TSYS has announced that "it has entered into an agreement and plan of distribution with Synovus, under which Synovus plans to distribute all of its shares of TSYS common stock in a spin-off to Synovus shareholders. Under the terms and conditions of the agreement, TSYS will become a fully independent company."

"This is a watershed event for both TSYS and Synovus that we believe will benefit the shareholders of both companies," said Philip W. Tomlinson, chairman and chief executive officer of TSYS. "This transaction allows for broader diversification of our shareholder base; more liquidity in our shares; additional investment in strategic growth opportunities and potential acquisitions; and the opportunity for shareholders to value TSYS as a stand-alone, pure play in the payments processing market."

"It will be business as usual when it comes to our day-to-day operations following the spin-off. TSYS will continue to operate under its current brand name and the company headquarters will remain in Columbus, Georgia," continued Mr. Tomlinson. "What will be different, however, is the greater flexibility we will have with respect to planning and executing our growth strategies, including the flexibility to issue shares of stock and incur debt without the constraints that exist within a bank holding company structure. TSYS will be in a much more desirable competitive position. Our team has consistently delivered outstanding performance during some very difficult times over the past few years and we are excited about our future growth opportunities."