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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.
Cetera Financial Group announced the renewal of its networking agreement with Regions Bank through Cetera Financial Institutions. The collaboration, which began in 2013, supports Regions Investment Solutions in providing comprehensive investment services. The renewal follows nearly 40 financial institution renewals through July 2024, maintaining Cetera Financial Institutions' 99% retention rate. Cetera Investment Services, celebrating its 40-year anniversary, continues to expand its partnerships, recently adding California Coast Credit Union to its network of over 450 banks and credit unions.
Regions Financial Corp. (NYSE:RF) reported third quarter 2024 earnings of $446 million, with earnings per diluted share of $0.49. The company's total revenue reached $1.8 billion, including $721 million in reported pre-tax pre-provision income and $799 million in adjusted pre-tax pre-provision income. Notable items impacted earnings, reducing reported EPS by $0.08.
Key highlights include:
- Net interest income increased 3% to over $1.2 billion
- Non-interest income grew 5% on a reported basis and 9% on an adjusted basis
- Net interest margin expanded by 3 basis points to 3.54%
- Efficiency ratio was 59.3% on a reported basis and 56.9% on an adjusted basis
- Average loans and leases remained relatively stable
- Deposits showed stability with a slight 0.2% decrease in ending balances
- Net charge-offs were $117 million or 48 basis points of average loans
- Common Equity Tier 1 ratio improved to 10.6%
Regions Financial (NYSE:RF) has declared quarterly dividends on its common and preferred stock. The Board of Directors announced a $0.25 cash dividend per common share, payable on Jan. 2, 2025, to stockholders of record as of Dec. 2, 2024. Additionally, dividends were declared on various series of preferred stock:
- Series C: $14.25 per share (approx. $0.35625 per depositary share), payable Nov. 15, 2024
- Series D: $1,437.50 per share (approx. $14.375 per depositary share), payable Dec. 16, 2024
- Series E: $11.125 per share (approx. $0.278125 per depositary share), payable Dec. 16, 2024
- Series F: $17.375 per share (approx. $0.434375 per depositary share), payable Dec. 16, 2024
All preferred stock dividends will be paid to stockholders of record as of their respective dates in late 2024.
The Regions Foundation has announced $200,000 in grants to support disaster-recovery efforts following Hurricane Milton. The grants will be distributed as follows:
- $150,000 to the American Red Cross
- $25,000 to Feeding Tampa Bay
- $25,000 to United Way Suncoast
In addition, Regions Bank is offering special financial services for those affected by the storm, including:
- Waived ATM surcharges
- Mortgage disaster relief programs
- Fee removals for FEMA-issued checks
- Loan payment assistance
- Interest rate discounts on new loans
These services are available in impacted areas through at least October 23, with the possibility of expansion based on ongoing assessments.
Regions Bank has announced the second quarter winners of its 2024 Regions Riding Forward® Scholarship Contest. Four students will each receive an $8,000 scholarship for their designated accredited college. The contest, revamped in 2024, now runs quarterly, inviting high school and college students to submit video or written essays about someone in their community who has inspired them.
The second quarter winners are:
- Erin Petersen from Bradenton, Fla.
- Micah Wagner from Norcross, Ga.
- Algieria Thomas from Miami, Fla.
- Tyler Patterson from Columbus, Ga.
Each quarterly contest awards four scholarships: two for written essays and two for video essays. Students can submit entries in each quarterly contest. Over the past 12 years, the Regions Riding Forward Scholarship contest has awarded over $1.4 million to more than 400 students.
The Regions Foundation has announced a $150,000 grant to support STRIVE Birmingham, an organization providing education and workforce development opportunities. Launched in 2023, STRIVE Birmingham follows a nationally recognized model offering job training and wraparound services. The program focuses on mindset, accountability, personal responsibility, workplace ethics, professional etiquette, and interpersonal skills.
STRIVE's Healthcare & Office Operations program prepares students for careers in the local healthcare industry with opportunities for advancement. The grant was presented during one of STRIVE's first graduation events. The Regions Foundation, primarily funded by Regions Bank, supports various education, workforce development, economic and community development, and financial wellness initiatives.
Regions Bank has announced a series of disaster-recovery financial services to assist people and businesses affected by Hurricane Milton in Florida. These services include:
- Waived ATM surcharges for non-customers and fees for Regions customers using other banks' ATMs in impacted areas until October 23
- Mortgage Disaster Relief Purchase and Renovation loan programs
- Removal of check-cashing fees for FEMA-issued checks
- Personal and business loan payment assistance
- Credit card payment deferrals
- Business loan payment deferrals of up to 90 days
- Penalty-free CD withdrawal
- Interest rate discounts on various new loans and lines of credit
The bank has also set up dedicated contact centers for customer support and is assessing branch operations in affected areas. The Regions Foundation is expected to announce grant funding for organizations providing disaster relief in the coming days.
Regions Affordable Housing celebrates the grand opening of The Pearl Apartments in Jackson, Mississippi, an innovative approach to affordable senior housing. The project, a collaboration between Pearl Street Community Development and Gulf Coast Housing Partnership (GCHP), transformed the former Jackson Southwest Hotel into 76 one- and two-bedroom apartments for income-restricted individuals primarily ages 55 and over.
The Pearl is a GCHP Health + Housing Community, offering residents access to an onsite community health center and a community health worker. The Regions Foundation provided $500,000 for GCHP Health + Housing projects across the Gulf Coast, while Regions Affordable Housing supported the redevelopment project. The development addresses multiple challenges, including blight reduction, affordable housing creation, and providing health services for seniors.
Regions Bank and the Regions Foundation have launched a comprehensive community response to support areas impacted by Hurricane Helene. The initiative includes:
- $150,000 in initial grant funding from the Regions Foundation for disaster relief organizations
- Volunteerism by bank associates to support first responders
- Special disaster-recovery financial services for affected individuals and businesses
The grant funding will be distributed among several agencies, including $100,000 to the American Red Cross. Regions Bank is offering various financial services, such as waived ATM fees, mortgage disaster relief programs, and loan payment assistance. These services are available in impacted areas from October 1, with potential expansion based on FEMA declarations.
Leroy Abrahams, Regions Bank's head of Community Engagement, is serving as the 2024 Campaign Chair for United Way of Central Alabama. In an interview, Abrahams discusses his role and the importance of supporting United Way campaigns. He highlights United Way's holistic approach to addressing community needs, including education, housing stability, food security, and health services.
Abrahams emphasizes the value of experiencing United Way firsthand through volunteering or serving on Visiting Allocation teams. He notes that Regions Bank has a culture of giving and is consistently one of the top United Way donor companies. The interview also touches on how United Way's priorities align with Regions' Community Engagement focus areas of economic development, education, workforce readiness, and financial wellness.
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