On This Day In Alabama History: Banks Combine To Form Predecessor To Regions Financial
By Graydon Rust
Alabama 200
July 13, 1971
Three of the state’s oldest banks combined to form First Alabama Bancshares, the predecessor to Regions Financial Corporation and the first state-chartered bank holding company in Alabama. First Alabama doubled its assets by the end of 1974, continued to acquire smaller banks, and operated banks in eight states across the South when it became Regions Bank in 1994. Today, Regions has about 1,500 branches in 15 states across the South, Midwest and Texas and has assets totaling more than $125 billion. It is the only member of the Fortune 500 headquartered in Alabama and is the 31st largest bank in the United States.
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