Regions Financial
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Regions Financial Corporation NYSE: [RF]
In 1998 Regions bought out First Commercial in Little Rock Arkansas. All First Commercial Banking Locations were renamed to Regions Bank. All First Commercial Policies, Products and standards were laid to rest converting all over to the Regions way of doing things. This was the beginning of the end for a lot of First Commercial employees based in Little Rock as several Key departments were systematically shut down over the next few years.
On December 19, 2000, Regions agreed to purchased Memphis, Tennessee-based secruities brokerage firm Morgan Keegan for $789 million.
On January 24, 2004, the Regions Bank subsidiary announced that they 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. These facts, coupled with the announcement that that Jackson W. Moore, the chairman, president, and CEO of Union Planters Bank was to become the CEO of the newly formed bank (a position the fact that Regions Bank was half again larger than Union Planters Bank at the time of the announcement. 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.
Regions had $84.6 billion in assets as of 2005, making it one of the top 15 banks in the United States. Its banking subsidiary, Regions Bank, operates some 1,300 offices across a 16 states in the South, Midwest and Texas. Its investment and securities brokerage, trust and asset management division, Morgan Keegan & Company, Inc., provides services from over 280 offices.
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, will carry the Regions Bank name. The deal is expected to finalize in late 2006 or early 2007. [link] Upon completion of the merger, Regions Financial will become the nation's 8th largest bank with total assets of nearly $140 billion and approximately 2,000 branches throughout the 16 state coverage area. Jackson W. Moore will remain chairman of the combined company while C. Dowd Ritter (chairman, president, and CEO of AmSouth) will take over as president and CEO of Regions Financial.
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