Dec 13 Synovus Financial Corp said it
will take a pre-tax charge of $155 million in the fourth quarter
after it sold distressed assets worth $530 million.
The lender also said it expects to reverse its deferred tax
asset valuation allowance of $787 million as early as the end of
the fourth quarter but no later than the second quarter of 2013.
The reversal will allow Synovus to repay the bailout funds
it received under the Troubled Asset Relief Program (TARP).
Synovus said it expects to repay the TARP funds as early as the
second quarter of 2013 and no later than the fourth quarter.
Synovus is saddled with almost $1 billion in government
bailout money as it was stuck with bad loans that have dogged it
since the housing crisis.
Shares of Synovus, which have risen about 61 percent since
the beginning of the year, were up 1.6 percent at $2.50 before
the bell. They had closed at $2.46 on the New York Stock
Exchange on Wednesday.