The Bank Slate


Synovus in Ga. selling $1.6B of consumer, CRE loans

Synovus Financial in Columbus, Ga., is selling more than $1.6 billion of loans.

The $60.7 billion-asset company disclosed in a regulatory filing that it sold $316 million of consumer loans, with another $22 million set to sell in the third quarter. The loans, originated by third parties, were sold at a 5.7% loss.

Synovus also has an agreement to sell $1.3 billion of medical office commercial real estate loans in a deal that is expected to result in an after-tax net loss of roughly $25 million. The sale is expected to close during the third quarter.

Separately, the company said it incurred about $19 million in one-time termination benefits in July tied to a voluntary early retirement program.

Leave a Reply

Your email address will not be published. Required fields are marked *