Regions Financial Extends Participation in FDIC Transaction Account Guarantee Program

2009-11-02 23:48:02 -

Regions Financial (NYSE: RF) today announced plans to extend its participation in the Federal Deposit Insurance Corporation’s (FDIC) voluntary Transaction Account Guarantee (TAG) portion of the Temporary Liquidity Guarantee Program through June 30, 2010.

Under this program, noninterest bearing transaction accounts, qualified NOW checking accounts paying less than 0.50 percent, and Interest on Lawyers Trust Accounts (IOLTA) are fully guaranteed by

the FDIC for an unlimited amount of coverage. The coverage under the TAG program is in addition to, and separate from, the coverage available under the FDIC’s general deposit insurance protection.

“Since the economic downturn began, customers have turned to Regions to provide a safe harbor for their deposits,” said Grayson Hall, President and Chief Operating Officer. “The FDIC’s Transaction Account Guarantee program provides additional peace of mind for consumers and businesses and we are pleased to continue offering customers the maximum amount of FDIC insurance available to them.”


Regions continues to experience strong deposit and new household growth as more businesses and consumers choose to bank with Regions than ever before. During the third quarter of 2009, Regions opened a record 270,000 new retail and business checking accounts, up 29 percent versus the same quarter last year. New account openings for first nine months of 2009 reached 762,000, putting Regions well on track to achieve a full-year goal of 1 million new account openings.

Based on recently released FDIC data, Regions saw its overall deposits increase in 24 out of 25 major metro areas in the 16 states that it serves from June 30, 2008, to June 30, 2009. Regions’ overall deposits were up $7.5 billion, an 8.7% increase. Regions also maintains strong liquidity and a Tier 1 Capital ratio of approximately 12.1 percent, which is $6.5 billion in excess of “Well Capitalized” regulatory minimums.



About Regions Financial Corporation

Regions Financial Corporation, with $140 billion in assets, is a member of the S&P 100 Index and one of the nation’s largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,900 banking offices and 2,300 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com : cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww .. .


Media Contact:Regions Financial CorporationEvelyn

Mitchell, 205-264-4551