-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TJEt2Qql9Mf6GAS3eifh8v3Ub2YPfEMhRAmv5dwEBIyxbqJX6O2Ov1N+wquEGdyI CiuZkWo7czsek5rxD/VjUg== 0000950144-01-002028.txt : 20010209 0000950144-01-002028.hdr.sgml : 20010209 ACCESSION NUMBER: 0000950144-01-002028 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20010208 GROUP MEMBERS: CORN ELIZABETH TURNER GROUP MEMBERS: LOVICK P. CORN SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SYNOVUS FINANCIAL CORP CENTRAL INDEX KEY: 0000018349 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 581134883 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-20492 FILM NUMBER: 1529014 BUSINESS ADDRESS: STREET 1: 901 FRONT AVENUE STREET 2: STE 301 CITY: COLUMBUS STATE: GA ZIP: 31901 BUSINESS PHONE: 7066492267 MAIL ADDRESS: STREET 1: P.O.BOX 120 CITY: COLUMBUS STATE: GA ZIP: 31902 FORMER COMPANY: FORMER CONFORMED NAME: CB&T BANCSHARES INC DATE OF NAME CHANGE: 19890912 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CORN ELIZABETH TURNER CENTRAL INDEX KEY: 0000941203 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 901 FRONT AVENUE STREET 2: SUITE 202 CITY: COLUMBUS STATE: GA ZIP: 31902 MAIL ADDRESS: STREET 1: 901 FRONT AVENUE STREET 2: SUITE 202 CITY: COLUMBUS STATE: GA ZIP: 31902 SC 13D/A 1 g66870sc13da.txt SYNOVUS FINANCIAL CORP. 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Amendment No. 3)* Under the Securities Exchange Act of 1934 of Elizabeth T. Corn (joined by her spouse) Synovus Financial Corp. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $1.00 par value - -------------------------------------------------------------------------------- (Title of Class of Securities) Common Stock: 87161C 10 5 - -------------------------------------------------------------------------------- (CUSIP Number) Garilou Page, Esq. Synovus Financial Corp. 901 Front Avenue, Suite 202 Columbus, Georgia 31901 (706) 649-4793 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) January 22, 2001 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition which is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box [ ]. NOTE: Schedules filed in paper format shall include a signed original and five copies of the Schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). The Exhibit Index is located on page 13 of this filing. Page 1 of 15 2 SCHEDULE 13D CUSIP NO. 87161C 10 5 PAGE 2 OF 15 PAGES --------------------- -------- -------- (1) NAMES OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) ELIZABETH T. CORN --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] --------------------------------------------------------------------- (3) SEC USE ONLY --------------------------------------------------------------------- (4) SOURCE OF FUNDS* N/A --------------------------------------------------------------------- (5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS [ ] IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES --------------------------------------------------------------------- (7) SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER OWNED BY 17,431,766.3114 EACH -------------------------------------------------------- REPORTING (9) SOLE DISPOSITIVE POWER PERSON WITH 0 -------------------------------------------------------- (10) SHARED DISPOSITIVE POWER 17,431,766.3114 -------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 17,431,766.3114 --------------------------------------------------------------------- (12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON* IN --------------------------------------------------------------------- 3 CUSIP NO. 87161 C 10 5 13D PAGE 3 OF 15 PAGES --------------------- -------- -------- (1) NAMES OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) LOVICK P. CORN --------------------------------------------------------------------- (2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] --------------------------------------------------------------------- (3) SEC USE ONLY --------------------------------------------------------------------- (4) SOURCE OF FUNDS* N/A --------------------------------------------------------------------- (5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS [ ] IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) --------------------------------------------------------------------- (6) CITIZENSHIP OR PLACE OF ORGANIZATION UNITED STATES --------------------------------------------------------------------- (7) SOLE VOTING POWER NUMBER OF 0 SHARES -------------------------------------------------------- BENEFICIALLY (8) SHARED VOTING POWER OWNED BY 3,122,584.3114 EACH -------------------------------------------------------- REPORTING (9) SOLE DISPOSITIVE POWER PERSON WITH 0 -------------------------------------------------------- (10) SHARED DISPOSITIVE POWER 17,431,766.3114 -------------------------------------------------------- (11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 17,431,766.3114 --------------------------------------------------------------------- (12) CHECK BOX IF AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] --------------------------------------------------------------------- (13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% --------------------------------------------------------------------- (14) TYPE OF REPORTING PERSON* IN --------------------------------------------------------------------- 4 EXPLANATORY NOTE This Amendment No. 3 ("Amendment No. 3") is being made to the Schedule 13D as amended and restated by Amendment No. 2 filed on December 22, 2000 (the "Schedule 13D") jointly filed by Elizabeth T. Corn and Lovick P. Corn, both in their individual capacities and as trustees of their respective grantor retained annuity trusts ("GRATs"). This Amendment No. 3 is being filed pursuant to Rules 13d-1(k)(1) and 13d-2 promulgated under the Securities Exchange Act of 1934, as amended, to report: (1) the termination of a voting lease that reduced by 13,311,843 shares the common stock, $1.00 par value (the "Common Stock"), of Synovus Financial Corp., a Georgia corporation ("Synovus") deemed to be beneficially owned indirectly by Mrs. Corn and (2) certain proposals with respect to Synovus Common Stock. Other minor updating changes also are reflected in the items that are being amended. ITEM 1. SECURITY AND ISSUER. The information set forth in Item 1 of the Schedule 13D has not changed as of the date of this Amendment No. 3. ITEM 2. IDENTITY AND BACKGROUND. The information set forth in Item 2 of the Schedule 13D has not changed as of the date of this Amendment No. 3. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Item 3 of the Schedule 13D is hereby amended to report a recent transaction involving TB&C Bancshares, Inc. ("TB&C"), through which Mrs. Corn and Mr. Corn may be deemed to beneficially own certain shares of Synovus Common Stock. The transaction reduced the number of shares of Synovus Common Stock deemed to be beneficially owned indirectly through TB&C by Mrs. Corn in her role as a director of TB&C. This reduction resulted from the termination of an agreement (the "Voting Lease") pursuant to which TB&C had leased certain rights in all shares of Synovus Common Stock held in trust by Synovus Trust Company ("STC"), a wholly owned subsidiary of Synovus, under each of the following trusts (collectively, the "Series 600 Trusts"): (a) STC as Trustee u/w/o W.C. Bradley 6/22/45 for Sarah T. Butler; (b) STC as Trustee u/w/o W.C. Bradley 6/22/45 for Elizabeth T. Corn; and (c) STC as Trustee u/w/o W.C. Bradley 6/22/45 for William B. Turner. As previously reported in Amendment No. 2, other recent transactions in the stock of TB&C also affected Mr. and Mrs. Corn's beneficial ownership of shares of Synovus Common Stock. Those previously reported transactions consisted of: - A gift on December 6, 2000, of 2,146,016 shares of common stock (14.7% of the outstanding voting stock) of TB&C from Mrs. Corn to Mr. Corn; Page 4 of 15 5 - A transfer on December 14, 2000, by Mrs. Corn of 2,139,061 shares of common stock (14.7% of the outstanding voting stock) of TB&C to the 2000 Elizabeth T. Corn Trust, a grantor retained annuity trust of which Mrs. Corn is the sole trustee ("Mrs. Corn's GRAT"), as well as gifts by Mrs. Corn of a total of 6,955 shares of common stock of TB&C to her children; and - A transfer on December 14, 2000, by Mr. Corn of 2,146,016 shares of common stock (14.7% of