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Regions Financial Corporation (NYSE: RF), headquartered in Birmingham, Alabama, is a leading member of the S&P 500 Index. With assets totaling $125 billion, Regions operates as one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. The company serves customers across 16 states located in the South, Midwest, and Texas through its subsidiary, Regions Bank, which operates approximately 1,630 banking offices and 2,000 ATMs.
Core Business and Offerings
Regions Financial is committed to enhancing the financial well-being of its customers through a comprehensive range of services. Its core operations include traditional retail and commercial banking, mortgage services, asset management, wealth management, securities brokerage, and trust services. These services are designed to meet the diverse financial needs of individuals, businesses, and communities.
Mission and Values
At the heart of Regions’ operations is its vibrant mission: to make life better. This mission extends to its associates, customers, and communities, guiding the company’s pursuit of creating strong, consistent shareholder value. The company's five core values—Do What Is Right, Put People First, Reach Higher, Focus on Your Customer, and Enjoy Life—are integral to its corporate culture and service approach.
Recent Achievements and Initiatives
Regions Financial is not only a leader in banking but also prioritizes sustainability and community involvement. Recently, the bank has made significant strides in environmental initiatives, such as carbon capture, utilization, and storage (CCUS). By partnering with various clients, Regions helps promote sustainable practices that align with their commitment to environmental stewardship.
Another notable initiative is Regions Bank’s longstanding partnership with Habitat for Humanity, contributing to affordable housing solutions and community development. This program underscores Regions' dedication to social responsibility and creating lasting positive impacts in the communities they serve.
Financial Condition and Outlook
Regions Financial continues to demonstrate robust financial health, successfully navigating market fluctuations while maintaining a stable growth trajectory. The company remains well-capitalized and strategically positioned to leverage opportunities and mitigate risks, ensuring long-term value for its shareholders.
Partnerships and Community Engagement
Regions Financial’s commitment to excellence is further reflected in its collaborations and partnerships. The company's relationship with organizations such as Visa Inc. and various community-based initiatives highlight its proactive approach to forging meaningful partnerships that enhance service delivery and community engagement.
For more information about Regions Financial Corporation and its latest updates, visit their official website or view their full community and privacy & security policy here.
Regions Financial (NYSE:RF) has announced the redemption of all 20,000,000 outstanding depositary shares (NYSE: RFPrB) representing interests in its 6.375% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series B. The redemption is scheduled for September 16, 2024, at a price of $25 per Depositary Share, equivalent to $1,000 per share of Series B Preferred Stock. After this date, no Depositary Shares or Series B Preferred Stock will remain outstanding, and dividends will cease to accrue. The regular quarterly dividend will be paid separately to record holders prior to the redemption. Investors holding these shares through banks or brokers should contact their financial institutions for information on obtaining the redemption price.
Regions Financial (NYSE:RF) has announced a cash dividend for its newly-issued Series F Preferred Stock. The dividend amount is set at $8.8806 per share, which is equivalent to approximately $0.222014 per depositary share. This dividend will be payable on Sept. 16, 2024, to stockholders of record as of the close of business on Sept. 3, 2024. The declaration was made by the company's Board of Directors, demonstrating Regions Financial's commitment to providing returns to its preferred stockholders.
Regions Bank has been named to the 2024 Disability Equality Index for the fourth consecutive year, recognizing it as a 'Best Place to Work for Disability Inclusion'. This distinction highlights Regions' commitment to creating an inclusive workplace and providing accessible banking services. The bank has introduced MagnusCards® in 2024, a solution designed to assist neurodivergent customers with everyday banking tasks.
The Disability Equality Index, now in its 10th year, is a joint initiative of the American Association of People with Disabilities and Disability:IN. It serves as a benchmark for corporate disability inclusion policies and programs, used by over 70% of U.S. Fortune 100 companies. Regions Bank's commitment extends to supporting associates, customers, and communities through inclusive practices, accessible products, and investments in programs that enhance the lives of people with disabilities.
Regions Bank has been ranked first among regional banks in the J.D. Power 2024 U.S. Online Banking Satisfaction Study℠. This marks the fourth time in five years that Regions has received this recognition. The study measures overall satisfaction with online banking features based on four key factors: navigation, speed, visual appeal, and information/content.
