Georgia-based regional banking company Synovus Financial has seen an improvement in both its financial performance and business position in recent quarters, in our opinion. We are raising our long-term counterparty credit rating on Synovus Financial to 'B+' from 'B' and on Synovus Bank to 'BB' from 'BB-'.  The outlook on the ratings is positive. We expect that loan performance will improve further in 2013 and that the company could redeem its TARP preferred shares in the second half of 2013, which we would likely view favorably.

“We continue to be encouraged by positive signs such as this,” states Mark Lane, President and CEO of SB&T Bank, the local affiliate of Synovus Bank.  “This news comes on the heels of six consecutive quarters of profitability include a recent fourth quarter earnings announcement of $713 million. Based on these successes, Synovus and its affiliates are off to a good start in 2013.”

SB&T is a division of Synovus Bank, serving Dougherty, Lee and Sumter Counties.