BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions Financial Corp. (NYSE:RF) announced today that it has entered
into a deferred prosecution agreement with the Securities and Exchange
Commission and that Regions Bank, the principal banking subsidiary of
Regions Financial Corporation, has entered into a consent order with the
Federal Reserve Board of Governors and the Alabama State Banking
Department. These agreements resolve previously disclosed regulatory
inquiries involving the accounting for certain problem loans at the end
of the first quarter of 2009.
Under the terms of the agreements, Regions Bank will pay a $51 million
civil money penalty. As previously disclosed, the company established a
reserve in the fourth quarter of 2013 sufficient to cover this matter.
In its agreement, the SEC noted that Regions “provided extensive
cooperation” throughout the investigation. Since the financial crisis,
Regions has returned to sustainable profitability, significantly reduced
credit losses, and strengthened its executive management team, including
naming a new CEO and chairman as well as a new chief financial officer,
general counsel, deputy general counsel, chief risk officer, and chief
credit officer. In addition, Regions has significantly strengthened its
risk management team and processes, including creating an Ethics
Council, restructuring credit and problem asset management, enhancing
loan portfolio analytics capabilities, and strengthening governance and
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $118 billion in assets, is
a member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, 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 1,700
banking offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found at www.regions.com.
Regions Financial Corp.
Investor Relations Contacts:
Underwood / Dana Nolan, 205-801-0265
Source: Regions Financial Corp.