More than 60 Regions Bank and former AmSouth Bancorp branches in Alabama and Florida closed early Thursday afternoon to convert computer systems … About Regions Financial: Regions Financial is a banking holding company. FBF, -0.69% -2.51%, Neither CEO would acknowledge that Union Planters' recent performance figured into the decision to make the deal. Jackson Moore, 55, Union Planters' chairman and CEO, will succeed him. SAN FRANCISCO (CBS.MW) -- Tracking bond prices isn't as easy as pulling up a stock quote just yet, and that can leave buyers clueless as to whether they're getting a good deal. The companies said the combination would create a holding company with total assets of $81 billion and a market capitalization of $14 billion. The headquarters of First National Bank of Huntsville was a historic building built in 1835. Regions had not budged on its stance on M&A even after BB&T and SunTrust announced in February that they would merge to create the nation’s sixth biggest bank. In recent months, the banks have been criticized for failing to keep pace with rivals. This is a list of banks in the United States affected by the financial crisis of 2007–2008.The list includes banks (including commercial banks, investment banks, and savings and loan associations) that have: . Regions offers a full spectrum of banking services. Under terms of the deal, Jones, 63, will remain chief executive of the bank through his planned retirement in June 2005. Bank of the Ozarks, Inc. is a bank holding company with $12.28 billion in total assets as of June 30, 2016 and its shares trade on the NASDAQ Global Select Market under the symbol “OZRK.” “We hope to gain some customers and potentially some bankers,” he said. announced last week, did not influence the talks. ONE, Regions competes with BB&T and SunTrust in a number of major markets in the Southeast, and Turner said that he believes his bank will be well positioned to take advantage of any disruption caused by the merger. The companies said they expect to save $200 million annually but will take a $300 million merger charge. The deal will "Move the ball down the field and drive shareholder value.". Nos partenaires et nous-mêmes stockerons et/ou utiliserons des informations concernant votre appareil, par l’intermédiaire de cookies et de technologies similaires, afin d’afficher des annonces et des contenus personnalisés, de mesurer les audiences et les contenus, d’obtenir des informations sur les audiences et à des fins de développement de produit. For more than 60 years, SB One Insurance Agency has served residents of New Jersey, New York, and Pennsylvania, representing more than 20 … In morning trading on the New York Stock Exchange, shares of Memphis-based Union Planters rose $1.59, or 5.1 percent, to $32.95. A merged company could earn $3.5 billion tax-free. The third merger is of Union Bank of India with Andhra Bank and Corporation Bank, the Finance Minister said, which would make the merged entity the fifth largest public sector bank. The names that intrigue me most are Comerica , Regions Financial , Citizens Financial Group , F.N.B. Instead they stressed the regional strength the deal provides. Get ready for Apple’s first $100 billion quarter in history, Stock-market legend sees few weeks of ‘putting your last, desperate chips into the game’—then pop, We were friendly with our neighbors for decades, until recently. and Bank of America Regions Financial Corporation ’s RF subsidiary, Regions Bank, completed its proposed acquisition of equipment finance lender, Ascentium Capital LLC, … Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. -0.28%, A list of branches that will be divested for the merger to be approved was issued by … Informations sur votre appareil et sur votre connexion Internet, y compris votre adresse IP, Navigation et recherche lors de l’utilisation des sites Web et applications Verizon Media. Merger with Regions Financial Corporation. 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. Union Planters was advised by Morgan Stanley and received legal advice from Wachtell Lipton Rosen & Katz. Yahoo fait partie de Verizon Media. The merging of Regions with AmSouth Bank created one of the 10 largest banking corporations in the United States, with assets totaling over $140 … The combined company will have a presence in 15 states, with 1,400 branches, 1,700 automatic teller machines, and 140 brokerage offices. Regions Financial Corp. operates as a bank holding company. share outstanding will be exchanged for 1 share of a new holding company, Regions Financial An acquisition of Memphis-based Union Planters in 2004 was followed by a merger with cross-town rival AmSouth in 2006. been taken over or merged with another financial institution, been declared insolvent or liquidated, or Regions was advised by UBS Investment Bank and received legal advice from Sullivan & Cromwell. BAC, 5 Bank Stocks to Watch. $58 billion acquisition of Bank One One day, they introduced us to their financial adviser…, 3 things you can do in 2021 to set your kid up to become a millionaire, IRS ‘stands ready’ to send out third round of stimulus checks and process tax returns at the same time, commissioner says. On May 25, 2006, AmSouth announced it would merge with Regions Financial Corporation, another Birmingham-based bank, in a $10 billion deal. The CEOs also declined to say when talks began, other than to say they have known each other "for years." "While no premium makes sense," said Fox-Pitt Kelton analyst Todd Hagerman in a research report, "we are skeptical that the (combined) business mix, including the retail platform of the combined companies will meaningfully improve the overall earnings power and long-term shareholder value of the combined company.". AmSouth and Regions' Mediocre