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On Wednesday, Synovus (SNV) announced it would cut its quarterly dividend by nearly 65% to $0.06 per share. The prior quarterly dividend equaled $0.17 per share.

CEO Richard Anthony noted, capital preservation is a key concern as the bank faces ongoing credit concerns and uncertainties in this economic climate.

 

We believe the stress on our loan portfolio will continue through at least 2009, and we believe the net charge-off ratio throughout that period will remain in the 1% range.

 
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Synovus stock chart September 11, 2008

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Source: Synovus Slashes Dividend