Synovus Financial Corp. announced that the Company’s Board of Directors has increased its prior $400 million share repurchase authorization to $725 million for the year 2019. The Company has previously repurchased approximately $325 million of its common stock under the share repurchase program, leaving approximately $400 million of additional availability during 2019. The Company expects to fund the share repurchase through a combination of cash on hand, future cash flow from operations, borrowings and financings.

Under the share repurchase program, the Company may, from time to time and on or before the program’s expiration date, repurchase shares of its outstanding common stock in the open market, in privately-negotiated transactions, or otherwise, subject to applicable laws and regulations. The extent to which the Company repurchases its shares, and the timing of such repurchases, will depend upon a variety of factors, including market conditions, regulatory requirements, capital levels, availability of funds, and other relevant considerations, as determined by the Company. The Company may, in its discretion, begin, suspend or terminate repurchases at any time prior to the program’s expiration, without any prior notice. Repurchases may also be made pursuant to a trading plan under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions.