BRIEF: Synovus to pay penny-per-share quarterly dividend
Aug 22, 2012 (Menafn - Columbus Ledger-Enquirer - McClatchy-Tribune Information Services via COMTEX) --It may have turned four straight quarterly profits, but Synovus Financial Corp. is sticking with its penny-per-share dividend for now.
The Columbus-based regional bank said Tuesday its board of directors has approved a quarterly dividend of 1 cent per share to those owning shares of its common stock by Sept. 20. The dividend is payable Oct. 1.
It's the 15th consecutive quarter in which the company has paid a penny dividend.
Synovus in July reported net income, or profit, of 24.8 million in the second quarter of this year. That made it four straight profitable quarters after a tough three full years of losses tied to failed residential and commercial real estate loans.
It was in March 2009 that Synovus, parent company of Columbus Bank and Trust, slashed its dividend from from a previously calculated 6 cents per share to 1 cent. A year earlier, in March 2008 -- just as the U.S. housing market and the banking sector were hitting the skids -- Synovus paid 17 cents per share.
Synovus, which has banks in the Georgia, Alabama, Florida, South Carolina and Tennessee, oversees about 27 billion in assets.
___ (c)2012 the Columbus Ledger-Enquirer (Columbus, Ga.) Visit the Columbus
Ledger-Enquirer (Columbus, Ga.) at www.ledger-enquirer.com Distributed by MCT
Copyright (C) 2012, Columbus Ledger-Enquirer