Regions Financial Corporation

Regions Financial Corporation is headquartered in Birmingham, is publicly held and belongs to the S&P 100 Index [1]. Its assets exceeded $147 billion as of 2021, and it operates about 1,450 branches and 1,950 ATMs in 16 Southern and Midwestern states. It was founded on July 13, 1971 as First Alabama Bancshares.

Origins

The company formed from three banks: First National Bank of Huntsville (1856), First National Bank of Montgomery (1871) and Exchange Security Bank of Birmingham (1928). It was the first state-chartered bank holding company in Alabama, and assets grew from $543 million in 1971 to $1.2 billion at the end of 1974 [1].

Expansion

In 1983 it acquired Merchants National Bank of Mobile, and in 1987 it made its first out-of-state acquisition, in Milton, Florida. By 1994 it operated in eight Southeastern states and was renamed Regions Financial Corporation on May 2, 1994. It purchased Memphis-based Morgan Keegan on December 19, 2000 [1].

Major mergers

In 2004 it merged with Union Planters Bank in a $5.9 billion deal, and in 2006 it completed a $10 billion merger with AmSouth Bancorporation, another Birmingham bank, becoming the nation’s eighth largest bank. It received $3.5 billion from the federal Troubled Asset Relief Program in 2007 and 2008 and repaid it in 2012, and sold its insurance business in 2018 [1]. See Economy of Alabama.

Origins and name

Regions traces to First Alabama Bancshares, formed July 13, 1971, by combining three older banks from Huntsville, Montgomery and Birmingham; it was the first state-chartered bank holding company in Alabama. On May 2, 1994 it became Regions Financial Corporation and its banking division Regions Bank. It is headquartered in Birmingham.[2]

Mergers

Regions bought Memphis investment firm Morgan Keegan in December 2000, merged with Union Planters in 2004 in a .9 billion deal and with AmSouth Bancorporation in 2006 in a billion deal, making it the nation’s eighth-largest bank at the time.[2]

Scale

Assets exceeded 7 billion as of 2021, with about 1,450 branches and 1,950 ATMs across 16 states in the South and Midwest. Regions is a member of the Standard and Poor’s 100 Index.[2]

Scale

Regions is headquartered at Regions Center in Birmingham with Regions Bank as its banking subsidiary. In 2025 it reported total assets of 8.814 billion, total equity of .103 billion and 19,969 employees, with 1,247 banking offices and 1,786 ATMs in the infobox (the text says roughly 1,300 branches and 2,000 ATMs in 15 states). It ranks 428th on the Fortune 500 and is the largest deposit holder in Alabama and Tennessee.[3]

Mergers

It was founded July 13, 1971 as First Alabama Bankshares and renamed Regions in 1994. It bought Morgan Keegan for 9 million in 2001 and sold it to Raymond James for 0 million in January 2012, merged with Union Planters in January 2004 in a .9 billion deal and acquired AmSouth in 2006 in a billion deal.[3]

Leadership

Charles D. McCrary is chairman and John M. Turner Jr. is president and CEO. The company sponsors Regions Field, the Birmingham Barons ballpark.[3]

FAQs

Where is it based? Birmingham.

What did it merge with in 2006? AmSouth Bancorporation.

Sources

1. Encyclopedia of Alabama: Regions Financial Corporation
2. Encyclopedia of Alabama: Regions Financial Corporation
3. Wikipedia: Regions Financial Corporation

Editorially reviewed by Specialty Digest Editorial TeamLast reviewed November 10, 2026Researched and drafted with AI assistanceReport an issue