Exhibit 99.3

FORM 11-K

(Mark One)
þ	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2004

OR

o TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                          to                                        
Commission file number 1-10312

SYNOVUS FINANCIAL CORP. DIRECTOR STOCK PURCHASE PLAN

SYNOVUS FINANCIAL CORP.
1111 BAY AVENUE
SUITE 500
COLUMBUS, GEORGIA 31901
(706) 649-5220

SYNOVUS FINANCIAL CORP.
DIRECTOR STOCK PURCHASE PLAN

Financial Statements

December 31, 2004, 2003, and 2002

(With Report of Independent Registered Public Accounting Firm Thereon)

KPMG LLP
Suite 2000
303 Peachtree Street, NE
Atlanta, GA 30308

Report of Independent Registered Public Accounting Firm

The Plan Administrator
Synovus Financial Corp.
   Director Stock Purchase Plan:

We have audited the accompanying statements of financial condition of the Synovus Financial Corp. Director Stock Purchase Plan as of December 31, 2004 and 2003, and the related statements of operations and changes in plan equity for each of the years in the three-year period ended December 31, 2004. These financial statements are the responsibility of the Plan’s administrator. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial condition of the Synovus Financial Corp. Director Stock Purchase Plan as of December 31, 2004 and 2003, and the results of its operations and changes in its plan equity for each of the years in the three-year period ended December 31, 2004 in conformity with U.S. generally accepted accounting principles.

Atlanta, Georgia
April 1, 2005

KPMG LLP, a U.S. limited liability partnership, is the U.S.
member firm of KPMG International; a Swiss cooperative.

SYNOVUS FINANCIAL CORP.
DIRECTOR STOCK PURCHASE PLAN

Statements of Financial Condition

December 31, 2004 and 2003

	2004		2003
Assets
Common stock of Synovus Financial Corp. at market value - 2,002,558 shares (cost $23,126,539) in 2004 and 2,355,286 shares (cost $23,958,032) in 2003 (note 2)	$	57,233,118		68,114,873
Dividends receivable		351,880		382,930
	$	57,584,998		68,497,803
Liabilities and Plan Equity
Plan equity (632 and 605 participants in 2004 and 2003, respectively)	$	57,584,998		68,497,803

See accompanying notes to financial statements.

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SYNOVUS FINANCIAL CORP.
DIRECTOR STOCK PURCHASE PLAN

Statements of Operations and Changes in Plan Equity

Years ended December 31, 2004, 2003, and 2002

	2004			2003			2002
Dividend income	$	1,427,165			1,602,239			1,416,585
Realized gain on distributions to participants (note 5)		7,698,828			4,951,277			2,566,158
Unrealized (depreciation) appreciation of common stock of Synovus Financial Corp. (note 4)		(10,050,262	)		18,312,105			(16,297,840	)
Contributions (notes 1 and 3):
Participants		2,368,339			2,191,935			2,147,462
Synovus Financial Corp. and participating subsidiaries		1,184,169			1,095,967			1,073,731
		2,628,239			28,153,523			(9,093,904	)
Withdrawals by participants — common stock of Synovus Financial Corp. at market value (545,939 shares in 2004, 381,705 shares in 2003, and 167,638 shares in 2002) — (note 5)		(13,541,044	)		(8,639,268	)		(4,023,197	)
(Decrease) increase in Plan equity for the year		(10,912,805	)		19,514,255			(13,117,101	)
Plan equity at beginning of year		68,497,803			48,983,548			62,100,649
Plan equity at end of year	$	57,584,998			68,497,803			48,983,548

See accompanying notes to financial statements.

