Synovus is a financial services company with over $21 billion in assets. It is centered mainly in the southeastern United States, although it has spread to other parts of the country. The company owns 40 banks.
Synovus began in the 1880's when a mill worker's dress got tangled in a piece of machinery. She commonly sewed her money inside her dresses, believing that this was the safest place for it. When her dress became entangled, it ripped and her savings came pouring out. The mill secretary/treasurer offered to keep the money in the mill safe and pay her monthly interest. He soon began to offer the service to all of the mill workers. The rest is history.
Today, Synovus is one of the largest and strongest financial institutions in the Southeast with more than 39 affiliate banks throughout Georgia, Florida, Alabama, South Carolina and Tennessee, along with its complementary lines of business which include investment management, trust, mortgage, and insurance, and a more than 81 percent ownership in TSYS, one of the world‘s leading processors of payment transactions.
Fortune magazine ranked Synovus #9 on its 100 Best Companies to Work For list in 2003. It is also a member of the S&P 500.
Any employee of Synovus or its subsidiaries (including TSYS), excluding members of the Compensation Committee and any director who is not also an employee of Synovus or its subsidiaries, is eligible to be selected to participate in the Synovus 2000 Plan.
The Synovus 2000 Plan will be administered by a committee of the Board of Directors of Synovus (the Committee) which will be comprised of no fewer than two members who must be outside directors within the meaning of Section 162(m).
Synovus Board of Directors may amend, alter or discontinue the Synovus 2000 Plan at any time except that no such amendment, suspension or discontinuation of the Synovus 2000 Plan may affect an existing award under the Synovus 2000 Plan without the affected participants consent.
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