the outstanding voting stock) of TB&C to the 2000 Lovick P. Corn Trust, a GRAT of which Mr. Corn is the sole trustee ("Mr. Corn's GRAT"). The only funds or other consideration that has been or will be given in connection with the termination of the Voting Lease described above was a refund by each of the 600 Series Trusts of a pro rata portion ($51,074.95 by each of the three trusts or $153,224.85 in the aggregate) of the quarterly lease payments that had been paid by TB&C, in advance as required under the Voting Lease, for the three-month period ending March 1, 2001. The Series 600 Trusts funded these payments with cash on hand. TB&C was formed in 1986 by Mrs. Corn and her brother and sister, William B. Turner and Sarah T. Butler, to effect various family, financial and estate planning goals. In 1986, Mrs. Corn and her brother and sister contributed to TB&C a total of 1,766,637 shares (9.5% of the then outstanding shares) of Common Stock of Synovus that they and their ancestors had owned for many years. Since 1986, there have been six three-for-two splits of Synovus Common Stock, as a result of which each share of Synovus Common Stock outstanding in 1986 now represents approximately 11 shares of Synovus Common Stock (disregarding any cash settlements of fractional shares). There were two additional splits (one two-for-one split and one three-for-two split) between the time Mrs. Corn filed her initial Schedule 13D in October 1980 and the formation of TB&C in 1986. As a result, each share of Synovus Common Stock outstanding in October 1980 now represents 34 shares of Synovus Common Stock. These stock splits, together with the sharing of voting and investment power over the shares her brother and sister contributed to TB&C, have accounted for the vast majority of increases since 1980 in the number of shares shown as beneficially owned by Mrs. Corn. As of the date of this report, the voting stock of TB&C is beneficially owned primarily by: (1) Mrs. and Mr. Corn, who own 29.4% through the GRATs that they established, (2) Mr. Turner and his wife, who together own 28.9% through similar GRATs that they established and (3) Mrs. Butler and her husband, who together own 30.8% through similar GRATs that they established. Mrs. Corn is one of six directors of TB&C. Mr. Corn is not a director of TB&C. As of the date of this report, TB&C beneficially owns 14,309,182 shares of Synovus Common Stock directly. Prior to January 22, 2001, TB&C may also have been deemed to be the beneficial owner of 13,311,843 shares of Synovus Common Stock under the Voting Lease, pursuant to which TB&C had leased from STC the right to vote and the right to tender all, but not less than all, of the Common Stock of Synovus held by the Series 600 Trusts. The TB&C Page 5 of 15 6 Board of Directors (which includes Mrs. Corn) made all decisions as to voting these shares under the Voting Lease and, if it had become relevant, would have made any decision as to any tender offer. The Voting Lease had an initial five-year term and was renewed on February 29, 2000 for another five years. In exchange for the lease of such rights, TB&C was required to make quarterly payments to STC for the initial lease term of five years, equal to $.03 per share of Synovus Common Stock, which was .17% of $19.50, the closing price of a share of Synovus Common Stock on the New York Stock Exchange on March 2, 1995. The quarterly lease payments during the renewal term of the Voting Lease were equal to $.0265625 per share of Synovus Common Stock, which was .17% of $15.625, the closing price of a share of Synovus Common Stock on the New York Stock Exchange on March 2, 2000. TB&C used the quarterly cash dividends that it received with respect to the shares of Synovus Common Stock it owned directly as the source of funds to pay these lease payments. On January 22, 2001, TB&C terminated the Voting Lease for the reasons described in Item 4. As a result, no person, other than STC as trustee of each of the Series 600 Trusts, continues to have any beneficial ownership as a result of sharing voting or investment power as to the Synovus shares held on behalf of the Series 600 Trusts. ITEM 4. PURPOSE OF TRANSACTION. As