Synovus Financial Corp. (SNFOP) Files An 8-K Other EventsItem 8.01
On November 8, 2016, Synovus Financial Corp.’s (the “Company”) wholly owned banking subsidiary, Synovus Bank (the “Bank”), received final approval from the Federal Reserve to become a state member bank (the “Fed Membership”). Accordingly, upon the effective date, the Bank’s primary federal supervisor will be the Board of Governors of the Federal Reserve System, acting through authority delegated to the Federal Reserve Bank of Atlanta. The Bank anticipates that the Fed Membership will be effective as of November 17, 2016.
As a financial holding company, the Company already is supervised by the Federal Reserve Bank of Atlanta, and the Company believes that the Bank’s Fed Membership will streamline the Company’s regulatory oversight structure by having a single federal supervisor for both the Company and the Bank.
Both the Company and the Bank will continue to be regulated by the Georgia Department of Banking and Finance. The Bank’s deposits will continue to be insured by the Federal Deposit Insurance Corporation, in accordance with applicable limits.
About Synovus Financial Corp. (SNFOP)