Parkway Bank (OTCBB Board: PKWY) intends to start raising additional capital as it simultaneously reviews all available strategic alternatives. The bank operates three branches in Lenoir, Granite Falls and Hudson, N.C. For 2009, the company’s losses widened to about $4.29 million from $1.88 million a year earlier. Its total assets also fell 6.7 percent to $116.8 million from $125.3 million over the same period. Parkway Bank attributes its results to economic and financial conditions, as well as to the decision to make more than $23 million in loans in 2006 and 2007 to a bank (Silverton Bank of Atlanta, Ga.) that failed in May 2009.
Synovus Financial Corp. (NYSE: SNV) continues to pursue strategic initiatives, partly due to economic conditions and the developing regulatory climate. The financial services holding company is looking at options that could improve its cash and non-cash capital position. It also continues to dispose of non-performing assets. Synovus Financial’s first-quarter losses widened to $215.7 million from $136.7 million a year earlier. The latest period includes a gain of $43 million for the sale of the company’s merchant-services business. The Columbus, Ga.-based company ended March with $32.4 billion in assets, down from $32.8 million on Dec. 31. Synovus Financial operates in Georgia, Alabama, South Carolina, Florida and Tennessee.
International Power Group Ltd.’s (Pink Sheets: IPWG) board of directors has formed a committee to review options designed to enhance shareholder value. The provider of waste-to-energy technologies decided to look at options after receiving an offer from Green Energy Development Inc. The committee is charged with providing the board with a recommendation on Green Energy’s proposal, as it mulls both financial and strategic alternatives. International Power hired an independent valuation firm to figure out its fair value. Green Energy is seeking to acquire the Celebration, Fla.-based company through a merger for about $30 million in shares.
Eastman Chemical Co. (NYSE: EMN) plans to consider strategic alternatives, including a sale, for its performance polymers division with help from exclusive financial adviser Bank of America Merrill Lynch. Eastman Chemical’s total revenue for the first quarter soared to $1.56 billion from $1.13 billion a year earlier. The Kingport, Tenn.-based company attributed the improvement to higher sales volume and prices, along with a shift in product mix. Revenue for the performance polymers segment grew 22 percent to $194 million from $159 million.