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SYNOVUS FINANCIAL CORP.
DIRECTOR STOCK PURCHASE PLAN

Notes to Financial Statements

December 31, 2004, 2003, and 2002

(1)	Description of the Plan
	The Synovus Financial Corp. Director Stock Purchase Plan (the Plan) was implemented as of January 1, 1985. The Plan is designed to enable participating Synovus Financial Corp. (Synovus) and subsidiaries’ directors to purchase shares of Synovus common stock at prevailing market prices from contributions made by them and Synovus and participating subsidiaries (the Participating Companies).
	Synovus serves as the plan administrator. Prior to August 1, 2002, the Plan agent was State Street Bank and Trust Company. Effective August 1, 2002, the Plan agent is Mellon Investor Services, LLC, hereafter referred to as “Agent.”
	Any person who currently serves or in the future is elected to serve as a member, advisory member, or emeritus member of the board of directors of any of the Participating Companies is eligible to participate in the Plan. Participants may contribute to the Plan only through automatic transfers of contributions from their designated demand deposit accounts. Participant contributions by directors of subsidiaries may not exceed $1,000 per calendar quarter. Contributions by directors of Synovus may not exceed $5,000 per calendar quarter. Matching contributions to the Plan are to be made by the Participating Companies in an amount equal to one-half of each participant’s contribution. All contributions to the Plan vest immediately.
	The Plan provides, among other things, that all expenses of administering the Plan shall be paid by Synovus. Brokers’ fees, commissions, postage, and other transaction costs incurred in connection with the purchase in the open market of Synovus common stock under the Plan are included in the cost of such stock to each participant.
	The Plan provides that each participant may withdraw at any time all or part of the full number of shares in his or her account balance. The participant may elect to receive the proceeds in the form of shares of common stock of Synovus or in a lump-sum cash distribution.
	The Plan provides that upon termination of participation in the Plan, each former participant will receive, at his discretion, the full number of shares of Synovus common stock held on his behalf by the Agent, together with a check for any fractional share interest, or a lump-sum cash distribution for the proceeds of the sale of all shares held by the Agent on his behalf. A participant who terminates his participation in the Plan may not reenter the Plan until the expiration of a six-month waiting period.
	Participation in the Plan shall automatically terminate upon termination of a participant’s status as a board of directors member whether by death, retirement, resignation, or otherwise.
	Synovus expects to maintain the Plan indefinitely, but reserves the right to terminate or amend the Plan at any time, provided, however, that no termination or amendment shall affect or diminish any participant’s right to the benefit of contributions made by him or the Participating Companies prior to the date of such amendment or termination.
	Synovus reserves the right to suspend Participating Company contributions to the Plan if its board of directors feels that Synovus’ financial condition warrants such action.

(Continued)

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SYNOVUS FINANCIAL CORP.
DIRECTOR STOCK PURCHASE PLAN

Notes to Financial Statements

December 31, 2004, 2003, and 2002

(2)	Summary of Accounting Policies
	The investment in Synovus common stock is stated at market value, which is based on the closing price at year-end obtained by using market quotations on the principal public exchange market for which such security is traded. The December 31, 2004 and 2003 market values were $28.58 and $28.92 per share, respectively.
	The realized gain on distributions to participants is determined by computing the difference between the average cost per share and the market value per share at the date of the distribution to the participants.
	Dividend income is accrued on the record date.
	The Plan’s investments include common stock of Synovus which is exposed to market and credit risks. Due to the level of risk associated with investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the Plan’s financial statements.
	Contributions by participants and Participating Companies, as well as withdrawals, are accounted for on the accrual basis.
	The Plan is not qualified under Sections 401(a) or 501(a) of the Internal Revenue Code of 1986, as amended. The Plan does not provide for income taxes because any income is taxable to the participants. Participants in the Plan must treat as compensation income their pro rata share of contributions made to the Plan by the participating company. Cash dividends paid on Synovus common stock purchased under the Plan will be taxable to the participants on a pro rata basis for Federal and state income tax purposes during the year any such dividend is received by the participant or the Plan. Upon disposition of the Synovus common stock purchased under the Plan, participants must treat any gain or loss as long-term or short-term capital gain or loss depending upon when such disposition occurs.
	Management of the Plan believes that the carrying amount of receivables is a reasonable approximation of the fair value due to the short-term nature of these instruments.
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates.

(Continued)

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SYNOVUS FINANCIAL CORP.
DIRECTOR STOCK PURCHASE PLAN

Notes to Financial Statements

December 31, 2004, 2003, and 2002

(3)   Contributions

Contributions by Participating Companies and by participants are as follows:

