COLUMBUS, Ga.— Synovus Financial Corp. (NYSE: SNV) today announced that its wholly owned subsidiary, Synovus Bank, has completed the previously announced acquisition of certain assets and assumption of certain liabilities of World’s Foremost Bank (“WFB”), a wholly-owned subsidiary of Cabela’s Incorporated.
Under the terms of the transaction, Synovus sold WFB’s credit card assets and related liabilities to Capital One Bank (USA), National Association, a bank subsidiary of Capital One Financial Corporation (NYSE: COF). Synovus retained WFB’s approximately $1.1 billion brokered time deposit portfolio at a weighted average rate of 1.83 percent, representing a discount to current market rates of approximately 12 basis points. Synovus received a $75 million fee from Cabela’s and Capital One, and expects to deploy the proceeds to fund a combination of balance sheet restructuring activities, extinguishment of debt, and capital distribution.
Synovus Financial Corp. is a financial services company based in Columbus, Georgia, with approximately $31 billion in assets. Synovus provides commercial and retail banking, investment, and mortgage services through 248 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank, a wholly owned subsidiary of Synovus, was recognized as the “Most Reputable Bank” by American Banker and the Reputation Institute in 2017, and was named “Best Regional Bank, Southeast” by MONEY Magazine for 2016-17. Synovus is on the web at synovus.com, on Twitter @synovus, and on LinkedIn at http://linkedin.com/company/synovus.