Synovus Financial Corp | 5.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (SNV.PRE)
Prospectus excerpt: We are offering 14,000,000 shares of Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value, with a liquidation preference of $25 per share (the ìPreferred Stockî). We will pay dividends on the Preferred Stock, when, as, and if declared by our board of directors or a duly authorized committee of our board. From the date of issuance to, but excluding, July 1, 2024, we will pay dividends, when, as, and if declared by our board or such committee at a fixed rate of 5.875% per annum, payable quarterly, in arrears, on January 1, April 1, July 1 and October 1 of each year beginning on October 1, 2019, and ending on July 1, 2024. From and including July 1, 2024, for each reset period, we will pay dividends, when, as, and if declared by our board or such committee at a rate equal to the five-year U.S. Treasury Rate as of the most recent reset dividend determination date (as described elsewhere in this prospectus supplement) plus 4.127% per annum, payable quarterly, in arrears, on January 1, April 1, July 1 and October 1 of each year, beginning on July 1, 2024. Dividends on the Preferred Stock will not be cumulative.
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Synovus Financial is a financial services company and a bank holding company. Through its subsidiary bank, Synovus Bank, Co. provides commercial and consumer services. Co.'s commercial banking services include treasury management, asset management, capital markets services, institutional trust services and commercial, financial and real estate loans. Co.'s consumer banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment and other consumer loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; Internet-based banking services; and bank credit and debit card services. Preferreds: SNV.PRT, SNV.PRC, SNV.PRD, SNV.PRE Open the SNV Information Page » |
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