Synovus (SNV)

[56Chevy]

How this Columbus, GA bank is still standing is beyond me. It took 5 years to pay back TARP.

The 5 year payback on TARP was by design. The bank was never in serious jeopardy...not even close. TARP wasn't optional for SNV but once they had it they kept it - why? Where else could a bank get nearly one billion dollars at a modestly low 5% interest rate?? TARP was forced on SNV in Dec. 19, 2008 by the Treasury... but since it was cheap money many banks that didn't really need it chose to hang onto it for 'insurance'.

The first 5 years on a TARP loan had a fixed rate of 5% but after that the rate jumped to a much heftier 9%...which meant their TARP loan was no longer considered "cheap" ...which is why you saw them pay it off in 2014.

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Synovus Financial Co (SNV)
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