XML 77 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814
Share Repurchase Programs
9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Share Repurchase Program
Note 2 - Share Repurchase Programs
During the third quarter of 2015, Synovus completed the $250 million share repurchase program which was announced on October 21, 2014 and had an expiration date of October 23, 2015. Total repurchases under this program amounted to $250.0 million, or 9.1 million shares at an average price of $27.53, of common stock through a combination of share repurchases under the accelerated share repurchase (ASR) agreement described below and open market transactions. Synovus entered into the ASR agreement during October 2014 to purchase $75.0 million of Synovus common stock under the share repurchase program. As of December 31, 2014, Synovus had repurchased 2.5 million shares of common stock under the ASR agreement. During January 2015, Synovus repurchased 392 thousand shares upon completion of the ASR agreement. Additionally, from October 2014 through September 30, 2015, Synovus repurchased $175.0 million, or 6.2 million shares, of common stock through open market transactions, including $161.9 million, or 5.7 million shares, of common stock repurchased during the nine months ended September 30, 2015.
On October 20, 2015, Synovus announced a $300 million share repurchase program, which will expire after a 15 month period.