Ready to Serve: Regions Bank and the Regions Foundation Announce Disaster-Recovery Measures Following Recent Tornadoes

Rhea-AI Summary

Regions Bank and the Regions Foundation announced support for communities in the South and Midwest following devastating tornadoes that occurred on March 31. The foundation allocated $60,000 in grants to aid recovery efforts through nonprofits like the American Red Cross, which received $30,000, and other organizations focused on shelter and childcare. Regions Bank is engaging in volunteer activities and offering disaster-recovery financial services to assist affected consumers and businesses. Key financial services include waiving ATM fees for a week and providing loan payment assistance. Regions Bank is committed to the well-being of the communities it serves during these challenging times.

Positive

• Regions Foundation allocated $60,000 in grants for disaster recovery.
• Engagement of Regions Bank associates in community volunteerism.
• Introduction of disaster-recovery financial services for affected consumers.

Negative

• None.

Foundation grants to support relief and recovery efforts; bank services to help consumers and businesses.

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Regions Bank and the Regions Foundation on Friday announced support for people, businesses and nonprofits following a series of tornadoes and severe storms that struck areas across the South and Midwest beginning Friday, March 31.

The storm response centers on volunteerism from Regions Bank associates, disaster-recovery grants from the Regions Foundation, and special Regions Bank financial services for people and businesses in impacted areas. (Graphic: Business Wire)

The storm response is built around three key elements:

1.) Grants from the Regions Foundation to support agencies on the front lines of community recovery

2.) Volunteerism from Regions Bank associates to feed people in areas impacted by severe weather

3.) Disaster-recovery financial services from Regions Bank to support consumers and businesses

Regions Foundation Support:

The Regions Foundation is an Alabama-based nonprofit funded primarily by Regions Bank. In addition to long-range community development funding, the foundation provides disaster-relief grants when areas are impacted by natural disasters.

Regions Foundation leaders approved a total of $60,000 in grant funding to support areas affected by the storms. From the $60,000 total, individual grants will finance work carried out by the following organizations:

• The American Red Cross – Red Cross teams are on the ground delivering vital aid to people across several states. In Arkansas alone, the nonprofit quickly provided shelter and essential supplies for people in Little Rock, Wynne and Jacksonville. The Regions Foundation is supporting Red Cross work through a new $30,000 grant approved this week.

• Our House (Little Rock, Ark.) – The Regions Foundation is providing a grant of $10,000 to Our House in support of shelter and childcare services for people in impacted areas around Arkansas’ capital city.

• CareLink (Little Rock, Ark.) – The Regions Foundation is presenting a $10,000 grant to CareLink to assist with home repairs, utility assistance, emergency food boxes and household necessities as recovery continues.

• Boys and Girls Club of the Hatchie River Region (Covington, Tenn.) – The Regions Foundation authorized a $10,000 grant to support the Boys and Girls Club’s work to help establish a temporary school following the destruction of nearby elementary and middle school facilities. Funds will also benefit school food programs.

“When the unthinkable happens and people’s lives are completely upended, these are the organizations that offer consolation, assistance and hope,” said Marta Self, executive director of the Regions Foundation. “Every nonprofit we’re supporting is a source of comfort and stability in the moments when our communities are hurting the most. The Regions Foundation is incredibly proud to support the work their teams are doing to help people get back on their feet.”

Volunteerism in Action:

Regions Bank teams are participating in community-based opportunities where associates are grilling food and feeding hundreds of people impacted by the storms, specifically in metro Little Rock. Associates are serving first responders, too, in appreciation for their service.

The support extends beyond a warm meal. It’s a personal reminder that Regions associates care deeply about their communities.

“The tornadoes that roared through our area were incredibly strong, but our community is far stronger,” said Rodney Abston, Commercial Banking leader and market executive for Regions Bank in Little Rock. “Regions Bank team members have been reaching out to people and businesses to express our concern and convey our support for those impacted by the storms. Little Rock has always been a tight-knit community that comes together during difficult times. Along with the support of our colleagues at the Regions Foundation, we’re proud to stand with our community in helping neighbors recover and rebuild.”

Disaster-Recovery Financial Services from Regions Bank:

Additionally, Regions Bank is offering financial services to help consumers and businesses in areas hit hard by storms. Options available for a limited time in specific portions of Arkansas, Tennessee, Illinois, Indiana, Iowa and Alabama¹ include:

• Regions Mortgage Disaster Relief Purchase and Renovation loan programs²
• Regions fees will be waived when customers use other banks’ ATMs in the impacted areas¹ for at least seven days effective April 6, 2023. (Note: Fees charged by other banks or ATM owners may still apply.)
• No check-cashing fee for FEMA-issued checks when cashed in a Regions branch³
• Personal and business loan payment assistance⁴
• Payment deferrals for current credit card holders⁴
• Business loan payment deferrals of up to 90 days⁴
• One penalty-free CD withdrawal upon request (unless within seven days of issuance or renewal)
• An interest rate discount of 0.50% on new personal unsecured loans when customers apply in a branch or by phone⁵
• An interest rate discount of up to 0.50% on auto loans when customers apply in-branch or by phone⁶

“While these services are designed to make a difference, often, the most important difference we can make is by thoughtfully listening to customers’ unique needs,” said Steve Nivet, Consumer Banking regional executive for Regions Bank. “Across our branch network, teams are ready to help people with financial questions that arise when recovering from a natural disaster. We’re here to provide stability and reassurance in life’s unexpected moments.”

