In other market news Tuesday, shares of NationsBank Corp. and BankAmerica Corp. continued their steady rise. Communications, Banking Applications & Legal Developments, Financial Stability Coordination & Actions, Financial Market Utilities & Infrastructures. Live from New York and Hong Kong, bringing you the essential stories from the close of the U.S. markets to the open of trading across Asia. Why the recent wave of regional bank mergers is far from over Our entire team is enthusiastic about the combination and will be remaining with Clearsight to continue providing our world-class M&A advisory services. ), the Change in Bank Control Act (12 U.S.C. The combination of our two companies will create a new regional force in the banking and financial services industry and further our respective Large banks have eyed Regions primary market in the Southeast, but Regions has no intention to sell, either, according to Turner. The words future, anticipates, assumes, intends, plans, seeks, believes, predicts, potential, objective, estimates, expects, targets, projects, outlook, forecast, would, will, may, might, could, should, can, and similar expressions often signify forward-looking statements. Regions Financial assumes no obligation to update or revise any forward-looking statements that are made from time to time. Our strategic plan at Regions includes identifying areas where we can expand specialty capabilities to offer more solutions to clients while growing our customer base, said David Turner, chief financial officer for Regions Financial Corp. Regions agreement to acquire Clearsight Advisors, as well as our acquisitions of Sabal Capital Partners, home improvement lender EnerBank, Ascentium Capital, and others, reflect this strategy in action. For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. The combination of Clearsights sector-specific M&A and financial advisory services, and Regions extensive technology sector corporate finance, lending and capital markets solutions, represents a significant opportunity to deliver value for our collective client base. The most successful companies will likely be thoughtful buyers and sellers prepared to initiate bold, proactive moves. Bloomberg Daybreak Asia. Theme Banking. The next-largest deal, Provident Financial Services, Inc.s purchase of Lakeland Bancorp, Inc., was for $1.3 billion. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and approximately 2,000 ATMs. Over the last decade, Clearsight has grown to be an M&A advisory leader in the burgeoning knowledge economy. On the Go. Regions will maintain Clearsights headquarters office in McLean, as well as business offices in New York City and Dallas, Texas. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Clearsight combines deep market insights across software, services and data. A. Gregg Nelson Family Trust u/a/d March 12, 2020 and the A. Gregg Nelson Marital GST Exempt Trust u/a/d March 12, 2020, Joy A. Nelson as trustee to both trusts, and Timothy Nelson as special asset manager to both trusts, all of Geneva, Illinois; to join the Nelson Family Control Group, a group acting in concert, to acquire voting shares of Geneva Bancshares, Inc., and thereby indirectly acquire voting shares of The State Bank of Geneva, both of Geneva, Illinois. Where are bank mergers 2022 rumors now Mortgage branches that the report was & quot ;.. This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect Regions Financials current views with respect to future events and financial performance. Regions, the Regions logo and the LifeGreen bike are registered trademarks of Regions Bank. Market pressures and a regulatory rollback have triggered a wave of regional bank M&A that appears likely to continue in the year ahead. Regions does not monitor the linked website and has no responsibility whatsoever for or control over the content, services or products provided on the linked website. Together, Clearsight and Regions are now even better positioned to extend our leadership position advising premier knowledge economy growth companies.. Regions reported quarterly net income available to shareholders of $624 million, up 24% from a year earlier. from Mitsubishi UFG Financial Group for nearly $8 billion, announced in September 2021, closed in December 2022. Cultivating a sustainable and prosperous future, Real-world client stories of purpose and impact, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. Acquisition further enhances Regions specialty capabilities for business clients. Review of Monetary Policy Strategy, Tools, and For Members Only Federal Credit Union in Chicago, which was founded by the African American sorority Alpha Kappa Alpha, is focused on helping members build generational wealth. 205-264-4551, Investor Relations Contact: Total revenue of $2.6 billion was down almost 2% from the third quarter of 2020. This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect Regions Financials current views with respect to future events and financial performance. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. Cambray Mutual Holding Company and Gouverneur Bancorp, Inc. both of Gouverneur, New York; to become a mutual savings and loan company and stock subsidiary holding company of a mutual holding company, respectively, pursuant to section 10(e) of the Home Owners Loan Act, and more. Priority Mortgage to merge with Doorway Home Loans (6/10/22) Wyndham Capital Mortgage to cut 48 jobs in Charlotte, NC (6/9/22) Real Genius (FirstBank) laying off 74 employees in Charlotte, NC (6/2/22) Tomo cuts 44 jobs (6/1/22) Real Genius (FirstBank) laying off 35 employees in Nasville, TN (5/31/22) WebFind Mergers and Acquisitions Law Lawyers in Brea, CA Welcome to the U.S. News Lawyer Directory powered by Best Lawyers . Regions News on Twitter: @RegionsNews, Back to Jan 24, 2023, 12:07 pm EST. Average daily volume is less than one-sixth that level. Securities and insurance products are offered through Cetera Investment Services LLC, member FINRA/SIPC. We revisit the idea with our board every year and just come to the conclusion that we can generate a top return for shareholders by focusing on our plan, he said. Regions Financial plans to incorporate Clearsight into Regions Banks growing Capital Markets division. Many banks and financial institutions have halted mergers and acquisitions (M&A) plans while waiting for market uncertainty to stabilize and interest rates to level off. Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees. Arbitragers who have short position in Regions in hopes of locking in a profit on its purchase of Gainesville, Ga.-based First National Bancorp may be covering their short positions as the closing date of the deal approaches, said Darren Short, a bank analyst with Robinson- Humphrey Co. At Feb. 15, 869,713 shares of Regions were sold short. Most megadeals closed in 2022 had been announced in 2021 but underwent regulatory scrutiny that in some cases stretched more than 14 months. This box/component contains JavaScript that is needed on this page. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. The bank announced a $3 billion share repurchase program Monday, which exceeded analysts expectations. For banks with $1B and less in assets, factors in deciding whether to acquire another bank include: Branch locations in attractive or growing markets. Regions Bank and Clearsight Advisors are both known for taking a holistic, insightful view of our clients needs and delivering customized solutions based on our depth of market knowledge and our passion for delivering a superior client experience, said Joel Stephens, head of Capital Markets for Regions Bank. Regions acquisition of Clearsight Advisors formally closed on Dec. 31, 2021. (Photo: Business Wire). Credit card issuers say they need more time to respond to the substantial data request made by the Consumer Financial Protection Bureau in its proposal to slash late fees. Business sectors served by Clearsight include the technology, professional services, data and information services, and digital and technology-enabled services industries. As the phony-accounts scandal is brewing in 2014, the executive who functions as the top cop inside Wells Fargo gets shown the door. Commercial Banks, Senior Loan Officer Opinion Survey on Bank Lending What Could Elon Musk Possibly Be Thinking? to acquire voting shares of Converse County Capital Corporation, and thereby indirectly acquire voting shares of The Converse County Bank, both of Douglas, Wyoming. 1817 (j)), the Home Owners' Loan Act (12 U.S.C.1467a), Regulations Y, LL, MM, or other applicable statutes and regulations. The operations of Regions and SunTrust overlap significantly in Tennessee and Florida. Regions did not return calls seeking comment. BIRMINGHAM, Ala.--(BUSINESS WIRE)--Regions Financial Corp. (NYSE:RF), the parent company of Regions Bank, on Friday announced it has entered into a definitive agreement to acquire Clearsight Advisors, Inc., a leading-edge mergers and acquisitions firm serving clients in the technology, professional services, data and information services, and digital and technology-enabled services industries. H.8, Assets and Liabilities of U.S. Regions Bank is an Equal Housing Lender and Member FDIC. Bernard Bennett Banks, Evanston, Illinois, as trustee of a to-be-formed voting trust, Miami, Florida, for the benefit of Stephen Calk, Miami, Florida; to acquire voting shares of National Bancorp Holdings, Inc., and thereby indirectly acquire voting shares of The Federal Savings Bank, both of Chicago, Illinois. Terms of the acquisition were not disclosed. While US volume and values exceeded 2020s pandemic lows, the number of transactions and overall deal value fell off substantially from the soaring 2021 market. 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Our 2023 banking and capital markets M&A outlook examines five trends and drivers that can help your business optimize its deal-making strategy and position itself for growth and resilience. From August 2018 through July 2021, Regions charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases. Regions Financial to Announce Fourth Quarter and Full-Year 2022 Financial Results on Jan. 20, 2023. Youre about to leave Regions to use an external site. Track your investments 24 hours a day, around the clock from around the world. What to include in your planning? On the Go. This box/component contains code needed on this page. Credit quality has demonstrated incredible resiliency and continues to exceed our expectations, Regions CEO John Turner said on a call with analysts Friday. Infrastructures, International Standards for Financial Market BankAmerica shares continued a torrid pace, rising $2 to $77.50, the third straight increase of more than $1 per share for the San Francisco- based bank. The merger of Columbia and Umpqua has created a $52 billion-asset bank rooted in the Pacific Northwest. Other sections of such filings describe additional factors that could impact Regions Financials business, financial performance, and pending or consummated acquisition transactions, including the Clearsight transaction. See how we connect, collaborate, and drive impact across various locations. Our US bank mergers and acquisitions table below allows you to scroll, sort, print and export the relevant merger activity. Branches and Agencies of As the phony-accounts scandal is brewing in 2014, the executive who functions as the top cop inside Wells Fargo gets shown the door. Through this page you can find experienced Report was & quot ; Jan 24, 2023, 12:07 pm.. 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