A US-based bank holding and financial services company. Its subsidiary Synovus Bank has been one of the main financial backers of private prison company CoreCivic.
Synovus Financial Corp. is a bank holding and financial services company headquartered in Columbus, Georgia. Synovus conducts banking operations through its principal subsidiary, Synovus Bank. In 2022, Synovus operated 246 bank branches in the U.S., primarily throughout Alabama, Florida, Georgia, South Carolina, and Tennessee, and generated just under $1.8 billion in revenue.
Past Financing of Private Prison Companies
Synovus Bank has been identified as one of several major financiers of private prison and immigrant detention companies, having provided revolving lines of credit and term loans to CoreCivic. While other major private prison financiers announced in 2019 that they would exit their relationships with private prison companies, Synovus has made no such announcement as of August 2023.
In 2018, CoreCivic entered into an amended $1 billion credit agreement with a syndicate of banks that included Synovus Bank. Replacing a previous $900 million credit agreements, this credit facility was originally set to expire in April 2023. Under the agreement, Synovus Bank provided a $20 million revolving line of credit and a $5 million term loan.
Discerning the Company's Role in Current Credit Agreements
In May 2022, CoreCivic entered into an amended credit agreement, effectively replacing its $1 billion credit facility with a $350 million agreement. Consisting of a $250 million revolving line of credit and a $100 million term loan, this agreement extends the previous credit facility's April 2023 maturity date to May 2026. SEC filings do not disclose whether Synovus Bank is still involved in this agreement.
Involvement in Cop City
Synovus Bank is a corporate backer of the Atlanta Police Foundation (APF), the nonprofit arm of the Atlanta Police Department (APD) that, with the City of Atlanta, is constructing a militarized police training compound—'Cop City'—on protected forest land. As of August 2023, Synovus Executive Vice President and General Counsel, Allan Kamensky, serves on the APF's Board of Trustees. The bank is also listed as a repeat corporate sponsor of APF events, including its May 2023 "Crime Stoppers" ball and November 2023 "Night in Blue" celebration.