Restructuring Charges

9 Months Ended

Sep. 30, 2012

For the nine and three months ended September 30, 2012 and 2011 total restructuring charges are as follows:



	Nine Months Ended September 30,					Three Months Ended September 30,
(in thousands)	2012			2011		2012		2011
Severance charges	$	2,488		17,310		1,456		1,000
Lease termination charges	(44		)	3,107		(69	)	—
Asset impairment charges	1,231			6,417		3		718
Gain on sale of assets held for sale	(452		)	(792	)	(288	)	(530	)
Professional fees and other charges	221			3,984		90		1,399
Total restructuring charges	$	3,444		30,026		1,192		2,587

In January 2011, Synovus announced efficiency and growth initiatives intended to streamline operations, boost productivity, reduce expenses, and increase revenue. During the nine months ended September 30, 2011, Synovus implemented most of the components of the initiatives, which resulted in restructuring charges of $30.0 million. During the nine and three months ended September 30, 2012, Synovus recognized restructuring charges of $3.4 million and $1.2 million, respectively, associated with these ongoing efficiency initiatives. As part of these efficiency initiatives, during the nine months ended September 30, 2012, Synovus transferred premises and equipment with a carrying value of $3.8 million, immediately preceding the transfer to other assets held for sale, a component of other assets on the consolidated balance sheet. For the nine months ended September 30, 2012, Synovus recognized impairment charges of $1.2 million related to these assets and net gains of $452 thousand on the sale of these assets. For the three months ended September 30, 2012, Synovus recognized net gains of $288 thousand on the sale of these assets. For the nine and three months ended September 30, 2012, Synovus received proceeds of $4.1 million and $2.4 million, respectively, from sales of these assets. The carrying value of the remaining held for sale assets was $5.8 million at September 30, 2012. The liability for restructuring activities was $1.0 million at September 30, 2012, and consists primarily of lease termination payments and estimated severance payments.

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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