	2004				2003				2002
	Participating				Participating				Participating
Participating Company	Companies		Participants		Companies		Participants		Companies		Participants
Synovus Financial Corp.	$	197,676		395,342		127,500		255,000		149,667		299,334
Columbus Bank and Trust Company		84,999		169,999		80,333		160,667		83,000		166,000
Commercial Bank and Trust Company of Troup County		26,668		53,336		30,501		61,003		28,667		57,334
Commercial Bank of Thomasville		24,000		48,000		33,167		66,333		24,000		48,000
Security Bank and Trust Company of Albany		53,833		107,666		50,500		101,000		36,000		72,000
Sumter Bank and Trust Company		23,833		47,666		25,333		50,667		24,000		48,000
The Coastal Bank of Georgia		40,333		80,666		42,500		85,000		42,000		84,000
First State Bank and Trust Company		30,666		61,333		31,000		62,000		29,000		58,000
Bank of Hazlehurst		—		—		—		—		15,000		30,000
Cohutta Banking Company		11,276		22,553		12,610		25,219		12,722		25,444
Bank of Coweta		20,000		40,000		20,000		40,000		22,000		44,000
Citizens Bank and Trust of West Georgia		32,002		64,004		32,668		65,336		35,334		70,668
First Community Bank of Tifton		21,000		42,000		22,000		44,000		22,500		45,000
The Quincy State Bank		6,166		12,333		22,667		45,333		24,166		48,332
Community Bank & Trust of Southeast Alabama		21,833		43,666		18,334		36,667		19,500		39,000
CB&T Bank of Middle Georgia		26,000		52,000		28,000		56,000		26,833		53,667
First Coast Community Bank		18,666		37,333		18,000		36,000		16,608		33,217
CB&T Bank of Russell County		14,443		28,887		12,833		25,666		11,833		23,667
Sea Island Bank		27,000		54,000		25,334		50,667		24,167		48,333
Citizens First Bank		22,166		44,333		24,000		48,000		22,000		44,000
Athens First Bank and Trust Co.		24,450		48,900		22,000		44,000		21,500		43,000
Vanguard Bank and Trust		22,500		45,000		22,000		44,000		22,000		44,000
Bank of Pensacola		39,166		78,333		40,333		80,666		40,000		80,000
First Commercial Bank of Birmingham		24,166		48,333		36,000		72,000		27,667		55,333
The Bank of Tuscaloosa		44,000		88,000		40,333		80,667		40,167		80,333
Sterling Bank		24,000		48,000		24,000		48,000		24,667		49,333
First National Bank of Jasper		22,666		45,333		22,667		45,333		22,667		45,333
First Commercial Bank of Huntsville		24,000		48,000		24,444		48,888		27,056		54,112
Tallahassee State Bank		12,000		24,000		12,000		24,000		11,833		23,667
Peachtree National Bank		26,000		52,000		26,000		52,000		27,000		54,000
Citizens Bank of Fort Valley		10,333		20,666		7,833		15,667		12,500		25,000
The Citizens Bank of Cochran		—		—		—		—		8,167		16,333
Charter Bank and Trust Co.		—		—		18,333		36,667		17,000		34,000
Citizens & Merchants State Bank		19,000		38,000		14,333		28,667		16,000		32,000
The National Bank of South Carolina		36,500		73,000		39,667		79,333		36,166		72,333
Bank of North Georgia		48,961		97,922		34,744		69,489		41,844		83,689
Georgia Bank & Trust		10,500		21,000		10,500		21,000		7,000		14,000
Synovus Trust Company		—		—		—		—		1,500		3,000
The Bank of Nashville		8,000		16,000		7,000		14,000		—		—
United Bank of the Gulf Coast		18,500		37,000		13,500		27,000		—		—
United Bank and Trust		20,000		40,000		16,500		33,000		—		—
First Nation Bank		22,034		44,069		6,500		13,000		—		—
Trust One		3,500		7,000		—		—		—		—
Synovus Bank of Jacksonville		5,333		10,666		—		—		—		—
Peoples Bank		16,000		32,000		—		—		—		—
Total contributions	$	1,184,169		2,368,339		1,095,967		2,191,935		1,073,731		2,147,462

(Continued)

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SYNOVUS FINANCIAL CORP.
DIRECTOR STOCK PURCHASE PLAN

Notes to Financial Statements

December 31, 2004, 2003, and 2002

(4)	Unrealized (Depreciation) Appreciation of Synovus Common Stock
	Changes in unrealized (depreciation) appreciation of Synovus common stock are as follows:

	2004			2003		2002
Unrealized appreciation at end of year	$	34,106,579			44,156,841		25,844,736
Unrealized appreciation at beginning of year		44,156,841			25,844,736		42,142,576
Unrealized (depreciation) appreciation for the year	$	(10,050,262	)		18,312,105		(16,297,840	)

(5)	Realized Gain on Withdrawal/Distributions to Participants
	The realized gain on withdrawal/distributions to participants is summarized as follows:

	2004		2003		2002
Market value at date of distribution or redemption of shares of Synovus common stock	$	13,541,044		8,639,268		4,023,197
Less cost (computed on an average cost basis) of shares of Synovus common stock distributed or redeemed		5,842,216		3,687,991		1,457,039
	$	7,698,828		4,951,277		2,566,158

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