Exhibit C - E-mail — Agent Fee Litigation (Dkt. 73.3)

Summary

An e-mail chain filed as Exhibit C at Dkt. 73.3 in the agent fee litigation. The exhibit shows a message forwarded on Monday, May 25, 2020 at 7:22 AM carrying an underlying message sent May 21, 2020 under the subject line PPP Forgiveness Application. The underlying message, from a Synovus commercial banker, reports that the bank had funded over 19,000 PPP applications to date and that it funded just shy of 50% of the applications in the first round, leaving roughly 9,500 clients unfunded. It states that applications were worked on a first-come, first-serve basis with a head start for existing clients. It states that the SBA had released its initial version of the PPP forgiveness application, attached to the message and running 11 pages, and that the bank had not yet given its teams details on processing forgiveness applications.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Jill Sport

From:                            Fla. Stat. 90.5055
Sent:                            Monday, May 25, 2020 7:22 AM
To:                              Jill Sport
Subject:                         Fwd: PPP Forgiveness Application
Attachments:                     winmail.dat


I just heads up from Rick.
Thank you. I will
Print this when I get home
Fla. Stat.
Begin forwarded message:

       From: "McClanahan,Rick" <RickMcClanahan@synovus.com>
       Date: May 21, 2020 at 5:03:10 PM CDT
       Subject: PPP Forgiveness Application

       Good Day Everyone,

       First, I would like to thank each of you for your patience as we chartered these new waters
       together. The first round of PPP was stressful for all of us. I know many of you were losing sleep
       because we were talking on the phone at 11:00 & 12:00 at night either getting your application ready or
       discussing the mechanics of these funds. Many of you were able to get through on the first round, and
       many of you were not...no matter what financial institution you applied through. It was very rewarding
       to share the joy of getting funding, and very challenging to share in the anxiety of yet being
       approved. However, one thing was very consistent, all of you were extremely patient as you knew we
       were working very hard on your behalf to get you access to this pool of funds.

       Though we are still processing PPP applications as they trickle in, we would consider this project a
       success for our clients, having funded over 19,000 applications to date. I'm happy to report that
       Synovus funded just shy of 50% of the applications in the first round. However, this wasn't anything for
       us to celebrate at the time, because that meant we had just over 50% of the applications that were not
       funded. That is roughly 9,500 clients that were still wondering if they were left out in accessing these
       funds. This included many of our very large relationships, and every one of sole proprietors that could
       not apply until a week later. I am very proud of our company for honoring our commitment to our
       customers and community where applications would be worked in a manner that afforded our current
       clients a head start as we worked on a first-come, first-serve basis. In fact, many on this email applied
       through their current bank specifically for this reason; and I encouraged them to do just that. Your
       success is my #1 priority, no matter where you are currently banking.

       If you haven't heard by now, SBA has released its initial version of the PPP forgiveness application
       (Attached). I wanted to get this in front of you as soon I had something tangible so you could begin
       preparing for the part that means the most to you...getting this loan off the balance sheet as you have
       intended. Just as I had feared, the forgiveness part is going to be much more complex than the
       application part. There are 11 pages of information to unpack, so you'll want to set aside some time to
       study this information and begin building a process now to make it easier when you actually submit your
       application.


                                                           1
Details about how Synovus will process forgiveness applications have not been rolled down to our teams
yet, but please know that we have a dedicated team working toward making this as streamlined as we
can under the guidance the SBA continues to give. Once I have more information, I will certainly send
an update. Likewise, Synovus will be sending update emails through the coming days and weeks
pertaining to PPP. I would expect some useful information within those communications.

Please let me know if there is anything I can help with.

Sincere Thanks,

Rick McClanahan
Vice President
Commercial Banker III
125 W Romana St: 4th Floor
Pensacola, FL 32502
(850) 436-7837 (Office)
(850) 502-9988 (Mobile)
(850) 436-4894 (Fax)
[synovus_email]
Synovus Bank named the #1 Most Reputable Bank
in 2017 by Reputation Institute




                                                     2


File and source

File

gov.uscourts.flnd.190491.73.3.pdf

Size

71,748 bytes

SHA-256

d1a9678cd262e2042b2c4988162dd289821f890494add5cbeead365ccbb1ee2b

Our copy

gov.uscourts.flnd.190491.73.3.pdf

Original

No public link identified.