indicated under Item 3, TB&C was formed to allow Mrs. Corn and her brother and sister to effect various family, financial and estate planning goals for themselves and their lineal descendants. The gifts and transfers of TB&C stock described under Item 3 were effected in furtherance of these goals. In addition, Mrs. Corn and the other family members who are directors of TB&C concluded, based on their continuing evaluation of the families' circumstances and on the advice of their professional advisors, that achievement of these goals would be advanced by the termination of the Voting Lease and the reorganization of TB&C described below. Accordingly, the Voting Lease was terminated on January 22, 2001. In addition, on January 17, 2001, the Board of Directors of Synovus approved a plan of reorganization involving TB&C and Synovus pursuant to which TB&C would transfer all of its assets, consisting primarily of 14,309,182 shares of Synovus Common Stock, to Synovus in exchange for 14,309,182 shares of Synovus Common Stock. Following the transfer, TB&C would liquidate and distribute all of its assets to its shareholders. This transaction is intended to qualify as a tax-free reorganization pursuant to Section 368(a)(1)(C) of the Internal Revenue Code of 1986. The completion of the transaction is subject to numerous conditions precedent, including execution of a definitive agreement, approval of TB&C's shareholders and various regulatory approvals. Except for the proposed reorganization and related liquidation of TB&C described above, neither Mrs. Corn nor Mr. Corn currently has any plans or proposals that relate to or would result in: (a) any person acquiring additional securities of Synovus or disposing of securities of Synovus, other than through Mr. Corn's participation in Synovus' Director Stock Purchase Plan Page 6 of 15 7 (available to Mr. Corn as an emeritus director of Synovus) and in Synovus' Dividend Reinvestment and Direct Stock Purchase Plan; (b) an extraordinary corporate transaction involving Synovus; (c) a sale or transfer of a material amount of the assets of Synovus or any of its subsidiaries; (d) any change in the present board of directors or management of Synovus; (e) any material change in the present capitalization or dividend policy of Synovus; (f) any other material change in Synovus' business or corporate structure; (g) any changes in Synovus' charter or bylaws or other actions that might impede the acquisition of control of Synovus; (h) the delisting of Synovus Common Stock from the New York Stock Exchange; (i) the eligibility of Synovus Common Stock for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended; or (j) any action similar to any of those enumerated in items (a) through (i) above. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) and (b) The percentages set forth below and on pages 2-3 hereof are based on 285,584,009 shares of Synovus Common Stock outstanding on January 30, 2001 as provided by Synovus. Mrs. Corn. Mrs. Corn could be construed to be the beneficial owner of 17,431,766.3114 shares (6.1%) of Synovus Common Stock. Certain of these shares have been beneficially owned by Mrs. Corn for a number of years, with such beneficial ownership often pre-dating the organization of Synovus and extending to comparable beneficial ownership of the securities of Columbus Bank and Trust Company, the lead bank subsidiary for which Synovus was initially organized to acquire in 1972. Mrs. Corn has shared voting and investment power as to all such shares of Synovus Common Stock, consisting of: (a) 3,281 shares owned directly by Mrs. Corn, as to which voting power and investment power are shared with Mr. Corn; (b) 424,003.3114 shares owned directly by Mr. Corn, as to which Mrs. Corn shares voting and investment power with her husband; (c) 2,568,205 shares owned by the Bradley-Turner Foundation (the "B-T Foundation"), a charitable foundation of which both Mrs. and Mr. Corn are trustees and as to which voting power and investment power are shared with the other trustees of such foundation; (d) 14,309,182 shares owned directly by TB&C, as to which voting power and investment power are shared by Mrs. Corn (as a