Regions Financl - RF STOCK NEWS

Regions Financial Corp. (NYSE:RF) reported strong financial results for Q1 2023, achieving $2.0 billion in total revenue, marking a 22% year-over-year growth. Net income available to common shareholders reached $588 million, with an earnings per diluted share of $0.62. This revenue surge was driven primarily by a 39% increase in pre-tax pre-provision income, reflecting solid performance despite a 2% decline in total deposits.

The company maintained a robust liquidity position with about $54 billion in available liquidity, surpassing uninsured retail and non-operational wholesale deposits by 3-to-1. Regions emphasized prudent risk management and a commitment to sustainable growth amidst industry uncertainties.

Regions Bank is launching its 14th annual Share the Good community outreach program throughout April 2023. This initiative aims to enhance community relationships while engaging associates in volunteer activities. Wendi Boyen, community advocacy and financial wellness manager, stated that the program encourages teams to contribute positively to local environments. In 2022, Regions associates dedicated 74,000 hours to various volunteer services. Noteworthy local initiatives include cleaning the Cahaba River in Birmingham, promoting STEM education in Austin, and supporting community gardens in Cleveland. Participation also includes events in Pensacola, Louis, and Jonesboro, with a photo contest to promote engagement among associates. Regions Bank operates over 1,250 branches and is a significant player in consumer and commercial banking with $155 billion in assets.

The Regions Financial Corporation (NYSE:RF) Board of Directors has declared cash dividends for its common and preferred stock. A cash dividend of $0.20 per share will be paid on common stock on July 3, 2023, to stockholders of record by June 2, 2023. Preferred stock dividends include $15.9375 for Series B, $14.25 for Series C, $1,437.50 for Series D, and $11.125 for Series E, all payable on June 15, 2023, to respective stockholders of record. With approximately $155 billion in assets, Regions is a leading provider of banking and financial services, operating over 1,250 banking offices.

Regions Bank announces the launch of the Birmingham Black-Owned Business Initiative to support Black-owned businesses in Birmingham, Alabama. Led by Kendra Key, the initiative aims to identify resources, address gaps in support, and build collaborations with community partners for the empowerment of entrepreneurs in underserved neighborhoods. The initiative seeks to raise awareness about existing resources, provide tailored assistance, and enhance access to capital. This initiative stems from Regions' commitment to fostering inclusive prosperity and is part of a broader collaboration with Prosper, which aims to address the low rate of Black business ownership in the region, as highlighted by a recent Brookings Institution report. Regions Bank is positioned to play a pivotal role in improving conditions for Black entrepreneurs in the Magic City.

Regions Bank has been recognized with the 2023 Export Lender of the Year Award by the SBA, highlighting its role in supporting small businesses in international markets.

In 2022, Regions facilitated over $36 million in financing through the Export Working Capital Program and International Trade Loan Program, maintaining the largest active EWCP portfolio in the United States.

The bank leverages tailored financial solutions to aid small businesses in exporting products, ultimately fostering growth and stability in their operations.

This is the second time Regions has received this accolade, having previously won in 2019.

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.

Regions Bank has announced the launch of the Birmingham Black-Owned Business Initiative, aimed at fostering the growth of Black-owned businesses in Birmingham, Alabama. Led by Kendra Key, Senior Vice President in the Community Affairs division, the initiative will provide essential resources and support to entrepreneurs, focusing on underserved neighborhoods. Key priorities include identifying current resources, addressing access gaps, and facilitating collaboration among community partners. Notably, a Brookings Institution study revealed Birmingham has the lowest rate of Black business ownership among major U.S. metro areas. This initiative is a response to that need, striving to create a thriving ecosystem for Black entrepreneurs.

Orion180 has successfully secured a $42.5 million senior secured credit facility, led by Regions Bank, aimed at enhancing its capital base for two insurance carriers: Orion180 Insurance Co. and Orion180 Select Insurance Co.. This investment supports underwriting growth and geographic expansion beyond their current operations in the Southeast and Midwest. Orion180 Insurance Co. had $20 million in equity prior to this investment. The company aims to leverage the new capital for competitive pricing and expanded service offerings in an increasingly challenging insurance market, where many competitors are scaling back.