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Regions Responds: Bank Announces Flood-Recovery Services for Middle Tennessee; Regions Foundation Announces $50,000 in Disaster Relief
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Regions Bank has introduced financial services to assist individuals and businesses affected by severe flooding in Middle Tennessee. The Regions Foundation has allocated $50,000 in disaster relief grants. Regions is offering various disaster-recovery financial services in impacted counties, including new loan programs, fee waivers, and payment assistance options. The bank emphasizes its commitment to support the recovery process, while its Waverly branch remains closed due to flood damage.
Positive
Regions Foundation allocated $50,000 for disaster relief grants.
Regions Bank introduced multiple disaster-recovery financial services.
Waived ATM fees for 15 days in impacted areas to assist customers.
Opportunities for interest rate discounts on loans for those affected.
Negative
Regions Bank's Waverly branch is closed due to severe flood damage.
Regions Bank and the nonprofit Regions Foundation launch a comprehensive community response.
WAVERLY, Tenn.--(BUSINESS WIRE)--
Regions Bank on Thursday announced a series of financial services to help people and businesses impacted by recent catastrophic flooding in Middle Tennessee. In addition, the Regions Foundation, a nonprofit initiative primarily funded by Regions Bank, announced grants totaling $50,000 for organizations providing disaster relief.
“Regions will stand with our customers, associates and communities to provide needed support through this disaster,” said Scott Beard, local market executive for Regions Bank. (Graphic: Business Wire)
“Our hearts go out to the loved ones and friends of those who were lost in the floods,” said Scott Beard, local market executive for Regions Bank. “Having been raised in Houston County, I have never seen anything like it. It was devastating to see how the waters came like a tidal wave, lifting houses from their foundations, destroying places of business, and instantly changing communities as we know them. Recovery will be long and grueling. Our aim at Regions Bank is to lessen the burden as communities rebuild by offering helpful financial services. And we appreciate the work of our colleagues at the Regions Foundation in providing disaster-recovery grant funding during a time of tremendous need.”
Marta Self, executive director of the Alabama-based Regions Foundation, said the $50,000 in grant funding from the foundation will be divided evenly to support United Way of Humphreys County and The Community Foundation of Middle Tennessee, both of which are meeting urgent needs for people throughout the disaster area.
“We are devastated by the loss of life and are heartbroken by the impacts of the flooding on people, families, and businesses throughout the area,” Self said. “These grants from the Regions Foundation will help United Way of Humphreys County and The Community Foundation of Middle Tennessee advance the recovery that’s underway while making a meaningful difference in the lives of our neighbors and community members.”
Disaster-recovery financial services offered by Regions Bank in impacted areas of Humphreys, Houston, Hickman, and Dickson counties1, available for a limited time, will include:
Regions Mortgage Disaster Relief Purchase and Renovation loan programs
Regions fees will be waived when Regions customers use other banks’ ATMs in the impacted areas for 15 days beginning Aug. 26, 2021. (Note: Fees charged by other banks or ATM owners may still apply.)
No check-cashing fees for FEMA-issued checks when cashed in a Regions branch2
Payment deferrals for credit card holders may be available based on individual circumstances.3
Personal and business loan payment assistance may be available based on individual circumstances.3
Business loan payment deferrals of up to 90 days may be available based on individual circumstances.3
One penalty-free CD withdrawal is available upon request (unless within seven days of issuance or renewal).
An interest rate discount of 0.50% is available on new personal unsecured loans when customers apply in a branch or by phone.
An interest rate discount of 0.50% on standard rates is available for new business loans or lines of credit of up to $1 million to help with recovery needs in impacted areas.4
An interest rate discount of 0.50% is available 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 days.4
Beyond these services, Regions Bank teams are available to listen to customers’ unique needs and connect them with options that can help. Customers can reach Regions personnel at the following numbers:
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
Regions’ branch in Waverly was severely impacted by flood waters and is currently closed while teams from the bank assess damage. In the meantime, branch services remain available in the communities of Erin, Dickson, Dover, and Paris. Services are also available at the contact information listed above, through the Regions Mobile Banking App, and www.regions.com.
“One of the first steps to recovery is knowing where to go for help,” said Michael Pardue, Midsouth Consumer Banking executive for Regions Bank. “At Regions Bank, we are here to help. Whether it’s at our other branch locations in western Middle Tennessee, or through our digital or phone options, we encourage people with financial needs to let us know how we may be of service.”
About Regions Foundation
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 $156 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 1,300 banking offices and approximately 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 August 2021 flooding in western Middle Tennessee in the following ZIP codes and may be subject to other exclusions and restrictions. Offers are subject to change without notice. All loans and lines, deferrals, extensions or forbearances are subject to required documentation and credit approval. Residency restrictions may apply. Special interest rates determined by applicant’s credit profile may not extend to products offered by third parties, such as Avant. Impacted ZIP codes in Regions’ retail banking footprint include: 37025, 37033, 37055, 37061, 37098, 37101, 37137, 37175, 37178, 37185.
2The FEMA check no-check-cashing-fee offer is available only to Regions customers; if you are not a Regions customer, you must enroll in Regions Now Banking. No checking account is required to enroll in Now Banking. Regions reserves the right to refuse to cash any check.
3Subject 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 generally (a) vary by customer, (b) postpone – rather than forgive – certain payment obligations, and (c) 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 rate discount 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.
What financial assistance is Regions Bank offering after the August 2021 Tennessee floods?
Regions Bank is providing disaster-recovery financial services, including new loan programs, fee waivers, and payment assistance to those affected by the August 2021 floods.
How much grant funding did Regions Foundation allocate for flood relief?
The Regions Foundation allocated $50,000 in grant funding to support organizations providing disaster relief in the affected areas.
Are there any fee waivers offered by Regions Bank for ATM usage during the disaster recovery?
Yes, Regions Bank waived ATM fees for customers using other banks' ATMs in impacted areas for 15 days starting August 26, 2021.
What services are available at Regions Bank for customers affected by the flooding?
Regions Bank offers mortgage disaster relief loans, payment deferrals for credit cards, and interest rate discounts on new loans to assist affected individuals and businesses.
Is the Regions Bank branch in Waverly open after the floods?
No, the Regions Bank branch in Waverly is currently closed due to severe flood damage.