director of TB&C) with the other directors of TB&C and as to which certain investment power (involving major transactions requiring approval by TB&C's shareholders) may be deemed to be shared by Mrs. Corn (as sole trustee of Mrs. Corn's GRAT) with the other principal shareholders of TB&C; and (e) 127,095 shares owned by Beloco, Inc., a not-for-profit charitable corporation ("Beloco"), as to which voting power and investment power are shared by Mrs. Corn (as a trustee of Beloco) with the other trustees of Beloco. The Bylaws of TB&C provide that voting power over all of the shares owned or otherwise voted by TB&C shall be shared by the directors of TB&C. Mr. Corn. Mr. Corn could be construed to be the beneficial owner of 17,431,766.3114 shares (6.1%) of Synovus Common Stock. Mr. Corn has shared voting and investment power as to Page 7 of 15 8 3,122,584.3114 of these shares, as follows: (a) 424,003.3114 shares owned directly by Mr. Corn, as to which Mr. Corn shares voting and investment power with his wife; (b) 3,281 shares owned directly by Mrs. Corn, as to which voting power and investment power are shared with Mr. Corn; (c) 2,568,205 shares owned by the B-T Foundation, as to which voting power and investment power are shared with the other trustees of the B-T Foundation; and (d) 127,095 shares owned by Beloco, as to which voting power and investment power are shared by Mr. Corn (as a trustee of Beloco) with the other trustees of Beloco. As a principal shareholder of TB&C, Mr. Corn (as sole trustee of his GRAT) may be deemed to share certain investment power (involving major transactions requiring approval by TB&C's shareholders) with the directors and the five other principal shareholders of TB&C as to the 14,309,182 shares of Synovus Common Stock owned directly by TB&C. Additional information regarding the persons with whom Mrs. and Mr. Corn share voting power and/or investment power is included on the next page. Page 8 of 15 9 INFORMATION REGARDING THE DIRECTORS AND CONTROLLING SHAREHOLDERS OF TB&C, THE TRUSTEES OF THE B-T FOUNDATION AND THE TRUSTEES OF BELOCO
Capacity in Which Such Person Shares Present Principal Occupation and Address of Name and Address(1) Voting or Investment Power Employment - -------------------------------- ----------------------------------- -------------------------------------------------- William B. Turner Director and Controlling Shareholder Advisory Director of of TB&C and Trustee of W. C. Bradley Co. (1017 Front Avenue, B-T Foundation Columbus, GA 31901) Chairman of the Executive Committee of Synovus Financial Corp. (901 Front Ave., Suite 301 Columbus, GA 31901) Sue Marie T. Turner Controlling Shareholder of TB&C Homemaker (wife of William B. Turner) and Trustee of B-T Foundation Sarah T. Butler Director and Controlling Shareholder Homemaker of TB&C and Trustee of B-T Foundation Clarence C. Butler Controlling Shareholder of TB&C Retired Physician (husband of Sarah T. Butler) and Trustee of B-T Foundation St. Francis Hospital P.O. Box 7000, Columbus, GA 31908 Elizabeth T. Corn Director and Controlling Shareholder Homemaker of TB&C; Trustee of B-T Foundation; and Trustee of Beloco Lovick P. Corn Controlling Shareholder of TB&C; Advisory Director (husband of Elizabeth T. Corn) Trustee of B-T Foundation; and W.C. Bradley Co. Trustee of Beloco 1017 Front Avenue, Columbus, GA 31901 William B. Turner, Jr. Director of TB&C President (adult son of William B. Turner) and Trustee of B-T Foundation W. C. Bradley Co. 1017 Front Avenue, Columbus, GA 31901 Stephen T. Butler Director of TB&C and Chairman of the Board (adult son of Sarah T. Butler) Trustee of B-T Foundation W. C. Bradley Co. 1017 Front Avenue, Columbus, GA 31901 Elizabeth C. Ogie Director of TB&C; Trustee of Director (adult daughter of Elizabeth T. of B-T Foundation; and Trustee of W. C. Bradley Co. Corn) Beloco 1017 Front Avenue, Columbus, GA 31901 Director Synovus Financial Corp., Suite 301 901 Front Avenue, Columbus, GA 31901 Sarah T. Martin Trustee of B-T Foundation Employee (adult daughter of William B. Columbus Travel Turner) 123 12th Street, Columbus, GA 31901 Polly C. Miller Trustee of B-T Foundation and Homemaker (adult daughter of Elizabeth T. Trustee of Beloco Corn)
