Regions Financial (RF) Up After Taking Over $900M In Deposits From the FDIC; FDIC Hangs On To Loans
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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.
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.
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