 | |
 Headquarters atRegions Center | |
| Regions Bank | |
| Company type | Public |
| NYSE: RF S&P 500 Index component | |
| Industry | Financial services |
| Founded | 1971; 55 years ago (1971) as First Alabama Bankshares |
| Headquarters | Regions Center, Birmingham, Alabama U.S. |
Number of locations | 1,952 ATMs and 1,454 banking offices[1] |
Key people | Charles D. McCrary (chairman) John M. Turner, Jr. (president,CEO) David J. Turner, Jr. (CFO) |
| Products | Commercial banking Retail banking Mortgage banking Investment banking Asset management Insurance |
| Revenue |  US$9.153 billion (2023) |
 US$2.607 billion (2023) | |
| US$1.976 billion (2023) | |
| Total assets | US$152.94 billion (2023) |
| Total equity | US$17.493 billion (2023) |
Number of employees | 20,101 (2023) |
| Subsidiaries |
|
| Capital ratio | Tier 1 10.91% (2022; Basel III Advanced) |
| Website | www |
| Footnotes / references [1][2] | |
.jpg)
Regions Financial Corporation is an Americanbank holding company headquartered in theRegions Center inBirmingham, Alabama.[3] The company providesretail andcommercial banking, trust,stock brokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates about 2,000automated teller machines and 1,300branches in 15 states in theSouthern andMidwestern United States.[4]
Regions is ranked 428th on theFortune 500 and is component headquartered inAlabama.[5] Regions is also on thelist of largest banks in the United States.
Regions is the largest deposit holder in Alabama andTennessee. It is also one of the largest deposit holders inArkansas,Louisiana,Mississippi, andFlorida.[6]
The company sponsorsRegions Field, aMinor League Baseball stadium in Birmingham, Alabama, andthe Tradition golf tournament. It sponsored theRegions Charity Classic, a golf tournament held in 2009 and 2010.
The company has a partnership withOperation HOPE, Inc. to provide free financial education to underserved communities.[7] In 2019, the company expanded itsWorkday, Inc. system in partnership withEnterpriseAlumni to engage and enable ex-employees to extend their corporate social responsibility initiatives.
Regions Financial Corporation, formerly known as First Alabama Bankshares, was founded on July 13, 1971 with the merger of three Alabama banks: First National Bank ofMontgomery, Alabama (opened 1871), Exchange Security Bank ofBirmingham, Alabama (opened 1928), and First National Bank ofHuntsville, Alabama (opened 1856).[8][9] The headquarters of First National Bank of Huntsville was a historic building built in 1835.[10] It served as a hospital for Union soldiers during theAmerican Civil War, and once held a rifle owned byFrank James as collateral for bail money when he was incarcerated across the street in the Madison County Jail.
Until their formal merger in March 1985, under revised banking regulations, the banks continued to operate independently.
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 Bankshares expanded its operations first intoFlorida, continuing intoGeorgia,Tennessee, andArkansas. In 1994, to reflect its growth into a regional company, First Alabama Bankshares changed its name to Regions Financial Corporation and the name of its banking subsidiary to Regions Bank.[11]
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.[12]
In 2001, Regions acquired Rebsamen Insurance Company, which was renamed Regions Insurance Group.[13]
In 2001, Regions acquiredMorgan Keegan & Company for $789 million.[14] In January 2012, Regions sold Morgan Keegan toRaymond James for $930 million.[15] The trust department was retained by Regions and now operates asRegions Trust.[16]
In 2002, the company announced that it will list its common stock on theNew York Stock Exchange.[17]
In 2002, Regions acquired Independence Bank for approximately $24 million in cash.[18][19]
On January 24, 2004, Regions merged withMemphis, Tennessee–basedUnion Planters Bank in a $5.9 billion transaction.Jackson W. Moore, the former CEO of Union Planters, became CEO of the merged company. He suffered a stroke after the merger closed, 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.[20][21]
In 2006, Regions acquiredAmSouth Bancorporation, another Birmingham-based bank, in a $10 billion transaction. While Regions was the surviving company, the merged entity adopted AmSouth's corporate structure.[22][23]
In 2008, Regions Bank received a $3.5 billion loan as part of theTroubled Asset Relief Program. On April 4, 2012, Regions repaid the $3.5 billion loan.[24]
On August 29, 2008, as a result of the2008 financial crisis, Integrity Bank ofAlpharetta, Georgia was placed into receivership by theFederal Deposit Insurance Corporation and Regions Bank assumed its operations.[25][26]
In February 2009, FirstBank Financial Services ofMcDonough, Georgia, was also placed into receivership by the FDIC and Regions Bank assumed its operations.[27][28]
In July 2018, the company sold its insurance operations toBB&T.[29][30]
In June 2021 Regions announced they would acquire home improvement lender EnerBank USA[31] for $960 million.[32] EnerBank USA was previously a subsidiary of CMS Energy.[33]
In 2011, Regions paid $200 million to settle with theU.S. Securities and Exchange Commission over mispricing risky mortgage-backed bonds in its conservative mutual funds in its Morgan Keegan subsidiary.[34][35]
In April 2015, Regions was fined $7.5 million by theConsumer Financial Protection Bureau (CFPB) for charging consumers with inappropriate or illegal overdraft fees.[36] Regions did not obtain affirmative opt-ins from charging overdraft fees on ATM and point of sale transactions.[37] The CFPB also found that Regions misrepresented overdraft and non-sufficient fund fees related to the bank's short-term loan program.[38]
On September 28, 2022, the CFPB again ordered Regions Bank to pay $50 million into the CFPB’s victims relief fund and to refund at least $141 million to customers harmed by its illegal surprise overdraft fees, labeling the bank a "repeat offender." From August 2018 through July 2021, Regions charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases. The bank charged overdraft fees even after telling consumers they had sufficient funds at the time of the transactions. The CFPB also found that Regions leadership knew about and could have discontinued its surprise overdraft fee practices years earlier, but they chose to wait while Regions pursued changes that would generate new fee revenue to make up for ending the illegal fees.[39]
{{cite web}}: CS1 maint: multiple names: authors list (link)| International | |
|---|---|
| National | |
