Regions Foundation Announces Disaster-Recovery Grants Supporting Areas Impacted by Hurricane Milton

Rhea-AI Summary

The Regions Foundation has announced $200,000 in disaster-recovery grants following Hurricane Milton. The funding will be distributed among three organizations: $150,000 to the American Red Cross, $25,000 to Feeding Tampa Bay, and $25,000 to United Way Suncoast. Additionally, Regions Bank is offering special disaster-recovery financial services, including ATM fee waivers, mortgage relief programs, loan payment assistance, and interest rate discounts on new loans. Most Florida branches have reopened, with a few remaining temporarily closed due to power outages or minor repairs.

Positive

• Allocation of $200,000 in disaster recovery grants
• Offering multiple financial relief services for affected customers
• Interest rate discounts of 0.50% on various new loans
• Most branches operational after the hurricane

Negative

• None.

Insights

Financial Analyst

The announcement of $200,000 in disaster-recovery grants by Regions Foundation represents a relatively minor financial commitment given RF's $21.9B market cap. While the initiative demonstrates corporate social responsibility, the financial impact on Regions Bank's bottom line is minimal. The disaster-recovery financial services, including fee waivers and interest rate discounts, may temporarily affect fee income but are standard industry practices during natural disasters.

The most notable business impact comes from the 0.50% interest rate discounts on various loan products, which could marginally compress net interest margins on new lending in affected areas. However, these programs may help maintain customer relationships and potentially drive new business in the recovery phase, offsetting short-term revenue impacts.

Banking Services Expert

The comprehensive package of disaster recovery services aligns with industry best practices and regulatory expectations for banks operating in disaster-affected areas. The temporary fee waivers and payment deferrals are strategically designed to maintain customer relationships while managing credit risk through structured programs rather than blanket deferrals.

The $1 million cap on business loans with discounted rates and the $50,000 limit on unsecured business term loans indicate a measured approach to risk management during disaster recovery. The 90-day payment deferral option for business loans provides meaningful relief while keeping exposure within manageable timeframes. These programs demonstrate sound banking practices that balance customer support with risk management.

Grant funding from the Regions Foundation is in addition to storm-related financial services offered by Regions Bank.

TAMPA, FL / ACCESSWIRE / October 30, 2024 / Regions Bank
By Ashley Foster

The Regions Foundation announced a series of grants totaling $200,000 in support of disaster-recovery efforts following Hurricane Milton. The Foundation is a nonprofit that is primarily funded by Regions Bank, which launched its own response to Milton by offering special banking services for people and businesses affected by the storm.

Regions Foundation Grants:

From the $200,000 in grant funding from the Regions Foundation, organizations supported will include:

• The American Red Cross: Currently, Red Cross personnel are on the ground in communities across Florida that were impacted not only by Milton, but also Hurricane Helene. The Regions Foundation is contributing $150,000 from its $200,000 in Milton-recovery grant funding to support these extensive Red Cross operations. This is in addition to the $100,000 for the American Red Cross that was announced by the Foundation on Oct. 1 in support of Helene recovery in several states.

• Feeding Tampa Bay: Serving 10 counties in western Florida - from Citrus County to the north, to the Tampa-St. Petersburg metro, to Manatee, Hardee and Highlands counties to the south - Feeding Tampa Bay has extensive experience in combating hunger. This includes during times of disaster recovery, when people have lost not only homes or belongings, but also, in many cases, a steady supply of nourishment. As a longtime community partner, the Regions Foundation is allocating $25,000 of its Milton-recovery grant funding to support Feeding Tampa Bay's ongoing work.

• United Way Suncoast: Resource centers organized by United Way Suncoast are connecting people with case workers who can help them navigate storm recovery, including by assisting with FEMA applications for relief. Serving Tampa, St. Petersburg, Sarasota and surrounding areas, United Way Suncoast is also organizing resources to meet recovery needs beyond the short term, with a focus on mid-term and long-term recovery needs. The Regions Foundation is designating $25,000 of its Milton-recovery grant funding to support these initiatives.

