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Regions Financial Corporation is a
bank holding company
A bank holding company is a company that controls one or more banks, but does not necessarily engage in banking itself. The compound bancorp (''banc''/''bank'' + '' corp ration') is often used to refer to these companies as well.
United States ...
headquartered in the
Regions Center in
Birmingham, Alabama
Birmingham ( ) is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of the 2021 census estimates, Birmingham had a population of 197,575, down 1% fr ...
.
[ The company provides ]retail bank
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
ing and commercial bank
A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit.
It can also refer to a bank, or a division of a large bank, which deals with cor ...
ing, trust, stockbroker
A stockbroker is a regulated broker, broker-dealer, or registered investment adviser (in the United States) who may provide financial advisory and investment management services and execute transactions such as the purchase or sale of stocks an ...
age, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machine
An automated teller machine (ATM) or cash machine (in British English) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, fun ...
s and 1,454 branches
A branch, sometimes called a ramus in botany, is a woody structural member connected to the central trunk of a tree (or sometimes a shrub). Large branches are known as boughs and small branches are known as twigs. The term ''twig'' usually ...
in 16 states in the Southern and Midwestern United States
The Midwestern United States, also referred to as the Midwest or the American Midwest, is one of four census regions of the United States Census Bureau (also known as "Region 2"). It occupies the northern central part of the United States. I ...
.[
Regions is ranked 434th on the ]Fortune 500
The ''Fortune'' 500 is an annual list compiled and published by ''Fortune'' magazine that ranks 500 of the largest United States corporations by total revenue for their respective fiscal years. The list includes publicly held companies, along ...
and is component headquartered in Alabama
(We dare defend our rights)
, anthem = "Alabama (state song), Alabama"
, image_map = Alabama in United States.svg
, seat = Montgomery, Alabama, Montgomery
, LargestCity = Huntsville, Alabama, Huntsville
, LargestCounty = Baldwin County, Al ...
. Regions is also on the list of largest banks in the United States
The following table lists the 100 largest bank holding companies in the United States ranked by total assets of June 30, 2022 per the Federal Financial Institutions Examination Council; their market capitalization is also shown. This list does not ...
.
Regions is the largest deposit holder in Alabama and Tennessee
Tennessee ( , ), officially the State of Tennessee, is a landlocked state in the Southeastern region of the United States. Tennessee is the 36th-largest by area and the 15th-most populous of the 50 states. It is bordered by Kentucky to th ...
. It is also one of the largest deposit holders in Arkansas
Arkansas ( ) is a landlocked state in the South Central United States. It is bordered by Missouri to the north, Tennessee and Mississippi to the east, Louisiana to the south, and Texas and Oklahoma to the west. Its name is from the Osage ...
, Louisiana
Louisiana , group=pronunciation (French: ''La Louisiane'') is a state in the Deep South and South Central regions of the United States. It is the 20th-smallest by area and the 25th most populous of the 50 U.S. states. Louisiana is borde ...
, Mississippi
Mississippi () is a state in the Southeastern region of the United States, bordered to the north by Tennessee; to the east by Alabama; to the south by the Gulf of Mexico; to the southwest by Louisiana; and to the northwest by Arkansas. Miss ...
, and Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...
.
The company sponsors Regions Field
Regions Field is the name of a minor league baseball Baseball park, park in the Southside (Birmingham), Southside community of Birmingham, Alabama, U.S. It is the home field for the Birmingham Barons of the Southern League (1964–present), South ...
, a Minor League Baseball stadium in Birmingham, Alabama, and the Tradition
The Tradition (known as the Regions Tradition for sponsorship reasons) is an event on the PGA Tour Champions. First staged in 1989, the PGA Tour recognizes the event as one of the five senior major golf championships. Unlike the U.S. Senior Op ...
golf tournament. It sponsored the Regions Charity Classic
The Regions Charity Classic, formerly known as the Bruno's Memorial Classic, was an American golf tournament on the Champions Tour. It was originally held at Greystone Golf & Country Club and moved to Ross Bridge Golf Resort and Spa, one of ten ...
