Regions Financial (RF) Up After Taking Over $900M In Deposits From the FDIC; FDIC Hangs On To Loans
More News related to RF
- Regions Changes Time of Conference Call for Fourth Quarter Results
- Regions Appoints John Owen to Its Executive Council
- Regions Financial (RF) Announces Settlement with IRS; Sells Non-Performing Assets
- Regions Reaches Agreement with IRS
- Grayson Hall Elected to Regions Board of Directors
More News related to Hot List
- ARGUS Downgrades Smith International (SII) to Hold
- Cantor Fitzgerald Downgrades Audiocodes (AUDC) to Hold After Negative 4Q Preannouncement
- MDB Capital Downgrades Ener1 (HEV) to Sell, Suspends Earnings Model and Valuation on Stock No Longer Justified
- DA Davidson Downgrades Ambassadors Group (EPAX) to Neutral
- SunTrust Downgrades Ruby Tuesday, Inc. (RT) to Neutral
Shares of Regions Financial (NYSE: RF) are on the move today, adding 17%, after the company assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $900 million in total deposits, including all uninsured deposits, from Integrity Bank.
Federal regulators at close of business on August 29, 2008 declared Integrity Bank insolvent and the FDIC was named receiver. The FDIC approved the assumption of approximately $900 million in deposits by Regions Bank. The FDIC will retain most of Integrity Bank's loan portfolio for later disposition.
Regions opened five former branches of Integrity Bank, which closed Friday, under the Regions name.
Regions will serve 23,000 accounts of Integrity Bank and customers will be able to conduct their business as usual.
Related Categories
Hot ListInsiders' Blog
Trader Talk
Stocks Mentioned
-0.12Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
