About Synovus Financial

Synovus Financial Corp. and its subsidiaries (Synovus) operate as a financial services company. The company provides commercial and consumer banking in addition to a full suite of specialized products and services including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, capital markets, and international banking to the company's clients through the company's wholly-owned subsidiary bank, Synovus Bank, and other offices in Alabama, Florida, Georgia, South Carolina, and Tennessee. Banking Operations Synovus conducts its banking operations through Synovus Bank. Synovus Bank is a Georgia state-chartered bank and operates primarily throughout Alabama, Florida, Georgia, South Carolina, and Tennessee. Synovus Bank offers commercial and consumer services. The company's commercial banking services include commercial, financial, and real estate lending, treasury management, asset management, capital markets services, and institutional trust services. The company's consumer banking services include accepting customary types of demand and savings deposits accounts; mortgage, installment, and other consumer loans; investment and brokerage services; safe deposit services; automated banking services; automated fund transfers; internet-based banking services; and bank credit and debit card services, including Visa and MasterCard services. Synovus Bank operates branches and ATMs across the company's footprint. Non-bank Subsidiaries In addition to the company's banking operations, the company provides various other financial services to the company's clients through the following direct and indirect wholly-owned non-bank subsidiaries: Synovus Securities, headquartered in Columbus, Georgia, which specializes in professional portfolio management for fixed-income securities, investment banking, the execution of securities transactions as a broker/dealer, asset management, and financial planning services, and the provision of individual investment advice on equity and other securities; and Synovus Trust, headquartered in Columbus, Georgia, which provides trust, asset management, and financial planning services. Throughout 2023, Synovus' core strategic focus remained on expanding and diversifying the franchise in terms of revenue, profitability, and asset size while maintaining a relationship-based approach to banking. Synovus began 2023 with a continued focus on a streamlined strategic plan centered on growth and performance through four core pillars: reposition for advantage, simplify and streamline, adopt high-tech meets high touch, and enhance talent and culture. Various strategic initiatives supported each of these pillars, with a prioritization on such matters as investing in commercial growth, fortifying consumer banking, optimizing wealth, refreshing the brand, re-imagining the client journey, automating systems and processes, using advanced analytics, enhancing modern core enabled banking products, developing diverse leaders, and establishing a growth based culture. With the bank failures beginning in March and continuing into May 2023, however, Synovus adapted its strategy to robustly manage through the crisis, focusing on safety and soundness through additional liquidity and deposit generation initiatives across all lines of business, overall credit vigilance, enhanced industry and sector monitoring, and optimized capital management. Loans Commercial Loans Commercial and Industrial Loans The C&I loan portfolio represents the largest category of Synovus' loan portfolio and is primarily comprised general middle market and commercial banking clients across a diverse set of industries as well as certain specialized lending verticals. Commercial Real Estate Loans CRE loans primarily consist of income-producing investment properties loans. Additionally, CRE loans include 1-4 family properties loans, as well as land and development loans. Investment Properties Loans Investment properties loans consist of construction and mortgage loans for income-producing properties and are primarily made to finance multi-family properties, office buildings, hotels, shopping centers, warehouses and other commercial development properties. 1-4 Family Properties Loans 1-4 family properties loans include construction loans to home builders and commercial mortgage loans related to 1-4 family rental properties and are almost always secured by the underlying property being financed by such loans. These properties are primarily located in the markets served by Synovus. Land and Development Loans Land and development loans include commercial and residential development, as well as land acquisition loans and are secured by land held for future development, typically in excess of one year. Properties securing these loans are substantially within markets served by Synovus, and loan terms generally include personal guarantees from the principals. Consumer Loans The consumer loan portfolio consists of a wide variety of loan products offered through Synovus' banking network, including first and second residential mortgages, home equity, and