Page 9 of 15 10
Capacity in Which Such Person Shares Present Principal Occupation and Address of Name and Address(1) Voting or Investment Power Employment - -------------------------------- ------------------------------------ ------------------------------------------- Elizabeth B. Ramsay Trustee of B-T Foundation Shop Owner (adult daughter of Sarah T. Galleria Riverside Butler) 15 10th Street, Columbus, GA 31902 Susan C. Wainwright Trustee of Beloco Homemaker (adult daughter of Elizabeth T. Corn) Sarah C. Irby Trustee of Beloco Homemaker (adult daughter of Elizabeth T. Corn) Katherine C. Foster Trustee of Beloco Homemaker (adult daughter of Elizabeth T. Corn) Gilbert B. Miller Trustee of Beloco Student (adult son of Polly C. Miller) University of Georgia Athens, GA 30605 Sam Wellborn Trustee of B-T Foundation Chairman of Synovus Foundation P.O. Box 120 Columbus, GA 31902
- --------------- (1) Each individual named above is a citizen of the United States of America. None of the above individuals has, during the last five years: (a) been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding become subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws. The address of each individual named above is c/o Synovus Trust Company, P.O. Box 120, Columbus, GA 31902. (c) There have not been any transactions within the last 60 days by Mrs. or Mr. Corn in shares of Synovus Common Stock, except for Mr. Corn's purchase of 490.25 shares of Synovus Common Stock at $26.29 per share on January 2, 2001 through the automatic reinvestment of cash dividends with respect to shares he owns through the Synovus Director Stock Purchase Plan and the Synovus Dividend Reinvestment and Direct Stock Purchase Plan. (d) None. (e) Not applicable. Page 10 of 15 11 ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER. Except for the proposed reorganization and related liquidation of TB&C described in Item 3, there are no longer in effect any contracts, arrangements, understandings or relationships with respect to Synovus Common Stock that are required to be disclosed under this item. ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. EXHIBIT A Lease of Rights between TB&C as Lessee and STC, as Trustee of each of the Series 600 Trusts. (Filed in March 1995 in paper form as Exhibit A to Amendment No. 1 to the Schedule 13D of Elizabeth T. Corn and omitted pursuant to Rule 13d-2(e).) EXHIBIT B Letter dated February 29, 2000, renewing the Lease of Rights described under EXHIBIT A. (1) EXHIBIT C Agreement to Terminate Lease of Rights, dated January 22, 2001, between STC and TB&C. EXHIBIT D Power of Attorney from Elizabeth T. Corn, individually and as trustee. (1) EXHIBIT E Power of Attorney from Lovick P. Corn, individually and as trustee. (1) EXHIBIT F Agreement with respect to joint filing of Amendment No. 3 to Schedule 13D pursuant to Rule 13d-1(k)(1)(iii), dated December 15, 2000, between Elizabeth T. Corn and Lovick P. Corn. (1)
- --------------- (1) Incorporated by reference from exhibits to Amendment No. 2 to Schedule 13D, dated as of December 6, 2000, as filed on behalf of Elizabeth T. Corn and Lovick P. Corn with the Securities and Exchange Commission on December 22, 2000. Page 11 of 15 12 SIGNATURES After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. February 8, 2001 Elizabeth T. Corn, individually and as trustee By: /s/ Garilou Page --------------------------------------------- Garilou Page, as Attorney in Fact February 8, 2001 Lovick P. Corn, individually and as trustee By: /s/ Garilou Page --------------------------------------------- Garilou Page, as Attorney in Fact Page 12 of 15 13 INDEX TO EXHIBITS
Exhibit Description of Exhibit - ------- ---------------------- EXHIBIT A Lease of Rights between TB&C as Lessee and STC, as Trustee of each of the Series 600 Trusts. (Filed in March 1995 in paper form as Exhibit A to Amendment No. 1 to the Schedule 13D of Elizabeth T. Corn and omitted pursuant to Rule 13d-2(e).) EXHIBIT B Letter dated February 29, 2000, renewing the Lease of Rights described under EXHIBIT A. (1) EXHIBIT C Agreement To Terminate Lease of Rights, dated January 22, 2001 between STC and TB&C. EXHIBIT D Power of Attorney from Elizabeth T. Corn, individually and as trustee. (1) EXHIBIT E Power of Attorney from Lovick P. Corn, individually and as trustee. (1) EXHIBIT F Agreement with respect to joint filing of Amendment No. 3 to Schedule 13D pursuant to Rule 13d-1(k)(1)(iii), dated December 15, 2000, between Elizabeth T. Corn and Lovick P. Corn. (1)
