Synovus Financial Corp. today announced it has priced a public offering of 59,870,550 million shares of its common stock at $3.09 per share.

The offering will generate net proceeds of approximately $175 million. The closing date for the transaction is expected to be July 24, 2013.

As previously announced, the Company intends to use the net proceeds of this offering, the net proceeds of a planned $130 million preferred stock offering and a $680 million dividend from its subsidiary bank to redeem all of the 967,870 shares of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, issued to the United States Department of the Treasury pursuant to the Capital Purchase Program as part of its Troubled Asset Relief Program.

J.P. Morgan Securities LLC served as sole book-running manager of the offering, and Goldman, Sachs & Co. and Sandler O’Neill + Partners, L.P. served as co-managers.