public traded as nyse rf s & p 500 component industry financial services founded 1971 as first alabama bancshares headquarters regions center birmingham alabama u.s number of locations 1 772 december 2010 1 products commercial banking retail banking mortgage banking investment banking asset management insurance revenue us 5.428 billion 2014 2 operating income us 1.09 billion 2014 3 net income us 1.155 billion 2014 1 total assets us 125.54 billion 2016 4 total equity us 16.989 billion 2014 number of employees 23 000 2014 1 website regions.com regions financial corporation is a us bank and financial services company based in birmingham alabama with its corporate headquarters at the regions center . a member of the s & p 500 index the company provides retail and commercial banking trust securities brokerage mortgage and insurance products and services . regions is the only member of the fortune 500 headquartered in alabama ranked 479 in 2015 5 and was ranked by business insider as the largest company in the state . 6 regions is the largest deposit holder in alabama with 22.8 billion in local deposits or 25.7 % of all local deposits . 7 as of 2012 regions had 122 billion in assets . in 2010 regions had 137 billion in assets making it at that time the 22nd largest bank in the united states and the 10th largest u.s. based bank . 8 9 its banking subsidiary regions bank operates some 1 700 branches and 2 400 atms across a 16 state network in the south midwest and texas . contents 1 company history to 2008 2 major mergers and acquisitions 2.1 independence bank 2.2 morgan keegan 2.3 union planters 2.4 amsouth 2.5 integrity bank 2.6 firstbank financial services 3 customer satisfaction 4 tarp 5 overdraft fees 6 see also 7 references 8 external links company history to 2008 edit regions financial corporation started on july 13 1971 with the merger of three alabama banks first national bank of montgomery opened 1871 exchange security bank of birmingham opened 1928 and first national bank of huntsville opened 1856 . the combined company was known as first alabama bancshares the first state chartered bank holding company in alabama . 10 other acquisitions expanded the holding company s reach . until their formal merger in march 1985 under revised banking regulations the banks continued to operate independently . regions geographic footprint many of these founding banks hold places of historic importance in alabama . the first national bank building in huntsville which was originally the branch bank of the state of alabama is one of the few bank buildings in existence today which was used for the same intended purpose for about 170 years until it was retired in january 2010 . clarification needed it served as a hospital for union soldiers during the american civil war and once held a rifle owned by frank james as collateral for bail money when he was incarcerated across the street in the madison county jail . in 1986 changes in the interstate banking bill allowed bank holding companies to purchase bank branches outside the state in which they were chartered . first alabama bancshares expanded its operations first into florida continuing into georgia tennessee and arkansas . to reflect its growth into a regional company first alabama bancshares changed its name to regions financial corporation and the name of its banking subsidiary to regions bank on may 2 1992 . regions added banking branches in alabama georgia tennessee florida south carolina texas louisiana and arkansas . the name regions was purchased from first commercial corporation the arkansas bank that regions subsequently purchased in 1998 . the louisiana regions banks were established in monroe ouachita parish by two former members of the louisiana state senate jamar adcock and william r. billy boles sr. . on april 10 2002 regions financial corporation announced that it has begun the process of listing its common stock on the new york stock exchange nyse under the ticker symbol rf . . 11 in addition to the bank subsidiary regions financial operated a mortgage bank regions mortgage a trust company and an investment subsidiary regions investment company inc. rici . later rebsamen insurance company was acquired further expanding the range of financial services offered by the company . currently regions is the largest deposit holder in alabama with 22.8 billion in local deposits or 25.7 % of all local deposits . in tennessee regions is also the largest deposit holder with 17.3 billion in total deposits or 14.1 % of all local deposits . regions has 4 billion in deposits 7.5 % of local deposits in arkansas 7.2 billion in deposits 7.6 % of local deposits in louisiana 6.6 billion in deposits 13.8 % of local deposits in mississippi and 19.1 billion in deposits 4.2 % of local deposits in florida . regions moved into its current headquarters building the regions center after its merger with amsouth from the former regions plaza now viva health building diagonally across north 20th street in downtown birmingham . 12 regions shares the birmingham 33 billion banking scene with 47 other banks including wells fargo bbva compass synovus locally operated as first commercial bank servisfirst bb & t cadence bank pnc bank alostar bank and iberiabank . regions currently held more than 35 % of all local deposits in 2014 . 13 birmingham local banks reported more than 245 billion in assets in 2014 of which regions was the largest . birmingham was ranked the 10th largest domestic banking hub in the united states in 2014 . 14 major mergers and acquisitions edit independence bank edit on may 17 2002 regions financial completed the previously announced acquisition of independence bank . under the terms of the merger the total purchase price is approximately 20 million in cash . 