- -------------------- (1) Incorporated by reference from exhibits to Amendment No. 2 to Schedule 13D, dated as of December 6, 2000, as filed on behalf of Elizabeth T. Corn and Lovick P. Corn with the Securities and Exchange Commission on December 22, 200 Page 13 of 15 EX-99.C 2 g66870ex99-c.txt AGREEMENT TO TERMINATE LEASE OF RIGHTS 1 EXHIBIT C AGREEMENT TO TERMINATE LEASE OF RIGHTS THIS AGREEMENT is made this 22nd day of January, 2001, by and between Synovus Trust Company (successor to trust powers of Columbus Bank and Trust Company), as trustee of the three separate trusts created under Item VI of the will of W. C. Bradley, dated June 22, 1945, for the benefit of William B. Turner, Sarah T. Butler, and Elizabeth T. Corn, respectively (the "600 Series Trusts"), and TB&C Bancshares, Inc., a Georgia corporation ("TB&C"). BACKGROUND STATEMENT On March 2, 1995, TB&C entered into a Lease of Rights (the "Lease") with the 600 Series Trusts, under which the 600 Series Trusts leased to TB&C the rights to vote the shares of Synovus Financial Corp. owned by the 600 Series Trusts in exchange for quarterly lease payments. The initial five-year term of the Lease (from March 2, 1995, to March 1, 2000) was extended by TB&C for an additional five-year term. On January 17, 2001, TB&C paid $117,865.27 to each of the 600 Series Trusts, representing a quarterly payment for the quarter beginning December 2, 2000, and ending March 1, 2001. TB&C and the 600 Series Trusts have mutually agreed that it is now in the best interests of the parties that the Lease be canceled and terminated. AGREEMENT In consideration of the foregoing premises and of the mutual promises made herein, the parties hereto agree as follows: 1. The Lease is hereby canceled and terminated, effective on January 22, 2001 (the "termination date"). 2. Upon the termination date, (i) TB&C shall return to the 600 Series Trusts the stock powers executed by the 600 Series Trusts pursuant to section 4(a) of the Lease, and (ii) each of the 600 Series Trusts shall refund to TB&C the amount of $51,074.95, representing the pro rata share of the amount for the period beginning on the termination date and ending March 1, 2001, for which payment was previously made by TB&C. Thereafter, the 600 Series Trusts may have the certificates representing the shares of Synovus Financial Corp. stock that have been subject to the Lease reissued without the legend that was placed on the certificates pursuant to section 4(b) of the Lease. 3. The parties hereto agree that the payments of $117,865.27 made by TB&C to each of the 600 Series Trusts on January 17, 2001, less the refunds under section 2 above, Page 14 of 15 2 constitute full payment for rights to vote the 13,311,843 identified shares of Synovus Financial Corp. stock for the period ending on the termination date, and that no additional payments shall be made prior to or subsequent to the termination date, nor shall any additional refund or rebate of payments be made. IN WITNESS WHEREOF, the parties have hereunto set their hands and seals on the day date first above written. TB&C BANCSHARES, INC. By: /s/ William B. Turner ---------------------------------------- William B. Turner, President Attest: /s/ Robert H. Wright, Jr. - --------------------------- Robert H. Wright, Jr. Assistant Secretary [CORPORATE SEAL] SYNOVUS TRUST COMPANY, as Trustee of the three separate trusts created under Item VI of the Will of W. C. Bradley, dated June 22, 1945, for the benefit of William B. Turner, Sarah T. Butler, and Elizabeth T. Corn By: /s/ Teddie L. Ussery ----------------------------------------- Teddie L. Ussery, Senior Vice President Attest: /s/ Jeff W. Gordon - -------------------------------------------- Title: Vice President ------------------------------------- [CORPORATE SEAL] Page 15 of 15 -----END PRIVACY-ENHANCED MESSAGE-----