Synovus Financial Corp. (NYSE: SNV) today announced the pricing of 255 million shares of common stock and 12 million tangible equity units (or tMEDS), with a stated amount per unit of $25.  The common stock priced at $2.75 per share, generating net proceeds of approximately $668.4 million.  The tMEDS priced at $25 each, generating net proceeds of approximately $290.1 million (of the $300 million of tMEDS, approximately $238.8 million counted as equity).  Proceeds from the offerings will be used for working capital and general corporate purposes.

The underwriters of the common stock offering have a 30-day option to purchase up to an additional 38,250,000 shares of common stock to cover over-allotments.  The underwriter of the tMEDS offering has a 13-day option to purchase up to an additional 1,800,000 tMEDS to cover over-allotments.

Each tMEDS is composed of a prepaid stock purchase contract and a junior subordinated amortizing note.  Each stock purchase contract has a settlement date of May 15, 2013 and will settle for between 7.5758 and 9.0909 shares of Synovus common stock, subject to adjustment as described in the final prospectus relating to the tMEDS offering.  The amortizing notes will pay holders equal quarterly installments of $0.515625 per amortizing note, which in the aggregate will be equivalent to a 8.25% cash payment per year with respect to each $25 stated amount of tMEDS, and the amortizing notes have a scheduled final installment payment date of May 15, 2013.  Synovus has the right to defer installment payments on the amortizing notes at any time and from time to time but not beyond May 15, 2015.

J.P. Morgan Securities Inc. served as sole book-running manager of each of the offerings.

Synovus conducted the offerings pursuant to an effective registration statement under the Securities Act of 1933, as amended.  Each offering was made solely by means of a separate prospectus supplement and accompanying prospectus.  This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.  A copy of the preliminary prospectus supplement and accompanying prospectus relating to each offering can be obtained by contacting J.P. Morgan Securities Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling 866-803-9204.  Potential investors should first read the applicable prospectus supplement and accompanying prospectus, the registration statement and the other documents that Synovus has filed with the Securities and Exchange Commission in connection with the applicable offering.  Investors may obtain these documents free of charge by visiting the SEC's website at www.sec.gov.