Regions Financial Corporation is a publicly held company based in Birmingham, Alabama, USA, with the corporate headquarters at the Regions Center. A member of the S&P 100 Index, the company provides retail and commercial banking, trust, securities brokerage, mortgage and insurance products and services.
Regions has more than $146 billion in assets as of 2009, making it one of the top 10 banks in the United States. Its banking subsidiary, Regions Bank, operates some 2,000 branches and 2,400 ATMs across a 16-state network in the South, Midwest, and Texas. Its securities brokerage and asset management subsidiary, Morgan Keegan & Company, Inc., provides services in over 450 offices across 16 states.
Company history
Regions Financial Corporation started on July 13 , 1971 with the merger of three Alabama banks: First National Bank of Montgomery (opened 1871), Exchange Security Bank of Birmingham (opened 1928), and First National Bank of Huntsville (opened 1856). The combined company was known as First Alabama Bancshares, the first state-chartered bank holding company in Alabama. Other acquisitions expanded the holding company's reach. Until their formal merger in March 1985, under revised banking regulations, the banks continued to operate independently.
Many of these founding banks hold places of historic importance in Alabama. For instance, the First National Bank Building in Huntsville, which was originally the Branch Bank of the State of Alabama, is one of the few bank buildings in existence today still used for the same purpose as intended approximately 170 years ago. It is currently in use as the Main office of Regions Bank in Huntsville. It served as a hospital for Union soldiers during the Civil War, and once held a rifle owned by Frank James as collateral for bail money when he was incarcerated across the street in the Madison County Jail.
In 1986, changes in the Interstate Banking Bill allowed bank holding companies to purchase bank branches outside the state in which they were chartered. First Alabama Bancshares expanded its operations first into Florida, continuing into Georgia, Tennessee, and Arkansas. To reflect its growth into a regional company, First Alabama Bancshares changed its name to Regions Financial Corporation and the name of its banking subsidiary to Regions Bank on May 2 , 1992 .
Regions added banking branches in Alabama, Georgia, Tennessee, Florida, South Carolina, Texas, Louisiana, and Arkansas. The name "Regions" was purchased from First Commercial Corporation, the Arkansas Bank that Regions subsequently purchased in 1998. The Louisiana Regions Banks were established in Monroe (Ouachita Parish) by two former members of the Louisiana State Senate, Jamar Adcock and William R. "Billy" Boles, Sr..
In addition to the bank subsidiary, Regions Financial operates a mortgage bank, Regions Mortgage, a Trust Company, and an investment subsidiary, Regions Investment Company, Inc., which was called RICI for short. Later, Rebsamen Insurance Company was acquired, further expanding the range of financial services offered by the company.
Recent mergers and acquisitions
Morgan Keegan
On December 19, 2000, Regions agreed to purchase Memphis, Tennessee, based securities brokerage firm Morgan Keegan for $789 million. Morgan Keegan took over investment banking Responsibilities from RICI and eventually also was given control of Regions Trust Company. The Combined Subsidiary is now known as Regions Morgan Keegan Trust, Inc.
Union Planters
On January 24, 2004, Regions merged with Memphis, Tennessee based Union Planters Bank in a $5.9 billion dollar transaction. This merger was noteworthy (at least among large banks) for the fact that Regions, the acquiring bank, did not pay a premium above the currently trading stock price of Union Planters shares. Union Planters Bank, however, was to receive an equal number of board seats within the newly formed bank. Shortly before assuming the duties of CEO of Regions Bank in 2005, Jackson W. Moore suffered a stroke but was still able to assume his new post upon recovery. After the merger, Regions adopted Union Planters' former logo of a young cotton plant and used it until the AmSouth conversion. The merger significantly increased Regions' footprint in Tennessee; Union Planters had been the largest Tennessee-based bank.
