TSYS to pay 7-cent cash dividend

Synovus yet to announce its quarterly dividend

By Tony Adams - tadams@ledger-enquirer.com --

Credit-card processor TSYS said Friday it will pay a quarterly cash dividend of 7 cents per share.

Columbus-based TSYS said the dividend, approved by its board of directors, will be paid Oct. 1 to shareholders of record at the close of business Sept. 18.

The 7-cent dividend is identical to what it paid out a year ago. The third-party processor at that time was still a subsidiary of regional bankholding firm Synovus Financial Corp. The two firms were spun apart from each other at the end of 2007.

Columbus-based Synovus has yet to declare its quarterly dividend. The company, which reported a 93-percent drop in second-quarter profits, has been reviewing its entire five-state banking operation for ways to cut expenses.

Synovus oversees $34 billion in assets through its 35 banks in Georgia, Alabama, South Carolina, Florida and Tennessee.

TSYS is a global processor for banks and retailers, doing business in North America, Europe, Latin America and the Asia-Pacific regions.