OCTOBER 3, 2006 - Posted at 4:50 p.m. CDT
BIRMINGHAM, AL - Shareholders of Regions Financial and AmSouth Bancorp approved a $10 billion merger today. The merger will create the nation's eighth-largest bank holding company, with $142 billion in assets and almost 2,000 branches in the South and Midwest.
The combined company will employ about 37,000 people, but as many as ten percent of the positions are duplicates. The company has not said how many positions could be cut.
The Birmingham-based banks announced the deal in May, and the merger should be complete in November after review by regulators. The bank will retain the Regions name.