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Synovus Financial prices public offering of stock

Synovus Financial prices public offering of 59.9 million shares of common stock at $3.09 each

Associated Press

COLUMBUS, Ga. (AP) -- Synovus Financial Corp. on Friday priced a public offering of its stock at $3.09 per share.

The Columbus, Ga.-based regional bank said it plans to sell 59.9 million shares for $3.09 each, which is the same price that its stock closed at on Thursday.

The offering is expected to generate net proceeds of about $175 million. The company plans to use that money, along with proceeds from a preferred stock offering and other funding, to buy back preferred stock issued to the Department of the Treasury as part of the aid it received through the 2008 bank bailout.

The offering is expected to close Wednesday. J.P. Morgan Securities LLC acted as sole underwriter.

Synovus shares rose 15 cents, or 4.9 percent, to $3.24 in midday trading.