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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/