Regions Bank is a major financial institution in the southern portion of the US. It provides both individual and corporate services which it delivers at over 2,000 branch banks and at 2,400 ATMs across a 16 state network. Regions Bank is one of the top 10 banks in the US and is a member of the S&P 100 Index of securities. In addition, its brokerage and asset management subsidiary, Morgan Keegan & Company, provides its services in 19 states where it has over 450 offices.
History
Regions Bank got its start in 1971 with the merger of three Alabama banks. With the passage of the federal bill that permitted interstate banking, Regions Bank first expanded into Florida, then opened offices in Georgia, Arkansas and Tennessee. Subsequently, Regions Bank established presence in 16 states.
In 2000, the bank acquired brokerage firm, Morgan Keegan, which became responsible for Regions trust operation. Then in 2004, it acquired Memphis-based Union Planter's Bank, firmly establishing itself as a banking powerhouse in the south. Finally, in 2006, it acquired AmSouth Bank for about $10 billion.
Size
Regions Bank, mostly through acquisition, has become the eighth largest bank in the U.S. with total assets approaching $140 billion.
Features
Regions Bank offers a full line of services to individuals. Services include a variety of checking and savings accounts, loans for almost any purpose and trust, investment and insurance services along with one of the country's first online banking systems.
In addition, Regions Bank satisfies the needs of corporations in need of deposit, loan and a myriad of other services to cater to sophisticated needs.
Misconceptions
With the recent problems affecting banks across the country, people are concerned that they might not be able to get back the money they have on deposit with their banks. Because of the wise decision to avoid the unnecessary risk associated with the sub-prime mortgage market made by the management of Regions Bank, it has received superb ratings from Yahoo's Corporate Governance Quotient. As of October 2008, it was deemed better run that over half of the S&P 500 companies and at the top of banks across the country.
Identification
Regions Bank's corporate identity has gone through several iterations as it acquired major financial institutions across the country. For instance, when it acquires Union Planters Bank, it adopted that bank's symbol as its own. Today, Regions Banks' branches can be identified by a distinctive logo and lime-green color.
