Synovus Corrects Estimate Of Loan-Loss Provision
Sunday, 04 January, 2009
Synovus Financial Corp. on Saturday corrected its estimate of its fourth-quarter provision for possible losses on bad credit loans, pegging the figure at $350 million with a charge-off proportion of 3.2%.
The Columbus, Ga., financial services holding company, (SNV:8.20, +8.20, 0.0%) which has more than $34 billion of assets, had said on Friday that the provision would total about $250 million with a charge-off proportion of 2.2%.
The Friday statement had said that the largest component of the charges "relates to Atlanta-market residential real estate credits." Synovus said then that it was also assessing its goodwill for potential impairment during the quarter.
Synovus is scheduled to report fourth-quarter results on Jan. 22.
Source: http://www.marketwatch.com/