U.S. southeast regional bank Synovus Financial Corp
On December 15, Synovus received a letter from the Securities and Exchange Commission (SEC), Atlanta regional office, informing the company that it is conducting an informal inquiry to determine whether any person or entity has violated the federal securities laws.
The company said the SEC has not asserted that Synovus or any person, or entity has committed any securities violations, according to company's filing submitted with SEC on March 1.
In the same filing, Synovus has also said that three separate lawsuits were filed against the company by two shareholders and the City of Pompano Beach General Employees' Retirement System, seeking to recover damages in an unspecified amount.
One of the suits related to aspects of Synovus's credit exposure to Sea Island Co, a troubled Georgia resort, according to the filing.
The company said it intends to cooperate fully with the SEC's informal inquiry.
(Reporting by Sakthi Prasad in Bangalore; Editing by Lincoln Feast)