In addition to mobile and online banking services and Regions’ local branch networks, the bank has dedicated teams available to help customers with needs related to the following services:

• Mortgages, home equity loans, and lines of credit: Call 1-800-748-9498.
• Credit cards, consumer loans, and lines of credit: Call 1-866-298-1113.
• Any other banking needs: Call 1-800-411-9393.

The bank also makes disaster preparedness and recovery information available online at www.regions.com/DisasterRelief.

About The Regions Foundation

The Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $155 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.

¹ Offers are available for a limited time and only to individuals and businesses affected by the recent disaster(s) in the following ZIP codes: 35750, 37127, 37149, 37328, 38011, 38019, 38023, 38044, 38058, 38310, 38315, 38361, 38375, 38425, 38462, 46035, 46151, 46184, 46743, 46774, 46815, 46933, 46986, 47861, 47882, 47971, 52216, 52231, 52235, 52241, 52333, 52356, 52576, 52637, 52721, 52731, 52751, 52760, 52772, 61254, 61378, 62475, 62515, 62543, 62561, 62684, 72002, 72007, 72016, 72023, 72024, 72037, 72046, 72053, 72065, 72072, 72076, 72078, 72083, 72086, 72099, 72103, 72113, 72114, 72115, 72116, 72117, 72118, 72119, 72120, 72122, 72124, 72135, 72142, 72164, 72176, 72180, 72183, 72190, 72199, 72201, 72202, 72203, 72204, 72205, 72206, 72207, 72209, 72210, 72211, 72212, 72214, 72215, 72216, 72217, 72219, 72221, 72222, 72223, 72225, 72227, 72231, 72255, 72260, 72295, 72324, 72326, 72347, 72373, 72387, 72396, 72663, 72680. Offers may be subject to other exclusions and restrictions and are subject to change without notice. All loans and lines, deferrals, extensions or forbearances may be subject to required documentation and credit approval. Residency restrictions may apply. Special loan interest rates may be determined by applicant’s credit profile and may not extend to products offered by third parties, such as Avant.

² All loans and lines of credit are subject to terms and conditions, fees, documentation requirements, and credit approval.

³ The FEMA check-no-cashing fee offer is available only to Regions customers; if you are not a Regions customer, you must enroll in Now Banking. No checking account is required to enroll in Now Banking. Regions reserves the right to refuse to cash any check.

⁴ May be subject to credit approval. Interest will continue to accrue during the period that the payment is skipped or deferred. For installment loans, deferring or skipping payment may extend the maturity of your loan but will not automatically extend any optional insurance. Forbearances, skipped payments and deferrals (a) may vary by customer, (b) postpone – rather than forgive – certain payment obligations and (c) may require payment in full of the postponed payments at the end of the forbearance or deferral period, in addition to any other amounts that come due, unless you make other arrangements with Regions to resolve the delinquency.

⁵ New personal unsecured loan rate discounts may not be combined with other special offers or discounts.

⁶ Auto loan rate discount of up to 0.50% includes 0.25% disaster relief rate discount with an additional 0.25% rate discount when you enroll in auto debit payments from an existing Regions checking account. Auto loan rate discounts cannot be combined with other special offers or discounts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230407005030/en/

Kim Borges

Regions Bank

(205) 264-4551

Regions News Online: regions.doingmoretoday.com

Regions News on Twitter: @RegionsNews

Source: Regions Financial Corporation

FAQ

What support is Regions Bank providing after the March 31 tornadoes?

Regions Bank is offering $60,000 in grants through the Regions Foundation for recovery efforts, alongside volunteer services and disaster-recovery financial services.

How much grant funding did the Regions Foundation approve for disaster relief?

The Regions Foundation approved a total of $60,000 in grant funding to support recovery efforts following the tornadoes.

What organizations are receiving grants from Regions Foundation?

The American Red Cross received $30,000, while Our House, CareLink, and Boys and Girls Club of the Hatchie River Region received $10,000 each.

What financial services is Regions Bank offering to those affected by the storms?

Regions Bank is waiving ATM fees for a week, providing payment assistance, and offering various loan options to affected consumers.

When did the tornadoes and severe storms strike the South and Midwest?

The tornadoes and severe storms began on March 31.