Regions Bank Acquires Am-South Bank

May 26, 2006 - Posted at 4:38 p.m. CST

JONESBORO, AR -- Regions Bank is exchanging stock valued at almost two billion dollars for rival Am-South Bank in a mega-deal creating one of the nations biggest bank holding companies. It's now one of the nation's top 10 largest banks.

The combined company under the deal would have nearly $140 billion dollars in assets and 2,000 branches in the South, Midwest and Texas. Regions Bank currently has several branches in Region 8 and the familiar green signs will be staying put.

"It will offer a deeper service package to our customers here, so that will be a big benefit for our customers in northeast Arkansas," said CEO Larry Worshan.

With more than 5 million customer households and 2,800 ATMs, the new company should have a strong presence in the southeast.

"Overall it was very well received and we think it will be good for our customers, our employees and our share holders and many of us that work here that are all three of," said Worshan.

The new bank will maintain its headquarters in Birmingham, Alabama where both companies are now based.