“We’re with you.” Regions Bank and the Regions Foundation Announce Storm Response

Rhea-AI Summary

Regions Bank and its Regions Foundation announced support measures in response to severe storms and tornadoes in Southern states starting March 24. Key initiatives include $60,000 in grants to disaster-relief agencies and tailored financial services for affected consumers and businesses. The foundation allocated $50,000 for the American Red Cross and $10,000 to the Mississippi Food Network. Regions Bank will offer disaster-recovery financial services such as waived fees and loan assistance. The response aims to support impacted communities and individuals during this challenging period.

Positive

• Regions Foundation approved $60,000 in disaster-relief grants.
• $50,000 grant to the American Red Cross and $10,000 to Mississippi Food Network.
• Regions Bank introduced disaster-recovery financial services for affected customers.

Negative

• None.

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

BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Regions Bank and the Regions Foundation on Thursday announced steps to support people, businesses and nonprofits following severe storms and destructive tornadoes that impacted Southern states beginning Friday, March 24 and lasting into the following week.

Regions Bank and the nonprofit Regions Foundation announced a comprehensive response supporting communities impacted by recent severe storms and destructive tornadoes. (Graphic: Business Wire)

The storm response is based on two key elements:

1. Grants from the Regions Foundation to support disaster-relief agencies
2. Disaster-recovery financial services from Regions Bank to support consumers and businesses

“Over the last several days, Regions teams have been calling on people and businesses we’ve served for years. We’re listening to ways we can help, and we’re sharing financial insights as well as our sincere concern and support for all communities that have been impacted,” said Robert Leard, Mississippi Commercial Banking leader and Metro Jackson market executive for Regions Bank. “Our teams here in Mississippi join with fellow Regions Bank teams in Alabama, Georgia, and Southern Middle Tennessee – as well as our colleagues at the Regions Foundation – in standing with our customers and communities. We’ll get through this difficult time together.”

Regions Foundation Grants:

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

This week, the Regions Foundation approved a total of $60,000 in grant funding to help various communities affected by recent tornadoes. From the $60,000 total, individual grants will include:

• $50,000 to the American Red Cross: Shortly after the storms cleared, teams from the American Red Cross were on the ground delivering vital aid. Support is being delivered in multiple states, and the Red Cross has set up a special landing page for additional people or organizations seeking to help through volunteerism, peer-to-peer fundraisers, or additional contributions.
• $10,000 to the Mississippi Food Network: While the American Red Cross and other agencies are providing urgent support, an additional need is a steady supply of food for people who’ve suffered extensive losses. The Mississippi Food Network is a valuable community partner that distributes more than 1.5 million pounds of food in a typical month, helping feed 150,000 people. According to the agency, every $1 donated provides six meals to people in need.

“From the Mississippi Delta to Alabama, Georgia, and elsewhere, people are hurting, and many communities face overwhelming needs,” said Marta Self, executive director of the Regions Foundation. “The best way the Regions Foundation can make a difference is to support organizations that are on the ground doing what they do best – helping people and communities during a time of unspeakable tragedy. We appreciate the dedication of relief workers, first responders, and volunteers who’ve been working tirelessly since the storms struck. It is our hope that these grants will reflect our sincere thanks to those who are serving – and our support for the people, cities and towns that were impacted.”

Disaster-Recovery Financial Services from Regions Bank:

Separately, Regions Bank designed financial services to help consumers and businesses. Options available for a limited time in specific portions of Mississippi, Alabama, Georgia and Tennessee¹ 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 beginning March 30, 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

“Beyond these services, one of the most important ways we can help is by simply listening. We’re ready to offer one-on-one guidance based on the unique needs of our customers,” said Sharon Hightower, Consumer Banking regional executive for Regions Bank. “We have experience providing financial guidance after natural disasters. We have advice that can help. And, most importantly, we care deeply about our communities. Our message is simple: We’re with you. We’re here for you. And we want to be of service.”

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: 31822, 31833, 35630, 35640, 36075, 37334, 38721, 38748, 38753, 38754, 38765, 38821, 38825, 38844, 38848, 38858, 38860, 38870, 38917, 38923, 38924, 38930, 38943, 38947, 38954, 38967, 39038, 39054, 39061, 39097, 39115, 39159, 39166, 39176, 39730, 39746, and 39756. 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/20230330005185/en/

Jeremy D. King

Regions Bank

(205) 264-4551

Regions News Online: regions.doingmoretoday.com

Regions News on Twitter: @RegionsNews

Source: Regions Financial Corporation

FAQ

What is Regions Bank's response to the March 2023 tornadoes?

Regions Bank announced a $60,000 relief initiative including grants and financial services to aid communities affected by the March 2023 tornadoes.

How much funding did Regions Foundation allocate for disaster relief?

The Regions Foundation allocated $60,000 in total for disaster-relief grants in response to the March 2023 tornadoes.

Which organizations received grants from Regions Foundation after the tornadoes?

The American Red Cross received a $50,000 grant, while the Mississippi Food Network received $10,000.

What financial services is Regions Bank offering to tornado-affected customers?

Regions Bank is providing financial services including waived fees, loan assistance, and payment deferrals to customers affected by the tornadoes.

When did the severe storms and tornadoes occur in the Southern states?

The severe storms and destructive tornadoes impacted Southern states starting on March 24, 2023.