15 morgan keegan edit former regions logo used officially until august 2004 on december 19 2000 regions agreed to purchase memphis tennessee based securities brokerage firm morgan keegan for 789 million . morgan keegan took over investment banking responsibilities from rici and eventually also was given control of regions trust company . the combined subsidiary is now known as regions morgan keegan trust inc. in january 2012 regions sold morgan keegan to raymond james a florida based brokerage firm for 930 million . regions morgan keegan was retained by regions and now operates as regions trust . union planters edit on january 24 2004 regions merged with memphis tennessee based union planters bank in a 5.9 billion transaction . this merger was noteworthy at least among large banks for the fact that regions the acquiring bank did not pay a premium above the currently trading stock price of union planters shares . union planters bank however was to receive an equal number of board seats within the newly formed bank . jackson w. moore the former ceo of union planters became ceo of the merged company . he suffered a stroke after the merger closed but was still able to assume his new post upon recovery . after the merger regions adopted union planters former logo of a young cotton plant and used it until the amsouth conversion . the merger significantly increased regions footprint in tennessee ; union planters had been the largest tennessee based bank . regions adopted this logo after merging with union planters incorporating the former bank s logo into its own . this logo was used from january 2004 to july 2007 . amsouth edit on may 25 2006 regions announced it would be acquiring amsouth bancorporation another birmingham based bank in a 10 billion deal . while regions would be the surviving company the merged entity would effectively adopt amsouth s corporate structure . 16 upon completion of the merger which took place on november 4 2006 regions financial became the nation s eighth largest bank with total assets of nearly 140 billion and approximately 2 000 branches and more than 2 400 atms throughout a 16 state network . jackson w. moore remained chairman of the combined company while c. dowd ritter chairman president and ceo of amsouth assumed roles as president and ceo of regions financial until april 1 2010 . grayson hall has now assumed president and ceo responsibilities . amsouth branches in alabama and florida closed or converted to regions on july 13 2007 . amsouth branches in event 2 either closed or converted to regions on october 26 2007 . some amsouth branches remained in northwest georgia but they were converted on the evening of december 6 2007 and the amsouth name is now retired . upon the merger regions adopted its new corporate logo and life green color scheme . integrity bank edit on august 29 2008 integrity bank of alpharetta georgia was placed into receivership by the federal deposit insurance corporation fdic and regions bank assumed its operations . 17 this change was a fallout from the united states housing bubble . firstbank financial services edit in february 2009 firstbank financial services of mcdonough georgia was also placed into receivership by the fdic and regions bank assumed its operations . customer satisfaction edit in j. d. power and associates 2008 retail banking satisfaction study regions came in last in customer satisfaction in the southeastern region . 18 in the 2011 retail banking satisfaction study regions came in fourth in customer satisfaction in the southeastern region . 19 in april 2011 regions bank scored the highest marks for retail banks in florida according to j.d. power & associates . 20 tarp edit in 2008 regions bank received a 3.5 billion loan as part of the troubled asset relief program . as of april 4 2012 regions financial corp. had repaid the 3.5 billion it received from the us government during the financial crisis . 21 overdraft fees edit in april 2015 regions was charged 7.5 million in fines for inappropriate or illegal overdraft fees to customers . 22 the charges are for regions not obtaining affirmative opt ins from charging overdraft fees on atm and one time debit card transactions . 23 the cfpb found that regions misrepresented overdraft and non sufficient fund fees related to the bank s short term loan program . 24 see also edit regions center regions charity classic regions field references edit a b c 2010 form 10 k regions financial corporation . regions financial corporation . 2011 02 24 . retrieved 2011 04 09 . http fortune.com fortune500 regions financial 479 . missing or empty title help http www.corporatereport.com regions2014annualreview financials.php http www.forbes.com companies regions financial http fortune.com fortune500 http www.broadviewnet.com blog wp content uploads 2015 06 bvn largest companies by revenue 20152.jpg http www.corporatereport.com regions2014annualreview united states largest banks chart . infoplease . 2010 03 31 . retrieved 2007 11 26 . nation s largest banks chart . nyjobsource . 2009 06 30 . retrieved 2011 01 22 . public hearing on preemption petition . federal deposit insurance corporation . 2005 05 24 . retrieved 2007 11 26 . what is now regions bank began as three separate banks the first national bank of huntsville chartered in 1865 the first national bank of montgomery and the exchange security bank of birmingham . in 1971 first national bank of huntsville and exchange security bank of birmingham joined to create alabama s first bank holding company first alabama bancshares and we renamed our banking operations first alabama bank . regions financial corporation plans to list common shares on new york stock exchange . http www.al.com business index.ssf 2013 08 viva health moves in renames f.html http www.bizjournals.com birmingham news 2014 09 29 birmingham s 10 largest banks by deposits.html http www.bizjournals.com birmingham blog 2014 07 after decade of change where does birmingham rank.html regions financial completes independence bank acquisition . regions financial corp. and amsouth bancorporation to merge press release . regions financial corporation . 2006 05 25 . retrieved 2007 11 26 . failed bank information integrity bank alpharetta ga