(RTTNews) -  Regional bank-holding company Synovus Financial Corp. (SNV: News ) reaffirmed on Friday that it is well-capitalized when compared to the regulatory standards and is not under a regulatory requirement to raise additional capital. Further, the company said its ratios compare favorably to its peers' and that it believes to have the opportunity to achieve profitability in 2010.

Affirming that its capital position is strong, the Columbus, Georgia-based company said its Tier 1 Capital Ratio was 10.48% on September 30, compared to the regulatory minimum of 6.00% to be considered well-capitalized. The company's Total Risk-based Capital Ratio of 13.84% is well above regulatory minimums of 10.00%, it noted.

Richard Anthony, chief executive officer of Synovus, commented, "Synovus continues to manage credit in a proactive and aggressive manner. Given our strength of capital combined with our continued focus on disposing of non-performing assets and improvements in core operating results, we remain confident in our belief that we have the opportunity to achieve profitability during 2010."

Shares of Synovus plunged on Wednesday after a Morgan Keegan analyst downgraded the company to "Market Perform" from "Outperform" citing government pressure for banks to build capital reserves as well as continuing credit issues.
Synovus has 31 wholly-owned subsidiary banks in Georgia, Alabama, South Carolina, Florida, and Tennessee.

SNV is gaining $0.06 or 3.30%, and is trading at $1.88 on a volume of 8.21 million shares on the New York Stock Exchange.

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by RTT Staff Writer

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