Restructuring Charges

6 Months Ended

Jun. 30, 2013

For the six and three months ended June 30, 2013 and 2012 total restructuring charges are as follows:



	Six Months Ended June 30,					Three Months Ended June 30,
(in thousands)	2013			2012		2013	2012
Severance charges	$	6,610		1,032		1,737	826
Asset impairment charges	—			1,228		—	477
(Gain) loss on sale of assets held for sale, net	(25		)	(164	)	2	(26	)
Professional fees and other charges	22			156		19	116
Total restructuring charges	$	6,607		2,252		1,758	1,393

In January 2013, Synovus announced new efficiency initiatives to reduce expenses by approximately $30 million during 2013. The implementation of these initiatives is underway and on track to be completed during 2013. During the six and three months ended June 30, 2013, Synovus recognized restructuring charges of $6.6 million and $1.8 million, respectively, related to these efficiency initiatives. During the six and three months ended June 30, 2012, Synovus recognized $2.3 million and $1.4 million, respectively, in restructuring charges related to previously announced efficiency initiatives.

The liability for restructuring activities was $3.1 million at June 30, 2013 and consists primarily of future severance payments. Cash payments associated with this liability are expected to occur over the next six months.

- 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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