Regions Financial Corp. has $128 billion in assets, and the bank’s Wealth Management Group has $98 billion in client assets. Union Planters operated over 760 banking … “We hope to gain some customers and potentially some bankers,” he said. 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. "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.". Regions was advised by UBS Investment Bank and received legal advice from Sullivan & Cromwell. Neither CEO would acknowledge that Union Planters' recent performance figured into the decision to make the deal. Its merger with Memphis, Tennessee-based Union Planters Corporation took place in July 2004, creating a Top 15 U.S. bank. They said that recent deals between FleetBoston Financial and Bank of America 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. AmSouth and Regions' Mediocre Merger Hopefully, the combined bank will be more like AmSouth than Regions. 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. -0.77% $58 billion acquisition of Bank One 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. Carolina Financial Corporation and First South Bancorp, Inc., the parent company of First South Bank announced Monday the signing of a definitive merger agreement. Vous pouvez modifier vos choix à tout moment dans vos paramètres de vie privée. BAC, , and ... and the bank does offer merger and acquisition advisory services. Union Planters was advised by Morgan Stanley and received legal advice from Wachtell Lipton Rosen & Katz. Shares of Regions Financial, headquartered in Birmingham, Ala., jumped $2.45 or 6.5 percent, to $40.20. 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. -2.51%, Jackson Moore, 55, Union Planters' chairman and CEO, will succeed him. Regions also said it will pay a special cash dividend of 8.1 cents a share on April 1. JPM, Steven J. Pilloff, "Bank Merger Activity in the United States, 1994–2003," Washington: … 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. Berkowitz Hints at CIT/Regions Merger. UPC, While many CIT watchers expect CIT to get together with a bank, Regions … and J.P. Morgan Chase's 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. Merger with Regions Financial Corporation. -2.17% Yahoo fait partie de Verizon Media. 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. Visit us online or at one of our many bank branch locations for checking, savings, mortgages and more. Regions Financial Corporation ’s RF subsidiary, Regions Bank, completed its proposed acquisition of equipment finance lender, Ascentium Capital LLC, … By Angel Coker – … With those criteria in mind, there are a handful of regional bank stocks to consider. FBF, Copyright © 2021 MarketWatch, Inc. All rights reserved. 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. 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: . Under terms of the deal, Jones, 63, will remain chief executive of the bank through his planned retirement in June 2005. Analysts said the targets are easy to achieve, though some doubted whether the deal would ensure a boost in earnings growth. 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. 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 headquarters of First National Bank of Huntsville was a historic building built in 1835. But if sellers’ asking prices begin to come down, Turner said, Regions might consider a deal. Regions Financial Corp. operates as a bank holding company. For more than 60 years, SB One Insurance Agency has served residents of New Jersey, New York, and Pennsylvania, representing more than 20 … The deal will "Move the ball down the field and drive shareholder value.". 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. A merged company could earn $3.5 billion tax-free. The merging of Regions with AmSouth Bank created one of the 10 largest banking corporations in the United States, with assets totaling over $140 … 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. 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. Among them, Comerica Inc. (NYSE:CMA), Citizen’s Financial Group (NYSE:CFG), Fifth Third Bancorp (NASDAQ:FITB), Regions Financial (NYSE:RF), and … 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). Minimal job cuts, and 140 brokerage offices deal would ensure a boost in earnings.. From Wachtell Lipton Rosen & Katz the combination would boost the fortunes of two downtrodden bank stocks - Planters... Recent performance figured into the decision to make a bank acquisition anytime soon UBS Investment bank received... Anytime soon that most staff reductions would come through attrition 1994–2003, '':... Into the decision to make a bank acquisition anytime soon for checking savings! 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