"As soon as the skies cleared, these organizations were on the ground delivering urgent care and support to hard-hit communities," said Marta Mendes-Miguel Self, executive director of the Regions Foundation. "People are coming together to uplift their neighbors, and the Regions Foundation is proud to support this work. We encourage others, no matter where you are, to consider how your donations or volunteer work can also help relief agencies in the days and weeks to come."

"The nonprofit community is making a powerful difference for people throughout the state," added April Grajales, market executive for Regions Bank in Tampa. "Regions Bank associates are thankful to our colleagues at the Regions Foundation for delivering these grants that will help meet ongoing recovery needs. Long after a storm has left the headlines, nonprofits like the Red Cross, United Way and Feeding Tampa Bay are still in local neighborhoods, connecting people with vital resources. All of us who call Florida home are thankful for their dedication."

Regions Bank Disaster-Recovery Services:

The grants from the Regions Foundation are in addition to disaster-recovery financial services announced by Regions Bank on Oct. 11. The bank's branch network in western, central and eastern Florida fared well during the storm, with most locations back open and serving customers. The limited number of branches that remain closed will reopen as soon as possible pending the restoration of power or, in some cases, minor repairs.

Regions' disaster-recovery financial services include the following for impacted areas¹:

• Regions will waive ATM Surcharges at Regions ATMs for non-customers in the impacted areas¹ through at least Oct. 23.

• The bank will also waive fees charged when Regions customers use other banks' ATMs in the impacted areas through at least Oct. 23. (Note: Fees charged by other banks or ATM owners may still apply.)

• Regions will provide Mortgage Disaster Relief Purchase and Renovation loan programs.

• The bank will remove check-cashing fees for FEMA-issued checks when cashed in a Regions branch².

• Personal and business loan payment assistance³ is available for qualified customers.

• Regions is offering payment deferrals for current credit card holders³.

• The bank can provide business loan payment deferrals of up to 90 days³.

• Additionally, Regions is offering one penalty-free CD withdrawal upon request (unless within seven days of issuance or renewal).

• Regions is offering a Disaster Response interest rate discount of 0.50% on new personal unsecured loans when customers apply in a branch or by phone⁴.

• Regions is offering a Disaster Response interest rate discount of 0.50% on standard rates for new business loans or lines of credit of up to $1 million to help with recovery needs in impacted areas⁴.

• Regions is offering a Disaster Response interest rate discount of 0.50% on new unsecured business term loans of up to $50,000 with up to 36-month terms, including waived origination and loan document fees, as well as options for the first payments to be deferred by up to 90 days⁴.

• Regions is offering a Disaster Response interest rate discount of up to 0.50% on non-business auto loans when customers apply in-branch or by phone⁵.

• Dedicated Contact Center:

  • For help with loans, credit cards, or deposit accounts: 1-800-221-7471

  • For help with any other banking need: 1-800-411-9393

• Areas covered by these services could be expanded based on continued assessments. Check https://www.regions.com/hurricanemilton for an updated list of areas where these offers are available as damage assessments continue.

"Year-round, we're focused on helping people assess their financial needs and build a successful path forward; that's especially true today as our teams take the time to listen to how we can help with storm-recovery needs," said John Jordan, head of Retail for Regions Bank. "As even more branches come back online this week, we're ready to serve. And our digital banking options are always just a click or a tap away."

Tailored Support:

Regions Bank teams can also be contacted at the following numbers for customized guidance on a range of services, including:

• Mortgages, home equity loans and lines: 1-800-748-9498

• Other consumer loans: 1-866-298-1113

• Any other banking needs: 1-800-411-9393

About Regions Foundation:
The Alabama-based Region Foundation supports community investments that positively impact 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. To learn more about the Regions Foundation visit www.regions.com/foundation.

About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $154 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 approximately 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.

¹Offers are available for a limited time and only to individuals and businesses affected by the recent disaster in the ZIP codes listed below, 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.

