Union Planters was advised by Morgan Stanley and received legal advice from Wachtell Lipton Rosen & Katz. 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. 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 – … But if sellers’ asking prices begin to come down, Turner said, Regions might consider a deal. 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. 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. Under terms of the deal, Jones, 63, will remain chief executive of the bank through his planned retirement in June 2005. announced last week, did not influence the talks. "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. 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. FBF, The CEOs also declined to say when talks began, other than to say they have known each other "for years." "We're all about looking after our customers.". "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.". , and ... and the bank does offer merger and acquisition advisory services. A buyout is the acquisition of a controlling interest in a company and is used synonymously with the term acquisition. 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. $58 billion acquisition of Bank One 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. 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. Visit us online or at one of our many bank branch locations for checking, savings, mortgages and more. 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. Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: … BAC, Regions Financial Corp. has $128 billion in assets, and the bank’s Wealth Management Group has $98 billion in client assets. One Bank for additional details about each service. Berkowitz Hints at CIT/Regions Merger. Regions also said it will pay a special cash dividend of 8.1 cents a share on April 1. 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. A list of branches that will be divested for the merger to be approved was issued by … 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. 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. share outstanding will be exchanged for 1 share of a new holding company, Regions Financial In a conference call, the CEOs said there would be minimal job cuts, and that most staff reductions would come through attrition. A merged company could earn $3.5 billion tax-free. -2.51%, RF, -0.28%, 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. 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. UPC, 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: . 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. The combined company will have a presence in 15 states, with 1,400 branches, 1,700 automatic teller machines, and 140 brokerage offices. The deal will "Move the ball down the field and drive shareholder value.". An acquisition of Memphis-based Union Planters in 2004 was followed by a merger with cross-town rival AmSouth in 2006. 2). 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. The company was renamed Regions Financial Corp. in 1994 to better reflect its growing presence throughout the South. SB One Bank also provides personal and business insurance expertise through SB One Insurance Agency. 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. Regions Financial Corp. operates as a bank holding company. 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. Shares of Regions Financial, headquartered in Birmingham, Ala., jumped $2.45 or 6.5 percent, to $40.20. The companies said the combination would create a holding company with total assets of $81 billion and a market capitalization of $14 billion. They said that recent deals between FleetBoston Financial Instead they stressed the regional strength the deal provides. Apr 2, 2020 7:36AM EDT Regions Financial Corporation ’s RF subsidiary, Regions Bank, completed its proposed acquisition of equipment finance … For more than 60 years, SB One Insurance Agency has served residents of New Jersey, New York, and Pennsylvania, representing more than 20 … Analysts said the combination would boost the fortunes of two downtrodden bank stocks - Union Planters in particular. and Bank of America Analysts said the targets are easy to achieve, though some doubted whether the deal would ensure a boost in earnings growth. On May 25, 2006, AmSouth announced it would merge with Regions Financial Corporation, another Birmingham-based bank, in a $10 billion deal. 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. 5 Bank Stocks to Watch. Regions Financial Corporation ’s RF subsidiary, Regions Bank, completed its proposed acquisition of equipment finance lender, Ascentium Capital LLC, … Among them, Comerica Inc. (NYSE:CMA), Citizen’s Financial Group (NYSE:CFG), Fifth Third Bancorp (NASDAQ:FITB), Regions Financial (NYSE:RF), and … 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. About Regions Financial: Regions Financial is a banking holding company. Don’t expect Regions Financial to make a bank acquisition anytime soon. Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée. 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 combination is bigger than the numbers," said Carl E. Jones, Regions' chief executive in a press conference call. JPM, More than 60 Regions Bank and former AmSouth Bancorp branches in Alabama and Florida closed early Thursday afternoon to convert computer systems … AmSouth and Regions' Mediocre Merger Hopefully, the combined bank will be more like AmSouth than Regions. In recent months, the banks have been criticized for failing to keep pace with rivals. 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. Merger with Regions Financial Corporation. Its merger with Memphis, Tennessee-based Union Planters Corporation took place in July 2004, creating a Top 15 U.S. bank. Union Planters operated over 760 banking … This will create the twelfth largest holding company in the United States. While many CIT watchers expect CIT to get together with a bank, Regions … Regions offers a full spectrum of banking services. -2.17% 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. 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). With those criteria in mind, there are a handful of regional bank stocks to consider. Regions was advised by UBS Investment Bank and received legal advice from Sullivan & Cromwell. 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. Yahoo fait partie de Verizon Media. Copyright © 2021 MarketWatch, Inc. All rights reserved. “We hope to gain some customers and potentially some bankers,” he said. been taken over or merged with another financial institution, been declared insolvent or liquidated, or It served as a hospital for Union soldiers during the American Civil War, and once … Neither CEO would acknowledge that Union Planters' recent performance figured into the decision to make the deal. and J.P. Morgan Chase's ONE, With the completion of the merger, Regents adds the former California Community Bank offices, to be rebranded as Regents Bank offices, in Escondido, Encinitas, … 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. 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. This merger was deemed the merger of equals (Hillard, 1/26/2004, para. The names that intrigue me most are Comerica , Regions Financial , Citizens Financial Group , F.N.B. The companies said they expect to save $200 million annually but will take a $300 million merger charge. 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. Under the deal announced Friday, each Union Planters The headquarters of First National Bank of Huntsville was a historic building built in 1835. Découvrez comment nous utilisons vos informations dans notre Politique relative à la vie privée et notre Politique relative aux cookies. 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