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About Us

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.

The marriage of computers and telephone communication networks made possible an important development in banking – the introduction of automated teller machines (ATMs). In 1981, the bank established a statewide network of ATMs known as The Right Place banking machines. With one of the most extensive ATM networks in the state, the bank played a key role in the organization of a statewide-shared automated teller machine network, which went on line in April 1986.

In 1987, Regions became the first bank in Alabama to provide customers with direct access to their account information via a computerized telephone inquiry service. Telephone banking continues to offer customers convenience today. By calling 1-800-REGIONS customers have access to automated account data and assistance from financial professionals.

Years of growth and changes followed, culminating in a final name change on May 2, 1994 when the company became Regions Financial Corporation to better reflect its growing presence throughout the South. The company merged with Memphis, Tenn.-based Union Planters Corp. in July 2004 to create a new regional force in financial services that shares a rich history of customer and community commitment, as well as the strength and stability of one of the Top 15 financial services providers in the nation.

In May 2006, Regions and Birmingham-based AmSouth Bancorporation announced plans to merge. Shareholders of each company approved the transaction in October and on November 4, 2006, the merger of Regions and AmSouth was completed. As a result, Regions Financial Corporation is now one of the top bank holding companies in the United States.