Business & Finance
Business and Finance
Business and Finance
Thu, February 12, 2009Wed, February 11, 2009Tue, February 10, 2009Mon, February 9, 2009Fri, February 6, 2009Thu, February 5, 2009Wed, February 4, 2009Tue, February 3, 2009Regions Bank Opens Former FirstBank Financial Services Branches for Business
Published in Business and Finance on Monday, February 9th 2009 at 6:58 GMT, Last Modified on 2009-02-09 06:59:27 by Market Wire
BIRMINGHAM, Ala.--([ BUSINESS WIRE ])--Regions Financial Corporation (NYSE:RF) at 9 a.m. EST today opened the doors to all four former branches of FirstBank Financial Services in Henry and Clayton Counties, which closed Friday. Beginning today, these branches will operate under the Regions name, and former customers of FirstBank may visit these branches to handle their normal banking transactions.
"We're pleased to offer our new customers a safe home and to have them be a part of our continuing growth in the Henry and Clayton County areas," said Bill Linginfelter, Regions' area executive for Atlanta/North Georgia. "We recently completed a highly successful integration of customers and deposits from another Atlanta-area bank, and we are ready to put our proven integration team and processes to work for the benefit of our new customers."
On Friday, February 6, Regions assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $285 million in total deposits, including all uninsured deposits, from FirstBank. On that day, the Georgia Department of Banking and Finance appointed the FDIC as receiver of FirstBank. The FDIC approved the assumption of FirstBank's deposits by Regions Bank. Because Regions acquired both insured and uninsured deposits, no FirstBank depositors lost money as a result of the closure.
Under terms of an agreement with the FDIC, Regions will serve 6,400 accounts of FirstBank 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.
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 ].
