| Synovus Financial issued a statement today in response to inquiries regarding the company’s capital position and ability to absorb additional losses and still meet applicable regulatory minimum capital requirements. Synovus reaffirmed its capital position through a media release on November 13 and, today, further reiterates its belief in its capital adequacy under the guidelines of the SCAP stress testing. Richard Anthony, Synovus Chairman and CEO stated, “While we do not believe our credit losses will reach the SCAP ‘More Adverse’ scenario levels, which would imply credit losses of almost $3.3 billion between January 1, 2009 and December 31, 2010, we believe that we have the capital and earnings capacity that would be needed under that scenario. We are pleased with our current core deposit trends as we continue to increase the core deposit funding percentage of our loan portfolio. Also, we continue to have improvements in the mix of core deposits as we focus on the growth of transaction accounts rather than higher cost time deposits.” :theflyonthewall.com |
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