Dan Massey, Chief Enterprise Operations and Technology Officer for Regions, emphasized the bank's commitment to providing innovative and intuitive banking solutions across both physical and digital channels. Kate Danella, head of Consumer Banking, highlighted the importance of a strong digital presence alongside the bank's branch network to serve customers in fast-growing regions across the Southeast, Texas, and parts of the Midwest.
Regions Financial Corp. (NYSE:RF) reported second quarter 2024 earnings of $477 million, with earnings per diluted share of $0.52. The company's total revenue was $1.7 billion, including $727 million in reported pre-tax pre-provision income and $749 million in adjusted pre-tax pre-provision income. Notable items in Q2 include an addition to the FDIC special assessment accrual, severance-related charges, a contingent reserve release, and securities repositioning impact.
Key financial highlights:
- Net interest income: $1.186 billion
- Non-interest income: $545 million
- Non-interest expense: $1.004 billion
- Efficiency ratio: 57.6%
- Average loans: $97.281 billion
- Average deposits: $126.901 billion
- Common Equity Tier 1 ratio: 10.4%
The company maintained solid capital positions and favorable credit trends, positioning itself for consistent, sustainable results.
Regions Financial (NYSE:RF) has announced an increase in its quarterly common stock dividend and declared dividends on preferred stock. The common stock dividend has been raised to $0.25 per share, payable on Oct. 1, 2024, to stockholders of record as of Sept. 3, 2024. This represents a $0.01 increase over the previous quarter. The company also declared dividends on its Series B, C, D, and E preferred shares, with payment dates in August and September 2024. These dividends range from $11.125 to $1,437.50 per share, depending on the series.
Regions Bank is supporting Resource Center, a leading LGBTQIA+ community service organization in Dallas, through New Markets Tax Credits financing. The funding will help consolidate Resource Center's health services into a single 20,000-square-foot facility at 2603 Inwood Road. Resource Center Health will offer primary medical care, counseling, nutrition services, and HIV treatment, serving over 8,000 people annually. The project addresses critical healthcare needs in Texas, where HIV diagnosis rates are the second-highest in the U.S. The new facility, set to open in early 2025, will enhance accessibility and service delivery for the LGBTQIA+ community, particularly benefiting low-income individuals who make up 33% of the center's clientele.
Regions Bank's 5 for 5 loan program has helped Victoria Robinson, a Consumer Risk Data Scientist, become her family's youngest homeowner. The program offers a $5,000 forgivable, interest-free loan and a 1% discount on mortgage points or closing costs. Robinson, who joined Regions in 2023, found a USDA loan that made her down payment affordable. Qualifying criteria for the 5 for 5 program include being a Regions associate in good standing for at least six months and having an annual income of $100,000 or less. This initiative aims to support financial well-being and homeownership among Regions employees.
Regions Bank has announced the promotion of Connie Rogers to Private Wealth Management Regional Executive for Texas. In her new role, Rogers will lead a team of advisors providing customized investment services and financial guidance in key Texas markets, including Dallas, Fort Worth, Austin, Houston, and San Antonio. Rogers has over 25 years of industry experience, previously serving as the area's wealth manager for North and East Texas. Leslie Carter-Prall, head of Regions Private Wealth Management, praised Rogers for her commitment to client service. Rogers emphasized the bank's dedication to supporting Texas' growing economy by offering tailored financial solutions to meet diverse client needs. Chris Cooper will continue his role in Southeast Texas, reporting to Rogers.
Regions Bank has appointed Allison Johnston as Vice President and Relationship Manager for its Affordable Housing division. Johnston, who brings over 10 years of experience, will lead the origination of affordable housing opportunities in key Southeastern growth markets such as Florida, Tennessee, and Kentucky. Utilizing low-income housing tax credits (LIHTCs) and comprehensive financial solutions, Johnston aims to meet the financial needs of affordable housing developers. She will report to David Payne, co-head of Originations for Regions Affordable Housing. Johnston previously worked at Raymond James Affordable Housing Investments and holds a Bachelor of Science in Finance from the University of Central Florida.
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