Exhibit 99.1
For Immediate Release
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| Contact: | | Pat Reynolds | | Greg Hudgison | |
| | | Investor Relations | | Corporate Communications | |
| | | (706) 649-4973 | | (706) 644-0528 | |
Synovus Determines Distribution Ratio for Spin-Off of TSYS
December 19, 2007, Columbus, GA —Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company, today announced the distribution ratio for the previously-announced spin-off to Synovus’ shareholders of the shares of TSYS common stock currently owned by Synovus. On December 31, 2007, Synovus will distribute .484 of a share of TSYS common stock for each share of Synovus common stock outstanding as of 5:00 p.m. Eastern time on December 18, 2007, the record date. Synovus shareholders will receive cash in lieu of fractional shares for amounts of less than one TSYS share.
Synovus currently owns 80.6% of TSYS. The distribution of the 159,630,980 TSYS shares owned by Synovus will be made to Synovus shareholders on a pro rata basis on December 31, 2007. The spin-off will be tax-free to Synovus and its shareholders.
Synovus is mailing an Information Statement to Synovus shareholders of record as of the record date, with details about the spin-off of TSYS.The Information Statement will be available on Synovus’ website at www.synovus.com.
For additional information, registered shareholders of Synovus should contact Synovus’ transfer agent, BNY Mellon Shareowner Services, by phone at 1-800-503-8903. Holders of Synovus common stock who hold their shares through a broker, bank or other nominee should contact such broker, bank or other nominee directly.
About Synovus
Synovus (NYSE: “SNV”) is a financial services holding company with $34 billion in assets based in Columbus, Georgia. Synovus provides commercial and retail banking, as well as investment services, to customers through 37 banks, 440 ATMs, 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”), one of the world’s largest companies for outsourced payment services. The company focuses on its unique decentralized customer delivery model, position in high-growth Southeast markets and commitment to being a great place to work to ensure the delivery of unparalleled customer experiences. Synovus has been named one of “The 100 Best Companies to Work For” in America byFORTUNEmagazine, and has been recognized in its Hall of Fame for consecutive appearances on the list since its inception in 1998. See Synovus on the Web atwww.synovus.com.
Forward-Looking and Cautionary Statements
This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements identified by words or phrases such as “potential,” “opportunity,” “believe,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “assume,” “outlook,” “continue,” “seek,” “plans,” “achieve,” and similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could,” “may” or similar expressions. These statements are based on the current