Merger Hopefully, the combined bank will be more like AmSouth than Regions. -2.17% Carolina Financial Corporation and First South Bancorp, Inc., the parent company of First South Bank announced Monday the signing of a definitive merger agreement. "This is exactly what we need to see in the banking sector - the evolution of the smarter deal," said Chistopher Marinac, an analyst with Atlanta-based FIG Partners. In a conference call, the CEOs said there would be minimal job cuts, and that most staff reductions would come through attrition. "This combination is bigger than the numbers," said Carl E. Jones, Regions' chief executive in a press conference call. Regions Bank (chartered as the Regions Financial Corporation) is a publicly-held company based in Birmingham.The company provides retail and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Berkowitz Hints at CIT/Regions Merger. One Bank for additional details about each service. Among them, Comerica Inc. (NYSE:CMA), Citizen’s Financial Group (NYSE:CFG), Fifth Third Bancorp (NASDAQ:FITB), Regions Financial (NYSE:RF), and … Under the deal announced Friday, each Union Planters But if sellers’ asking prices begin to come down, Turner said, Regions might consider a deal. In morning trading on the New York Stock Exchange, shares of Memphis-based Union Planters rose $1.59, or 5.1 percent, to $32.95. -0.77% Regions also said it will pay a special cash dividend of 8.1 cents a share on April 1. Pour autoriser Verizon Media et nos partenaires à traiter vos données personnelles, sélectionnez 'J'accepte' ou 'Gérer les paramètres' pour obtenir plus d’informations et pour gérer vos choix. Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: … This merger was deemed the merger of equals (Hillard, 1/26/2004, para. This will create the twelfth largest holding company in the United States. They said that recent deals between FleetBoston Financial Analysts said the targets are easy to achieve, though some doubted whether the deal would ensure a boost in earnings growth. and J.P. Morgan Chase's With those criteria in mind, there are a handful of regional bank stocks to consider. and each Regions share will be exchanged for 1.2346 shares of the new company - giving Regions shareholders a 59 percent stake in the bank. By Angel Coker – … NEW YORK (CBS.MW) -- Regions Financial has agreed to buy Union Planters in a $6 billion stock swap that would create the nation's 12th largest bank by assets. , and ... and the bank does offer merger and acquisition advisory services. Copyright © 2021 MarketWatch, Inc. All rights reserved. But Mr. Coffey, noting that Regions' and Wachovia's territories do not overlap significantly, thinks a merger between the Alabama bank and Atlanta's SunTrust Banks Inc. makes more sense. Merger of Union Planters Corporation and Regions Financial Corporation On Friday, January 23, 2004 Union Planters Corporation and Regions Financial Corporation announced they would merge. One banking analyst thinks M&T Bank Corp. and Citizens Financial Group Inc. could be good candidates to form a megabank in the northeastern part of the country. Shares of Regions Financial, headquartered in Birmingham, Ala., jumped $2.45 or 6.5 percent, to $40.20. The bank merger results in a community bank with total assets of approximately $2.2 billion and an expanded banking presence for HomeTrust in the Charlotte market. HomeTrust will continue to operate the midtown Charlotte office at 100 Queens Road under the Bank of Commerce name until a system conversion is completed in February 2015. Regions Financial Corp. has $128 billion in assets, and the bank’s Wealth Management Group has $98 billion in client assets. The combination of these two major bank holding companies into the new Regions was the last major unforced financial transaction in the United States before the Great Recession started to show signs beginning in 2007. The company will keep its headquarters in Birmingham and keep its brokerage unit, Morgan Keegan, in Memphis where it will also combine respective mortgage units. The most common acquirer mentioned amid the current speculation is Wachovia Corp., which has long been rumored to be eyeing the $14 billion- asset company. The huge merger of BB&T Corp. and SunTrust Banks Inc. could push Fifth Third Bancorp into the acquisition game as a buyer or even as a possible buyout target. Union Planters operated over 760 banking … JPM, RF, "We're all about looking after our customers.". 2). It served as a hospital for Union soldiers during the American Civil War, and once … SB One Bank also provides personal and business insurance expertise through SB One Insurance Agency. A buyout is the acquisition of a controlling interest in a company and is used synonymously with the term acquisition. Apr 2, 2020 7:36AM EDT Regions Financial Corporation ’s RF subsidiary, Regions Bank, completed its proposed acquisition of equipment finance … Don’t expect Regions Financial to make a bank acquisition anytime soon. While many CIT watchers expect CIT to get together with a bank, Regions … With over $34 billion in assets, Union Planters Bank was the largest bank in Tennessee and among the 30 largest bank holding companies in the United States. They said the pact, expected to close by midyear, should add to earnings of both companies in 2004 and 2005, pending customary approval by regulators. 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 (opened 1871), Exchange Security Bank of Birmingham, Alabama (opened 1928), and First National Bank of Huntsville, Alabama (opened 1856). Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée. UPC, The company was renamed Regions Financial Corp. in 1994 to better reflect its growing presence throughout the South. 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