Regions Financial
Encyclopedia
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 $137 billion in assets as of 2010, making it the 22nd largest bank in the United States, and the 10th largest U.S. based bank. 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.
(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. 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 which was used for the same intended purpose for about 170 years, until it was retired in January 2010. It served as a hospital for Union soldiers during the American 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 operated a mortgage bank – Regions Mortgage – a trust company, and an investment subsidiary – Regions Investment Company, Inc. (RICI). Later, Rebsamen Insurance Company was acquired, further expanding the range of financial services offered by the company.
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.
based Union Planters Bank in a $5.9 billion 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.
, 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 remained chairman of the combined company while C. Dowd Ritter (chairman, president, and CEO of AmSouth) assumed roles as president and CEO of Regions Financial until April 1, 2010. Grayson Hall has now assumed president and CEO responsibilities. 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 "life green" color scheme.
, was placed into receivership by the Federal Deposit Insurance Corporation
(FDIC) and Regions Bank assumed its operations. This change was a fallout from the United States housing bubble
.
In April 2011, Regions Bank scored the highest marks for retail banks in Florida, according to J.D. Power & Associates.
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, Alabama
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
, USA, with the corporate headquarters at the Regions Center. A member of the S&P 100 Index
S&P 100
The S&P 100 Index is a stock market index of United States stocks maintained by Standard & Poor's.Index options on the S&P 100 are traded with the ticker symbol "OEX". Because of the popularity of these options, investors often refer to the index by its ticker symbol.The S&P 100, a subset of the...
, the company provides retail and commercial banking, trust, securities brokerage, mortgage and insurance products and services.
Regions has more than $137 billion in assets as of 2010, making it the 22nd largest bank in the United States, and the 10th largest U.S. based bank. 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
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
. Its securities brokerage and asset management subsidiary, Morgan Keegan & Company, Inc., provides services in over 450 offices across 16 states.
Company history to 2000
Regions Financial Corporation started on July 13, 1971 with the merger of three Alabama banks: First National Bank of MontgomeryMontgomery, Alabama
Montgomery is the capital of the U.S. state of Alabama, and is the county seat of Montgomery County. It is located on the Alabama River southeast of the center of the state, in the Gulf Coastal Plain. As of the 2010 census, Montgomery had a population of 205,764 making it the second-largest city...
(opened 1871), Exchange Security Bank of Birmingham
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
(opened 1928), and First National Bank of Huntsville
Huntsville, Alabama
Huntsville is a city located primarily in Madison County in the central part of the far northern region of the U.S. state of Alabama. Huntsville is the county seat of Madison County. The city extends west into neighboring Limestone County. Huntsville's population was 180,105 as of the 2010 Census....
(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. 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 which was used for the same intended purpose for about 170 years, until it was retired in January 2010. It served as a hospital for Union soldiers during the American Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
, and once held a rifle owned by Frank James
Frank James
Alexander Franklin "Frank" James was a famous American outlaw. He was the older brother of outlaw Jesse James.-Childhood:...
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
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, continuing into Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
, Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
, and Arkansas
Arkansas
Arkansas is a state located in the southern region of the United States. Its name is an Algonquian name of the Quapaw Indians. Arkansas shares borders with six states , and its eastern border is largely defined by the Mississippi River...
. 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
Monroe, Louisiana
Monroe is a city in and the parish seat of Ouachita Parish, Louisiana, United States. As of the 2000 census, the city had a total population of 53,107, making it the eighth largest city in Louisiana. A July 1, 2007, United States Census Bureau estimate placed the population at 51,208, but 51,636...
(Ouachita Parish) by two former members of the Louisiana State Senate
Louisiana State Legislature
The Louisiana State Legislature is the state legislature of the U.S. state of Louisiana. It is bicameral body, comprising the lower house, the Louisiana House of Representatives with 105 representatives, and the upper house, the Louisiana Senate with 39 senators...
, Jamar Adcock
Jamar Adcock
Jamar William Adcock was a high-profile banker and a Democratic state senator from Monroe, Louisiana, who served from 1960 to 1972...
and William R. "Billy" Boles, Sr.
Billy Boles
William Russell Boles, Sr., known as Billy Boles , was a Monroe attorney and banker who, at twenty-four, served a single term in the Louisiana State Senate. He represented his native Richland as well as neighboring Franklin and Catahoula parishes in northeastern Louisiana from 1952 to 1956, during...
.
In addition to the bank subsidiary, Regions Financial operated a mortgage bank – Regions Mortgage – a trust company, and an investment subsidiary – Regions Investment Company, Inc. (RICI). Later, Rebsamen Insurance Company was acquired, further expanding the range of financial services offered by the company.
Morgan Keegan
Memphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
, based securities brokerage firm Morgan Keegan
Morgan Keegan & Company
Morgan Keegan & Company, Inc. is the investment banking, securities brokerage, trust, and asset management division of Regions Financial Corporation. The company was founded in 1969 in Memphis, Tennessee and has over 450 offices in 20 states, over 4,000 employees, and over $890 million in equity...
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, TennesseeMemphis, Tennessee
Memphis is a city in the southwestern corner of the U.S. state of Tennessee, and the county seat of Shelby County. The city is located on the 4th Chickasaw Bluff, south of the confluence of the Wolf and Mississippi rivers....
based Union Planters Bank in a $5.9 billion 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
Jackson W. Moore
Jackson W. Moore is an American attorney and retired Executive Chairman of Union Planters Bank and Regions Financial Corporation.-Early career:...
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 BancorporationAmSouth Bancorporation
AmSouth Bancorporation was a banking company headquartered in Birmingham, Alabama, and operated for its final year in existence as a bank holding company of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham, which...
, 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 remained chairman of the combined company while C. Dowd Ritter (chairman, president, and CEO of AmSouth) assumed roles as president and CEO of Regions Financial until April 1, 2010. Grayson Hall has now assumed president and CEO responsibilities. 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 "life green" color scheme.
Integrity Bank
On August 29, 2008, Integrity Bank, of Alpharetta, GeorgiaAlpharetta, Georgia
-Demographics:As of the census of 2000, there were 34,854 people, 13,911 households, and 8,916 families residing in the city. The population density was 1,631.6 people per square mile . There were 14,670 housing units at an average density of 686.7 per square mile...
, was placed into receivership by the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
(FDIC) and Regions Bank assumed its operations. This change was a fallout from the United States housing bubble
United States housing bubble
The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of 2011. On December 30, 2008 the...
.
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.Customer Satisfaction
In J. D. Power and Associates 2008 Retail Banking Satisfaction Study, Regions came in last in customer satisfaction in the Southeastern region. In the 2011 Retail Banking Satisfaction Study, Regions came in fourth in customer satisfaction in the Southeastern region.In April 2011, Regions Bank scored the highest marks for retail banks in Florida, according to J.D. Power & Associates.