, a golf tournament held in 2009 and 2010.
The company has a partnership with Operation HOPE, Inc.
Operation HOPE, Inc., is an American non-profit organization providing financial literacy empowerment and economic education to youth and adults. The mission of this organization is providing everybody with enterprise work and the programs carried ...
, to provide free financial education to underserved community. In 2019, the company expanded its Workday, Inc., system in partnership with EnterpriseAlumni to engage and enable ex-employees to extend their corporate social responsibility initiatives.
History
Regions Financial Corporation, formerly known as First Alabama Bancshares, was founded on July 13, 1971 with the merger of three Alabama banks: First National Bank of Montgomery, Alabama
Montgomery is the capital city of the U.S. state of Alabama and the county seat of Montgomery County. Named for the Irish soldier Richard Montgomery, it stands beside the Alabama River, on the coastal Plain of the Gulf of Mexico. In the 202 ...
(opened 1871), Exchange Security Bank of Birmingham, Alabama
Birmingham ( ) is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of the 2021 census estimates, Birmingham had a population of 197,575, down 1% fr ...
(opened 1928), and First National Bank of Huntsville, Alabama
Huntsville is a city in Madison County, Limestone County, and Morgan County, Alabama, United States. It is the county seat of Madison County. Located in the Appalachian region of northern Alabama, Huntsville is the most populous city in t ...
(opened 1856). The headquarters of First National Bank of Huntsville was a historic building built in 1835. It served as a hospital for Union soldiers during the American Civil War
The American Civil War (April 12, 1861 – May 26, 1865; also known by other names) was a civil war in the United States. It was fought between the Union ("the North") and the Confederacy ("the South"), the latter formed by states th ...
, and once held a rifle owned by Frank James
Alexander Franklin James (January 10, 1843 – February 18, 1915) was a Confederate soldier and guerrilla; in the post-Civil War period, he was an outlaw. The older brother of outlaw Jesse James, Frank was also part of the James–Younger ...
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 Bancshares expanded its operations first into Florida
Florida is a state located in the Southeastern region of the United States. Florida is bordered to the west by the Gulf of Mexico, to the northwest by Alabama, to the north by Georgia, to the east by the Bahamas and Atlantic Ocean, and to ...
, continuing into Georgia
Georgia most commonly refers to:
* Georgia (country), a country in the Caucasus region of Eurasia
* Georgia (U.S. state), a state in the Southeast United States
Georgia may also refer to:
Places
Historical states and entities
* Related to the ...
, Tennessee
Tennessee ( , ), officially the State of Tennessee, is a landlocked state in the Southeastern region of the United States. Tennessee is the 36th-largest by area and the 15th-most populous of the 50 states. It is bordered by Kentucky to th ...
, and Arkansas
Arkansas ( ) is a landlocked state in the South Central United States. It is bordered by Missouri to the north, Tennessee and Mississippi to the east, Louisiana to the south, and Texas and Oklahoma to the west. Its name is from the Osage ...
. In 1994, 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.
Regions added banking branches in Alabama, Georgia, Tennessee, Florida, South Carolina
)''Animis opibusque parati'' ( for, , Latin, Prepared in mind and resources, links=no)
, anthem = " Carolina";" South Carolina On My Mind"
, Former = Province of South Carolina
, seat = Columbia
, LargestCity = Charleston
, LargestMetro = ...
, Texas, Louisiana
Louisiana , group=pronunciation (French: ''La Louisiane'') is a state in the Deep South and South Central regions of the United States. It is the 20th-smallest by area and the 25th most populous of the 50 U.S. states. Louisiana is borde ...
, and Arkansas. The name "Regions" was purchased from First Commercial Corporation, the Arkansas Bank that Regions subsequently purchased in 1998.
In 2001, Regions acquired Rebsamen Insurance Company, which was renamed Regions Insurance Group.
