SEVC) is set for March 11-12th, 2009 at the Intercontinental Buckhead Hotel in Atlanta.
The SEVC is the opportunity for private equity investors to network with the most promising emerging growth companies in the southeast region and for pioneering entrepreneurs to make the connections that empower their companies to become tomorrow's business leaders.
The Southeast Venture Conference agenda will feature approximately 40 of the region's top private technology firms, a number of high profile speakers and exclusive panels geared to a national audience of venture capitalists, private equity investors, and executive entrepreneurs.
The SEVC has featured over 80 of the most dynamic technology and business speakers including names like craigslist founder Craig Newmark, Virginia's Governor and Nextel founder Mark Warner, former Apple CEO John Sculley, SAS CEO Dr. Jim Goodnight and Salesforce.com president Jim Steele to name a few.
Presenting companies will range from early stage firms seeking their first institutional round to later stage pre-IPO firms seeking expansion capital based in: Alabama, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and Washington DC.
The sold-out 2007 and 2008 SEVCs held in Research Triangle Park, NC and Tysons Corner, VA respectively -- featured over $80 billion in private equity investment capital in attendance.
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