SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
March 9, 1998
(Earliest Event Reported)
Synovus Financial Corp.
(Exact Name of Registrant as
Specified in its Charter)
Georgia 1-10312 58-1134883
(State of (Commission File (IRS Employer
Incorporation) Number) Identification
Number)
901 Front Avenue, Suite 301, Columbus, Georgia
31901 (Address of principal executive offices)
(706) 649-2267
(Registrant's Telephone Number)
(Former name or former address, if changed since last report)
Item 5. Other Events.
On March 9, 1998, Synovus Financial Corp. ("Registrant") announced a 22.2%
increase in its quarterly dividend. The quarterly dividend will be increased to
$0.11 from $0.09 and will be payable on April 1, 1998 to shareholders of record
as of March 20, 1998.
On March 9, 1998, Total System Services, Inc. ("TSYS"), Registrant's 80.7%
owned bankcard data processing subsidiary, announced that it is engaged in
negotiations with Sears, Roebuck and Co. to support Sears' private-label credit
card accounts.
Copies of the press releases regarding the announcements referenced above
are attached hereto as Exhibits 99.1 and 99.2, respectively, and by this
reference made a part hereof.
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
(a) Financial Statements - None.
(b) Pro Forma Financial Information - None.
(c) Exhibits
99.1 - Registrant's press release dated March 9, 1998
99.2 - TSYS' press release dated March 9, 1998
<PAGE>
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, Registrant has caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SYNOVUS FINANCIAL CORP.
("Registrant")
Dated: March 9, 1998 By:/s/Kathleen Moates
Kathleen Moates
Senior Vice President
3
Exhibit Index
Exhibit Number Description
99.1 Synovus Financial Corp.'s
press release
dated March 9, 1998
99.2 Total System Services, Inc.'s
press release
dated March 9, 1998
4
<PAGE>
NEWS RELEASE
[LOGO](R)
SYNOVUS FINANCIAL CORP.(R)
For Immediate Release
Contact: Patrick A. Reynolds Jason M. Brady
Director of Investor Relations Associate Director of Investor
Relations
(706) 649-4973 (706) 649-5220
SYNOVUS FINANCIAL CORP. ANNOUNCES 22.2% INCREASE IN QUARTERLY DIVIDEND
Columbus, GA, March 9, 1998 - Today, Synovus Financial Corp. (NYSE -
"SNV"), the Columbus,Georgia, based multi-financial services company, announced
a 22.2% increase in the quarterly cash dividend of Synovus common stock. The
quarterly cash dividend will be increased to $0.11 from $0.09, payable on April
1, 1998, to shareholders of record as of March 20, 1998.
Commenting on the increase, James H. Blanchard, Chairman of the Board and
CEO, stated, "We are proud to increase our cash dividend for the 22nd
consecutive year. This increase reflects the Board of Directors' confidence in
our future and our commitment to maximize the total return of our common stock
to our shareholders." The cash dividend paid to shareholders has increased at an
annual compound growth rate of 20.9% for the last five years and 17.2% for the
past ten years.
Synovus Financial Corp. (Syn o vus) is a $9.3 billion asset,
multi-financial services company composed of 34 banks serving communities
throughout Georgia, Alabama, Florida and South Carolina; an 80.7% ownership of
Total System Services, Inc. (NYSE - "TSS") (www.totalsystem.com), one of the
world's largest credit, debit, commercial and private-label card processing
companies; Synovus Trust Company, one of the Southeast's largest providers of
trust services; Synovus Securities, Inc., a full-service brokerage firm; and
Synovus Mortgage Corp., which offers mortgage services throughout the Southeast.
Synovus Financial Corp. is a component of the Standard and Poors 500 index and
has been named the 11th best place to work in America by FORTUNE magazine. The
name "Synovus" was created by the combination of synergy and novus - synergy,
meaning the interaction of separate components such that the total effect is
greater than the sum of its parts and novus (Latin for "new"), meaning usually
of superior quality and different from the others listed in the same category.
Synovus' Internet address is www.synovus.com.
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Post Office Box 120 / Columbus,
GA 31902http://www.snv.com
TSYS(R) NEWS RELEASE
TOTAL SYSTEM SERVICES, INC.(R)
Immediate Release
Contacts: Danita Gibson-Lloyd Kimberly Knight
Corporate Communications Mgr. Corporate Communications Spec.
(706) 649-5578 (706) 644-1218
[email protected] [email protected]
TSYS Announces Negotiations with Sears, Roebuck and Co.
Columbus, Ga., March 9, 1998 -- Total System Services, Inc.(R)(TSYS)(NYSE:
"TSS") today announced that it is engaged in negotiations with Sears, Roebuck
and Co. (Sears) (NYSE: "S") to support Sears' private-label credit card
accounts. No agreement between TSYS and Sears has been reached. No further
comment or announcement will be made by TSYS until negotiations have concluded.
TSYS (www.totalsystem.com) is one of the world's largest credit, debit,
commercial and private-label card processing companies and is an 80.7 percent
owned subsidiary of Synovus Financial Corp.(R)(NYSE: "SNV")(www.synovus.com).
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