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Regions Acquires its Second Failed Bank in Five Months from FDIC

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^{Published in Business and Finance on Friday, February 6th 2009 at 14:31 GMT, Last Modified on 2009-02-06 14:31:54 by Market Wire}  

BIRMINGHAM, Ala.--([ BUSINESS WIRE ])--Regions Financial Corporation (NYSE:RF) today announced that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $285 million in total deposits, including all uninsured deposits, of FirstBank Financial Services, based in Henry County, Ga. This is the second acquisition in five months where Regions has worked with the FDIC to provide a safe harbor for the customers of a failed bank.

The Georgia Department of Banking and Finance at the close of business on February 6, 2009, appointed the FDIC as receiver of FirstBank. The FDIC approved the assumption of approximately $285 million in deposits by Regions Bank. The FDIC will retain most of FirstBank's loan portfolio for later disposition.

"As a strong national institution, we believe it is our responsibility to work with and support the FDIC in finding solutions for depositors in these challenging times. We also felt it was important to be a safe harbor for all customers by assuming both insured and uninsured deposits," said Dowd Ritter, chairman, president and chief executive officer. "Having recently completed a highly successful conversion of customers and deposits of another failed bank, we are ready to put our proven integration team and processes to work for the benefit of our new customers."

Under terms of an agreement with the FDIC, Regions will serve 6,400 accounts of FirstBank and will assume operations of the three branches in Henry County and one branch in Clayton County, when they reopen on February 9, 2009. The former FirstBank branches will immediately operate under the Regions name and customers will be able to conduct their business as usual. Customers of both banks should continue to use their existing branches until Regions can fully integrate the deposit records of FirstBank. Regions will work with FirstBank employees to identify possible job opportunities within Regions.

"We look forward to welcoming the former customers of FirstBank into the Regions family," said Bill Linginfelter, area executive for Atlanta/North Georgia. "We are committed to serving the needs of the entire community and this agreement will provide a safe and secure home for FirstBank customers' banking relationships."

About Regions Financial Corporation

Regions Financial Corporation, with $146 billion in assets, is a member of the S&P 100 Index and one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates 1,900 banking offices and approximately 2,300 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at [ www.regions.com ].