After minimizing its loan losses, the Federal Deposit Insurance Corporation and the Georgia Banking Commissioner freed Synovus' bank from a 2010 memorandum of understanding which restricted some of the firm's financial activities, an article in the American Banker reported.

The bank was required to minimize loan losses, obtain permission before paying dividends and take steps to minimize customer confusion over the bank's various trade names, the article explained.

According to the article, the $25.9 billion-asset company became profitable again in 2011.