Affected ZIP codes are as follows; please note: the list of ZIP codes could be expanded to include additional communities based on ongoing assessments from the Federal Emergency Management Agency:

32003, 32004, 32006, 32007, 32030, 32033, 32043, 32050, 32065, 32067, 32068, 32073, 32079, 32080, 32081, 32082, 32084, 32085, 32086, 32092, 32095, 32099, 32102, 32105, 32110, 32111, 32112, 32113, 32114, 32115, 32116, 32117, 32118, 32119, 32120, 32121, 32122, 32123, 32124, 32125, 32126, 32127, 32128, 32129, 32130, 32131, 32132, 32133, 32134, 32135, 32136, 32137, 32138, 32139, 32140, 32141, 32142, 32143, 32145, 32147, 32148, 32149, 32157, 32158, 32159, 32160, 32162, 32163, 32164, 32168, 32169, 32170, 32173, 32174, 32175, 32176, 32177, 32178, 32179, 32180, 32181, 32182, 32183, 32185, 32187, 32189, 32190, 32192, 32193, 32195, 32198, 32201, 32202, 32203, 32204, 32205, 32206, 32207, 32208, 32209, 32210, 32211, 32212, 32214, 32216, 32217, 32218, 32219, 32220, 32221, 32222, 32223, 32224, 32225, 32226, 32227, 32228, 32229, 32231, 32232, 32233, 32234, 32235, 32236, 32238, 32239, 32240, 32241, 32244, 32245, 32246, 32247, 32250, 32254, 32255, 32256, 32257, 32258, 32259, 32260, 32266, 32277, 32617, 32634, 32640, 32656, 32663, 32664, 32666, 32667, 32668, 32681, 32686, 32696, 32701, 32702, 32703, 32704, 32706, 32707, 32708, 32709, 32710, 32712, 32713, 32714, 32715, 32716, 32718, 32719, 32720, 32721, 32722, 32723, 32724, 32725, 32726, 32727, 32728, 32730, 32732, 32733, 32735, 32736, 32738, 32739, 32744, 32745, 32746, 32747, 32750, 32751, 32752, 32753, 32754, 32756, 32757, 32759, 32762, 32763, 32764, 32765, 32766, 32767, 32768, 32771, 32772, 32773, 32774, 32775, 32776, 32777, 32778, 32779, 32780, 32781, 32783, 32784, 32789, 32790, 32791, 32792, 32793, 32794, 32795, 32796, 32798, 32799, 32801, 32802, 32803, 32804, 32805, 32806, 32807, 32808, 32809, 32810, 32811, 32812, 32814, 32815, 32816, 32817, 32818, 32819, 32820, 32821, 32822, 32824, 32825, 32826, 32827, 32828, 32829, 32830, 32831, 32832, 32833, 32834, 32835, 32836, 32837, 32839, 32853, 32854, 32855, 32856, 32857, 32858, 32859, 32860, 32861, 32862, 32867, 32868, 32869, 32872, 32877, 32878, 32885, 32886, 32887, 32891, 32896, 32897, 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33763, 33764, 33765, 33766, 33767, 33769, 33770, 33771, 33772, 33773, 33774, 33775, 33776, 33777, 33778, 33779, 33780, 33781, 33782, 33784, 33785, 33786, 33801, 33802, 33803, 33804, 33805, 33806, 33807, 33809, 33810, 33811, 33812, 33813, 33815, 33820, 33823, 33825, 33826, 33827, 33830, 33831, 33834, 33835, 33836, 33837, 33838, 33839, 33840, 33841, 33843, 33844, 33845, 33846, 33847, 33848, 33849, 33850, 33851, 33852, 33853, 33854, 33855, 33856, 33857, 33858, 33859, 33860, 33862, 33863, 33865, 33867, 33868, 33870, 33871, 33872, 33873, 33875, 33876, 33877, 33880, 33881, 33882, 33883, 33884, 33885, 33888, 33890, 33896, 33897, 33898, 33901, 33902, 33903, 33904, 33905, 33906, 33907, 33908, 33909, 33910, 33911, 33912, 33913, 33914, 33915, 33916, 33917, 33918, 33919, 33920, 33921, 33922, 33924, 33927, 33928, 33929, 33930, 33931, 33932, 33935, 33936, 33938, 33944, 33945, 33946, 33947, 33948, 33949, 33950, 33951, 33952, 33953, 33954, 33955, 33956, 33957, 33960, 33965, 33966, 33967, 33970, 33971, 33972, 33973, 33974, 33975, 33976, 33980, 33981, 33982, 33983, 33990, 33991, 33993, 33994, 34101, 34102, 34103, 34104, 34105, 34106, 34107, 34108, 34109, 34110, 34112, 34113, 34114, 34116, 34117, 34119, 34120, 34133, 34134, 34135, 34136, 34137, 34138, 34139, 34140, 34141, 34142, 34143, 34145, 34146, 34201, 34202, 34203, 34204, 34205, 34206, 34207, 34208, 34209, 34210, 34211, 34212, 34215, 34216, 34217, 34218, 34219, 34220, 34221, 34222, 34223, 34224, 34228, 34229, 34230, 34231, 34232, 34233, 34234, 34235, 34236, 34237, 34238, 34239, 34240, 34241, 34242, 34243, 34249, 34250, 34251, 34260, 34264, 34265, 34266, 34267, 34268, 34269, 34270, 34272, 34274, 34275, 34276, 34277, 34280, 34281, 34282, 34284, 34285, 34286, 34287, 34288, 34289, 34290, 34291, 34292, 34293, 34295, 34420, 34421, 34423, 34428, 34429, 34430, 34431, 34432, 34433, 34434, 34436, 34441, 34442, 34445, 34446, 34447, 34448, 34449, 34450, 34451, 34452, 34453, 34460, 34461, 34464, 34465, 34470, 34471, 34472, 34473, 34474, 34475, 34476, 34477, 34478, 34479, 34480, 34481, 34482, 34483, 34484, 34487, 34488, 34489, 34491, 34492, 34601, 34602, 34603, 34604, 34605, 34606, 34607, 34608, 34609, 34610, 34611, 34613, 34614, 34636, 34637, 34638, 34639, 34652, 34653, 34654, 34655, 34656, 34660, 34661, 34667, 34668, 34669, 34673, 34674, 34677, 34679, 34680, 34681, 34682, 34683, 34684, 34685, 34688, 34689, 34690, 34691, 34692, 34695, 34697, 34698, 34705, 34711, 34712, 34713, 34714, 34715, 34729, 34731, 34734, 34736, 34737, 34739, 34740, 34741, 34742, 34743, 34744, 34745, 34746, 34747, 34748, 34749, 34753, 34755, 34756, 34758, 34759, 34760, 34761, 34762, 34769, 34770, 34771, 34772, 34773, 34777, 34778, 34785, 34786, 34787, 34788, 34789, 34797, 34945, 34946, 34947, 34948, 34949, 34950, 34951, 34952, 34953, 34954, 34956, 34957, 34958, 34972, 34973, 34974, 34979, 34981, 34982, 34983, 34984, 34985, 34986, 34987, 34988, 34990, 34991, 34992, 34994, 34995, 34996, 34997

