Synovus Financial Corp. announced that its wholly owned subsidiary, Synovus Bank, has completed the previously announced acquisition of certain assets and assumption of certain liabilities of World’s Foremost Bank, a wholly-owned subsidiary of Cabela’s Incorporated.

Under the terms of the transaction, Synovus sold WFB’s credit card assets and related liabilities to Capital One Bank (USA), National Association, a bank subsidiary of Capital One Financial Corporation. Synovus retained WFB’s approximately $1.1 billion brokered time deposit portfolio at a weighted average rate of 1.83 percent, representing a discount to current market rates of approximately 12 basis points. Synovus received a $75 million fee from Cabela’s and Capital One, and expects to deploy the proceeds to fund a combination of balance sheet restructuring activities, extinguishment of debt, and capital distribution.