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.