AmSouth
On May 25, 2006, Regions announced it would be acquiring AmSouth Bancorporation, another Birmingham based bank, in a $10 billion deal. The new entity and all of its branches would carry the Regions name, but would effectively adopt AmSouth's corporate structure. Upon completion of the merger, which took place on November 4 , 2006 , Regions Financial became the nation's eighth largest bank with total assets of nearly $140 billion and approximately 2,000 branches and more than 2,400 ATMs throughout a 16-state network. Jackson W. Moore remains chairman of the combined company while C. Dowd Ritter (chairman, president, and CEO of AmSouth) assumed roles as president and CEO of Regions Financial. AmSouth branches in Alabama and Florida closed or converted to Regions on July 13, 2007. AmSouth branches in Event 2 either closed or converted to Regions on October 26, 2007. Some AmSouth branches remained in northwest Georgia, but they were converted on the evening of December 6 , 2007 and the AmSouth name is now retired. Upon the merger, Regions adopted its new corporate logo and lime green color scheme.
Integrity Bank
On August 29, 2008, Integrity Bank, of Alpharetta, Georgia, was placed into receivership by the FDIC and Regions Bank assumed its operations. This change was a fallout from the United States housing bubble
FirstBank Financial Services
In February 2009, FirstBank Financial Services of McDonough Georgia, was also placed into receivership by the FDIC and Regions Bank assumed its operations.
Criticism
In J. D. Power and Associates 2008 Retail Banking Satisfaction Study, Regions came in last in customer satisfaction in the Southeastern region.
In J. D. Power and Associates 2008 Retail Banking Satisfaction Study, Regions had the largest improvement in customer satisfaction among all major banks. The bank posted a 14 percent increase.
See also
- Regions Center
- Regions Charity Classic
- Regions Park
References
- ^ a b "Financial Information" (chart). Regions Financial Corporation. 2006-12-31 . http://www.regions.com/about_regions/IR_financial_information.html . Retrieved 2007-11-26 .
- ^ "Public Hearing on Preemption Petition". FDIC. 2005-05-24 . http://fcx.fdic.gov/news/conferences/agency/public_cjones_test.html . Retrieved 2007-11-26 . "What is now Regions Bank began as three separate banks: the First National Bank of Huntsville (chartered in 1865), the First National Bank of Montgomery, and the Exchange Security Bank of Birmingham. In 1971, First National Bank of Huntsville and Exchange Security Bank of Birmingham joined to create Alabama’s first bank holding company, First Alabama Bancshares and we renamed our banking operations First Alabama Bank."
- ^ Regions Financial Corporation (2006-05-25). "Regions Financial Corp. and AmSouth Bancorporation to Merge". Press release . http://phx.corporate-ir.net/phoenix.zhtml?c=65036&p=irol-newsArticle&ID=860846&highlight= . Retrieved 2007-11-26 .
Regions Bank: Loans
Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs.
Regions Bank Announces Overdraft Policy Changes: Financial News ...
Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,900 banking offices and ...
Regions Bank: Federal Parent PLUS Loan
Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs.
Texas Bank Foreclosures TX Texas Bank Owned Homes
... 7 Day Trial; Contact; Sitemap; Regions; About ... reasons why you may want to use Bank-Foreclosures-Texas.com to search for your Texas bank ...
RegionsBank - Regions Bank Online Banking, Region branch locations ...
Its banking subsidiary, Regions Bank, operates across 16 states in the South, Midwest and Texas. For more information Regions Bank, ATM/ Branch Location (locator ...
Regions Bank latest to change overdraft policy: Financial News - Yahoo ...
Regions serves customers in 16 states across the South, Midwest and Texas. Shares of Regions Financial Corp., the parent of Regions Bank, slipped 10 cents to $6.11 in afternoon ...
Texas 288 South | Banks & Credit Unions | Regions Bank
Houston's #1 Relocation Publication. Clear Lake, West Houston, Northwest Houston, Fort Bend, Texas 288 South.
Union Planters Converts to Regions - The Chattanooga Area Chamber of ...
New Regions Bank signs are coming to the Union Planters Bank ... 15 states throughout the South, Midwest and Texas. Headquartered in Birmingham, Ala., the bank, a part of Regions ...
Regions Bank - Bhamwiki
All First Commercial Banking Locations were renamed to Regions Bank. August 27, 1998: Purchased State First National Bank of Texarkana, Texas
Regions Bank | Better Business Bureau Review | Tyler, TX
Better Business Bureau Reliability Report for Regions Bank in Tyler, TX. BBB review and rating for Regions Bank, a Bank.