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Regions Bank Exceeds Goal of Opening One Million Checking Accounts in 2009

^{Published on 2009-12-30 06:30:20 - Market Wire}
 

BIRMINGHAM, Ala.--([ BUSINESS WIRE ])--Regions Bank (NYSE: RF) announced today that it has exceeded its goal of opening one million new checking accounts for consumers and small businesses in 2009. Growth in the bank's signature bundled product – Regions LifeGreen Checking and Savings – helped fuel the growth, which has also been instrumental in helping the bank increase deposits by $10 billion since September 2008. Regions exceeded its previous record of account openings in a year by more than 25 percent.

"In the worst economy we've seen in two generations, we accepted two challenges – to focus on serving our customer better than ever before and to translate that service into new relationships. I'm pleased that we succeeded on both fronts"

"In the worst economy we've seen in two generations, we accepted two challenges – to focus on serving our customer better than ever before and to translate that service into new relationships. I'm pleased that we succeeded on both fronts," said John Owen, head of Regions Consumer Services. "We have a world class team of branch associates and their outstanding effort made this goal a reality."

Regions introduced the innovative LifeGreen Checking bundle in the third quarter of 2008 and has seen record new account growth since that time. The account features several free or discounted products and encourages the use of environmentally friendly services, such as direct deposit and electronic statements. LifeGreen Checking also encourages customers to save through a companion LifeGreen Savings Account that provides an opportunity to receive a savings bonus.

The achievement of opening one million accounts caps a year in which Regions has been honored on multiple fronts for its focus on quality service to customers. These achievements include being ranked highest in customer satisfaction among primary mortgage servicing companies by J.D. Power and Associates, ranking among the top five banks in terms of business banking service quality and being the most improved retail bank on the J.D. Power and Associates Retail Banking satisfaction survey. In addition, the bank reached record levels of customer satisfaction and loyalty as measured by Gallup.

As Regions was growing households and expanding the use of LifeGreen and other checking accounts at a record pace, the company also saw significant increases in deposits across the company. Based on FDIC deposit data as of June 30, 2009, Regions grew deposits in 24 out of 25 major metro markets it services.

About Regions Financial Corporation

Regions Financial Corporation, with $140 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 approximately 1,900 banking offices and 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 ].