consumer credit card loans, as well as both secured and unsecured loans from third-party lending. Deposits As of December 31, 2023, the company's deposits included non-interest-bearing demand deposits; interest-bearing demand deposits; money market accounts; savings deposits; public funds; time deposits; and brokered deposits. Investment Portfolio As of December 31, 2023, the company's investment portfolio included U.S. Treasury securities; U.S. Government agency securities; mortgage-backed securities issued by U.S. Government agencies; mortgage-backed securities issued by U.S. Government sponsored enterprises; collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises; commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises; and corporate debt securities and other debt securities. Supervision, Regulation, and Other Factors The company is registered as a bank holding company with the Federal Reserve under the BHC Act and has elected to be treated as a financial holding company. As such, the company is subject to comprehensive supervision and regulation by the Federal Reserve and are subject to its regulatory reporting requirements. Federal law subjects bank holding companies, such as the company, to restrictions on the types of activities in which they may engage, and to a range of supervisory requirements. In addition, the GA DBF regulates bank holding companies that own Georgia-chartered banks, such as the company, under the bank holding company laws of the State of Georgia. Various federal and state bodies regulate and supervise the company's non-bank activities including the company's brokerage, investment advisory, and insurance agency activities. These include, but are not limited to, the SEC, the Financial Industry Regulatory Authority, federal and state banking regulators, and various state regulators of insurance and brokerage activities. Synovus Bank is an FDIC-insured depository institution. Under the Change in Bank Control Act and the regulations thereunder, a person or group must give advance notice to the Federal Reserve before acquiring control of any bank holding company, such as the company, or before acquiring control of any FDIC-insured bank, such as Synovus Bank. The company is required to comply with various corporate governance and financial reporting requirements under the Sarbanes-Oxley Act of 2002, as well as rules and regulations adopted by the SEC, the PCAOB, and the NYSE. Section 13 of the BHC Act, commonly referred to as the 'Volcker Rule,' generally prohibits the company and its subsidiaries from (i) engaging in certain proprietary trading and (ii) acquiring or retaining an ownership interest in or sponsoring a 'covered fund,' all subject to certain exceptions. The Dodd-Frank Act required the federal banking agencies and the SEC to establish joint rules or guidelines for financial institutions with more than $1 billion in assets, such as the company and Synovus Bank, which prohibit incentive compensation arrangements that the agencies determine to encourage inappropriate risks by the institution. The company and its subsidiaries are subject to oversight by the SEC, the FINRA, the PCAOB, the NYSE, and various state securities and insurance regulators. Synovus Bank, which is a member of the Federal Reserve System, is subject to comprehensive supervision and regulation by the Federal Reserve, and is subject to its regulatory reporting requirements, as well as supervision and regulation by the GA DBF. The deposits of Synovus Bank are insured by the FDIC up to applicable limits, and, accordingly, Synovus Bank is also subject to certain FDIC regulations, and the FDIC has backup examination authority and some enforcement powers over Synovus Bank. Synovus Trust, a subsidiary of Synovus Bank that provides trust services, is organized as a national trust bank and thus is subject to supervision and regulation by the OCC. Synovus Bank and any other of the company's subsidiaries that offer consumer financial products and services are subject to regulation and supervision by the CFPB. Synovus Bank's deposits are insured by the FDIC's DIF up to the limits under applicable law, which are set at $250,000 per depositor, per insured bank, for each account ownership category. Synovus Bank is subject to FDIC assessments for its deposit insurance. Synovus Bank is subject to the provisions of the CRA, which imposes a continuing and affirmative obligation, consistent with safe and sound operation, to help meet the credit needs of entire communities where the bank accepts deposits, including low- and moderate-income neighborhoods. Synovus Bank is also subject to, among other things, the provisions of the Equal Credit Opportunity Act ('ECOA') and the Fair Housing Act ('FHA'), both of which prohibit discrimination based on race or color, religion, national origin, sex, and familial status in any aspect of a consumer or commercial credit or residential real estate transaction. History Synovus Financial Corp. was founded in 1888. The company was incorporated under the laws of the state of Georgia in 1972.