AmSouth Bancorporation

Infobox Defunct Company
company_name = AmSouth Bancorporation
company_
slogan = The Relationship People
fate = Merged with Regions Bank
successor = Regions Financial Corporation
foundation = 1970 [cite web |title=AmSouth History |publisher=AmSouth Bank |url=http://www.amsouth.com/about/history.asp |accessdate=2007-07-18 ]
defunct = November 4 2006
location = Birmingham, Alabama, USA
industry = Finance and Insurance
key_people = C. Dowd Ritter, Chief Executive Officer
products = Financial Services
num_employees = 12,000 (2004)

AmSouth Bancorporation was a banking company headquartered in Birmingham, Alabama, and operated for its final year in existence as a bank holding company (subsidiary) of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham, which was first organized in 1872. AmSouth was in the financial services industry and at its peak employed over twelve thousand people.

AmSouth's size more than doubled in 2000 when it absorbed Nashville, Tennessee-based First American National Bank. [cite news |title=AmSouth buys First American |publisher=Birmingham Business Journal |date=1999-06-04 |url=http://www.bizjournals.com/birmingham/stories/1999/06/07/tidbits.html?page=1 |accessdate=2007-07-18 ] With the merger came hundreds of branches primarily in Tennessee but also in Kentucky, Virginia, and Mississippi. This is cited as a rare example of one bank absorbing another bank larger than itself. As part of the deal, AmSouth also acquired Deposit Guaranty Bank (which was operating as a subsidiary of First American).

Merger with Regions Financial Corporation

On May 25, 2006, AmSouth announced it would merge with Regions Financial Corporation, another Birmingham-based bank, in a $10 billion deal. [cite press release |title=Regions Financial Corp. and AmSouth Bancorporation to Merge |publisher=Regions Financial Corporation |date=2006-05-25 |url=http://phx.corporate-ir.net/phoenix.zhtml?c=65036&p=irol-newsArticle&ID=860846&highlight= |accessdate=2007-07-18 ] The new entity, and all of its branches, will carry the Regions Bank name.

A list of branches that will be divested for the merger to be approved was issued by the Department of Justice on October 19, 2006. [cite press release |title= JUSTICE DEPARTMENT REACHES AGREEMENT REQUIRING DIVESTITURES IN MERGER OF REGIONS FINANCIAL CORP. AND AMSOUTH BANCORPORATION |publisher=Department of Justice |date=2006-10-19 |url=http://www.usdoj.gov/atr/public/press_releases/2006/219180.htm |accessdate=2007-07-18 ] The 39 branches divested in Alabama were sold to RBC Centura Bank and converted in Spring 2007.

On November 4, 2006 Regions completed its acquisition of AmSouth.cite press release |title=Regions and AmSouth Complete Merger |publisher=Regions Financial Corporation |date=2006-11-04 |url=http://phx.corporate-ir.net/phoenix.zhtml?c=65036&p=irol-newsArticle&ID=926722&highlight= |accessdate=2007-07-18 ] AmSouth branches in Alabama and Florida either closed or converted to Regions on July 13, 2007. Branches in remaining states closed or converted on October 26, 2007, officially retiring the AmSouth name. The former AmSouth branches in parts of Northwest Georgia were converted on December 6, 2007.

References

External links

* [http://biz.yahoo.com/ic/10/10070.html Yahoo! - AmSouth Bancorporation] profile
* [http://www.regions.com/ Regions Financial] official site of parent corporation