Regions Financial Corporation

Infobox Company
name = Regions Financial Corporation

type = Public (nyse|RF)
slogan = It's time to expect more.
foundation = 1971 as First Alabama Bancshares
location = Birmingham, Alabama, USA
key_people =
industry = Finance
products = Credit cards, Loans, deposit products, investments, insurance, financial planning, trust, asset management, and cash management services.
revenue = profit$10.939 billion USD (2007)
net_income = profit$1.252 billion USD (2007)
num_employees = 39,500
homepage = [http://www.regions.com/ regions.com]

Regions Financial Corporation nyse|RF 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 $144 billion in assets as of 2008, making it one of the top 10 banks in the United States.cite web |title=Financial Information |publisher=Regions Financial Corporation |date=2006-12-31 |url=http://www.regions.com/about_regions/IR_financial_information.html |format=chart |accessdate=2007-11-26 ] 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 19 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. [cite web |title= Public Hearing on Preemption Petition |publisher=FDIC |date=2005-05-24 |url=http://fcx.fdic.gov/news/conferences/agency/public_cjones_test.html |accessdate=2007-11-26 |quote=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. ] 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, the Regions Bank subsidiary announced that it would be merging 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.

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.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=2007-11-26 ] 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. citeweb|title=Failed Bank Information: Integrity Bank, Alpharetta, GA Closing Information|publisher =FDIC|date=2008-08-29|url=http://www.fdic.gov/bank/individual/failed/integrity.html] This change was a fallout from the United States housing bubble

ee also

*Regions Center
*Regions Charity Classic
*Regions Park

References

External links

* [http://www.regions.com/ Regions Financial Corporation official website]
* [http://morgankeegan.com/ Morgan Keegan official website]
* [http://regionsinsurance.com/ Regions Insurance official website]
* [http://regionsmortgage.com/ Regions Mortgage official website]
* [http://badregions.com/ Regions unoffical website]