Regions Bank

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Regions Bank
836 E Winthrope Avenue,
Millen, GA 30442
Phone:(478) 982-2266
Fax(478) 982-1116
Toll Free(800) 734-4667

In 1970, a small group of Alabama bankers and businessmen got together to form the first multi-banking holding company in Alabama. Their proposal was grounded in one idea: sound banking principles and new growth opportunities could be combined to create a stronger financial institution for the state. These banking pioneers overcame legal and regulatory hurdles as well as opposition from the banking industry in the state. Finally, in July 1971, the three Alabama banks joined to form Alabama’s first multi-bank company. With the combination of three respected banks, the holding company began operations with a total of $543 million in assets and 40 locations in Birmingham, Huntsville and Montgomery.

The Birmingham, Huntsville and Montgomery banks formed the nucleus of what is now Regions, giving the company a strong presence in three of the four largest metropolitan areas of the state. The bank quickly expanded its market by acquiring more banks. In less than four years, First Alabama’s assets doubled – from $543 million in 1971 to $1.2 billion at the end of 1974.

As the bank entered its second decade, the banking industry was changing. Changes in the laws and regulations, which govern banking, allowed it to offer customers new types of accounts, including certificates of deposit in 1978, followed by interest-bearing checking accounts in 1981 and individual retirement accounts (IRAs) in 1982. Also in 1981, the Alabama Legislature passed a law allowing multi-bank holding companies to merge their affiliate banks into one statewide bank. As a result, the bank’s management devised a new structure for the company, which strengthened and streamlined the chain of command while still emphasizing the importance of local involvement and understanding of local needs in each bank community.

The passage of an interstate banking bill in 1986, which allowed Alabama banks to purchase out-of-state banks, opened the door to new possibilities. The company expanded into Florida first, then acquired additional strong banks in Georgia, Tennessee, Louisiana, South Carolina, Arkansas and Texas – all of which have retained the local autonomy encouraged and supported by Regions.

© 2009 Regions Financial Corp.