In 2001, Regions acquired Morgan Keegan & Company
Raymond James , Morgan Keegan is the name of the former Morgan Keegan & Co. business units acquired by Raymond James Financial on April 2, 2012. The combined firms’ subsidiaries engage primarily in investment and financial planning, investment ...
for $789 million. In January 2012, Regions sold Morgan Keegan to Raymond James
Raymond James Financial, Inc. is an American multinational independent investment bank and financial services company providing financial services to individuals, corporations, and municipalities through its subsidiary companies that engage pri ...
for $930 million. The trust department was retained by Regions and now operates as Regions Trust
Regions Trust, formerly Regions Morgan Keegan Trust is the trust division of Regions Financial Corporation and its subsidiary Regions Wealth Management. The company, headquartered in Birmingham, Alabama, Birmingham, Alabama and was created in 200 ...
.
In 2002, the company announced that it will list its common stock on the New York Stock Exchange
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed c ...
.
In 2002, Regions acquired Independence Bank for approximately $24 million in cash.
On January 24, 2004, Regions merged with Memphis, Tennessee
Memphis is a city in the U.S. state of Tennessee. It is the seat of Shelby County in the southwest part of the state; it is situated along the Mississippi River. With a population of 633,104 at the 2020 U.S. census, Memphis is the second-mos ...
–based Union Planters Bank
Union Planters Bank was a United States financial institution and multi-state bank holding corporation headquartered in Memphis, Tennessee prior to being acquired by Regions Financial Corporation. With over $34 billion in assets, Union Planters B ...
in a $5.9 billion transaction. Jackson W. Moore
Jackson W. Moore is an American attorney and a former executive chairman of Union Planters Bank and Regions Financial Corporation.
Early life
Jackson W. Moore was born in Birmingham, Alabama on November 2, 1948. He grew up in Clanton, Alabama an ...
, 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.
In 2006, Regions acquired AmSouth Bancorporation
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 w ...
, another Birmingham-based bank, in a $10 billion transaction. While Regions was the surviving company, the merged entity adopted AmSouth's corporate structure.
In 2008, Regions Bank received a $3.5 billion loan as part of the Troubled Asset Relief Program
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by President G ...
. On April 4, 2012, Regions repaid the $3.5 billion loan.
On August 29, 2008, as a result of the financial crisis of 2007–2008
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fi ...
, Integrity Bank of Alpharetta, Georgia
Alpharetta is a city in northern Fulton County, Georgia, United States, and is a part of the Atlanta metropolitan area. As of the 2020 US Census, Alpharetta's population was 65,818 The population in 2010 was 57,551.
History
In the 1830s, the Ch ...
was placed into receivership by the Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures cred ...
and Regions Bank assumed its operations.
In February 2009, FirstBank Financial Services of McDonough, Georgia
McDonough is a city in Henry County, Georgia, United States. It is part of the Atlanta metropolitan area. Its population was 22,084 at the 2010 census, up from 8,493 in 2000. The city is the county seat of Henry County. The unincorporated com ...
, was also placed into receivership by the FDIC and Regions Bank assumed its operations.
In July 2018, the company sold its insurance operations to BB&T
BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...
.
In June 2021 Regions announced they would acquire home improvement lender EnerBank USA for $960 million. EnerBank USA is currently a subsidiary of CMS Energy.
Criticism
Customer fraud
In 2011, Regions paid $200 million to settle with the U.S. Securities and Exchange Commission
The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...
over mispricing risky mortgage-backed bonds in its conservative mutual funds in its Morgan Keegan subsidiary.
Overdraft fees
In April 2015, Regions was fined $7.5 million by the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortg ...
(CFPB) for charging consumers with inappropriate or illegal overdraft fees. Regions did not obtain affirmative opt-ins from charging overdraft fees on ATM and point of sale transactions. The CFPB also found that Regions misrepresented overdraft and non-sufficient fund fees related to the bank's short-term loan program.
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. 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.
References
External links
{{Authority control
Companies based in Birmingham, Alabama
Banks based in Alabama
Economy of Texas
Economy of the Midwestern United States
Economy of the Southeastern United States
Companies listed on the New York Stock Exchange
American companies established in 1971
Banks established in 1971
1971 establishments in Alabama