²The FEMA no check-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.

³May 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.

⁴New business loan and personal unsecured loan rate discounts may not be combined with other special offers or discounts. Interest will accrue during the optional 90-day payment deferral period for unsecured business loans if elected.

⁵Auto 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.

Regions and the Regions logo are registered trademarks of Regions Bank. The LifeGreen color is a trademark of Regions Bank.

View additional multimedia and more ESG storytelling from Regions Bank on 3blmedia.com.

Contact Info:
Spokesperson: Regions Bank
Website: https://www.3blmedia.com/profiles/regions-bank
Email: info@3blmedia.com

SOURCE: Regions Bank

View the original press release on accesswire.com

FAQ

How much did Regions Foundation donate for Hurricane Milton recovery?

The Regions Foundation donated $200,000 in disaster-recovery grants following Hurricane Milton.

What financial services is Regions Bank offering for Hurricane Milton victims?

Regions Bank is offering ATM fee waivers, mortgage relief programs, loan payment assistance, payment deferrals, and 0.50% interest rate discounts on various new loans for hurricane victims.

How is Regions Foundation distributing the Hurricane Milton recovery funds?

The funds are being distributed as follows: $150,000 to American Red Cross, $25,000 to Feeding Tampa Bay, and $25,000 to United Way Suncoast.