Synovus Financial Corp. announced the commencement of an underwritten public offering of $150 million of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”). Synovus intends to use the net proceeds of the offering of Series D Preferred Stock to fund the redemption of all of its outstanding shares of Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), and any remaining net proceeds for other general corporate purposes.

Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as joint book-running managers of the offering. J.P. Morgan Securities LLC is acting as joint lead manager, and Synovus Securities, Inc. and Sandler O’Neill & Partners, L.P. are acting as co-managers of the offering.