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SNV & Crown Equity Holdings: Synovus Reports Results for Third Quarter of 2010

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Synovus Financial Corp. (NYSE:SNV)

Synovus Financial Corp. today reported a net loss for the third quarter of $195.8 million, a 19 percent improvement from the net loss of $243 million for the second quarter of 2010, and a 57 percent improvement from the net loss of $454 million for the third quarter of 2009. The net loss per common share for the third quarter was $0.25. During the quarter, Synovus’ credit trends continued to improve, its capital position remained strong, and its core performance remained stable.

 Continued Positive Credit Trends

    * Provision expense decreased $60 million from the second quarter to $239 million in the third quarter, the lowest provision expense since the third quarter of 2008.
    * Total credit costs declined 15 percent during the third quarter to $301 million, from $353 million in the second quarter of 2010, for the fifth consecutive quarterly decline in total credit costs.
    * Net charge-offs decreased $196 million from the second quarter to $237 million, the lowest level since the fourth quarter of 2008.
    * Total non-performing assets declined for the second consecutive quarter.
    * Total loans past due and still accruing were 1.12 percent of total loans, continuing the relatively low level of past dues.

Strong Capital Position

As of September 30, 2010, capital ratios were as follows:

    * Tier 1 Capital Ratio – 13.06%
    * Tier 1 Common Equity Ratio – 9.07%
    * Tangible Common Equity to Tangible Assets Ratio – 7.26%
    * Total Risk-based Capital Ratio – 16.70%

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Crown Equity Holdings Inc. (OTC BB: CRWE.OB)

Crown Equity Holdings Inc. knows that bigger is better. That’s why the company is expanding its business by opening a second office in Pakistan. With its mission to increase its offerings of up-to-date news and world affairs from the Mideast, Far East and Europe, the company will add an additional workforce of 25 associates to the CRWE Newswire team. The new venue will be located in the city of Attock and will be managed by Zeeshan Shabbir, who also runs the office in Islamabad, Pakistan. CRWE’s proprietary network technology allows its publishing department to get its content to millions of readers daily across the world.

Crown Equity HoldingsCRWE Newswire is growing with the flow.The company has announced that it is expanding its business by opening another office in Pakistan. The new venue will be located in the city of Attock and, like its sister office in Islamabad, will be managed by Zeeshan Shabbir. In the process of adding an additional workforce of 25 associates to the CRWE Newswire team, the new office will increase the company’s offerings of up-to-date news and world affairs from the Mideast, Far East, and Europe via its online newswires.

Crown Equity Holdings, Inc. has increased its workforce to an amount of 35, compared to this time last year’s head count of 6, which is a 580% personnel increase . This is in addition to the 10 contractors we recently hired in Pakistan.

 

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