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[LOGO]
SYNOVUS
FINANCIAL CORP.
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Filed by Synovus Financial Corp.
Commission File No. 001-10312
Subject Company: Synovus Financial Corp.
On December 17, 2003, Synovus Financial Corp., a Geogia corporation, issued
the following press release.
NEWS RELEASE
For Immediate Release
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Contact: Aimee Davis Patrick A. Reynolds
Media Relations Investor Relations
706.644.528 706.649.4973
Synovus To Acquire Trust One Bank
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Financial Services Company Strengthens Presence in Tennessee
Columbus, Ga., December 17, 2003 - Synovus (NYSE - "SNV"), the Columbus, Georgia
based diverse financial services company, today announced the signing of a
definitive agreement to acquire the $423.5 million asset Trust One Bank in a tax
free exchange of shares of common stock. Trust One has six branches serving east
Shelby County, Tennessee, which includes Germantown, Cordova, Collierville and
east Memphis. Trust One Bank further expands Synovus' growing presence in
high-growth Tennessee markets. In July 2002, Synovus affiliate, The Bank of
Nashville was acquired and operates six offices in the Nashville metro market.
Richard Anthony, President and COO of Synovus stated, "This is a great
opportunity for the Synovus family. We are always looking for banks that share
the same values we hold high at Synovus and Trust One is a perfect example of
this. This acquisition allows us to further strengthen our presence in
Tennessee, and through the experienced leadership of Trust One Bank, it will
enable us to serve even more customers in this strong market."
James P. "Jake" Farrell, Chairman, President and CEO of Trust One Bank stated,
"Trust One Bank believes in building strong relationships with each of its
customers. Synovus is a company that also holds this covenant with its team
members and their customers. This new partnership will provide our customers the
broadest array of products and services delivered with unparalleled expertise."
Trust One Bank will continue to operate under its existing name, management team
and local board of directors. The acquisition is subject to approval by the
shareholders of Trust One Bank and by banking regulatory agencies. The
acquisition is scheduled for completion in the second quarter 2004.
Synovus (NYSE: "SNV") is a diversified financial services holding company with
more than $21 billion in assets based in Columbus, Ga. Synovus provides
integrated financial services including banking, financial management,
insurance, mortgage and leasing services through 40 affiliate banks and other
Synovus offices in Georgia, Alabama, South Carolina, Florida and Tennessee; and
electronic payment processing through an 81-percent stake in TSYS (NYSE: "TSS"),
the world's largest third-party processor of international payments. Synovus is
No. 9 on FORTUNE magazine's list of "The 100 Best Companies To Work For" in
2003. See Synovus on the Web at www.synovus.com.
Synovus will be filing a Registration Statement on Form S-4 and other relevant
documents concerning the acquisition with the SEC. Such document also will serve
as a proxy statement for Trust One Bank. WE URGE INVESTORS TO READ THE
REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE
SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors will be able to
obtain the documents free of charge at the SEC's Web site, www.sec.gov. In
addition, documents filed with the SEC by Synovus will be available free of
charge from the Corporate Secretary of Synovus at Suite 301, One Arsenal Place,
901 Front Avenue, Columbus, Georgia 31901, Telephone 706-649-4751. READ THE
REGISTRATION STATEMENT CAREFULLY BEFORE MAKING A DECISION CONCERNING THE
ACQUISITION OF TRUST ONE BANK BY SYNOVUS.
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