Synovus repays TARP loans
Synovus Financial Corp., the parent company of Cohutta Banking Co., launched its $130 million preferred stock offering Monday as part of its plan to repay nearly $1 billion it borrowed from the federal government under the 2008 bailout program. The Columbus, Ga.-based company also plans to offer $185 million of common stock and use $680 million of its reserves to repay the TARP loan.
Synovus, which operates nine banks, said last week its profits in the second quarter rose by 23.8 percent to $30.7 million
CEO offers cash, advice on TV
The CEO of Camping World, which owns Shipps RV in East Ridge, will debut his new show on CNBC tonight called "The Profit." Marcus Lemonis, CEO of Camping World and Good Sam Enterprises, is putting $2 million of his own money into his televised hunt for struggling businesses desperate for cash and ripe for a deal. Lemonis will offer his cash and turnaround advice for a piece of the business.
In the past decade, Lemonis says he has successfully turned around more than 100 companies. The new show will air at 10 p.m. Tuesday nights on CNBC.
Netflix gains less than hoped
Netflix's revival of the comedy series "Arrested Development" didn't reel in as many subscribers to the Internet video service as Wall Street had hoped, but the company still picked up 630,000 subscribers in the second quarter. Even though Netflix's profit more than quadrupled, the report released Monday flopped among investors because it didn't live up to the lofty expectations propelling the company's high-flying stock. The shares have nearly tripled since the beginning of the year but fell in after hours trading Monday.