"This merger creates a top regional financial services provider with leading positions in some of the best markets in the United States," said Regions Chairman, President and Chief Executive Officer Jackson W. Moore. "We are pleased that our shareholders have recognized all the benefits that this transaction has to offer." Moore will serve as chairman of the Board of Directors for the new Regions.
"Because AmSouth and Regions fit together so well, we will be able to provide our customers with a wider range of products and services as well as more convenient locations, which we believe ultimately will lead to greater shareholder value," said C. Dowd Ritter, chairman, president and chief executive officer of AmSouth. Ritter will serve as president and chief executive officer of the new Regions.
The combination of the two companies will create a bank holding company with $142 billion in assets, nearly $100 billion in deposits and nearly 2,000 branches in 16 states across the South, Midwest and Texas. Combined, the two companies employ approximately 37,000 people.
The new Regions will rank among the top 10 U.S. bank holding companies in several important measures. The new company will be:
-- Approximately eighth largest by assets;
-- Seventh largest by number of full-service branches;
-- Seventh largest by number of ATMs; and
-- Eighth largest by market capitalization.
AmSouth and Regions announced plans to merge in May and expect that the transaction will close in November, pending customary regulatory approvals.
The combined company will have leading positions in some of the fastest growing markets in the United States as well as a broad, balanced mix of businesses including retail and commercial banking, trust and asset management, securities brokerage, mortgage and insurance services.
http://accesswdun.com/article/2006/10/102366