Synovus (NYSE:SNV)

  1. Most significant is that Synovus still owes TARP money. Many banks took TARP money during the financial crisis, but to have not paid it back this far along is a huge red flag.

  2. Synovus' bad loan rate is still around 4%, which is quite high -- and it's not even reserving fully for those bad loans.

  3. Synovus is trading around book value, both on a regular and tangible basis. That's a reasonable price point, but in this environment, there are plenty of banks trading at the same price -- banks that pay good dividends and aren't saddled with TARP debt and bad loans.

 See more in the following video.

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