Regions Financial (RF) Buys Back $3.5B Preferred from Treasury, Exits TARP
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Regions Financial Corp. (NYSE: RF) announced today that it has completed its repurchase of $3.5 billion of Series A Preferred Stock issued under the U.S. Treasury’s Troubled Asset Relief Program’s Capital Purchase Program. In addition to fully repaying the government’s investment, Regions has previously paid a total of $593 million in dividends. On an annual ongoing basis, the repurchase eliminates the payment of $175 million in dividends on these securities.
The repurchase follows Regions’ successful completion of a $900 million common equity offering and the completion of its sale of Morgan Keegan & Company, Inc. and related affiliates resulting in total proceeds of approximately $1.2 billion to Regions.
The repurchase follows Regions’ successful completion of a $900 million common equity offering and the completion of its sale of Morgan Keegan & Company, Inc. and related affiliates resulting in total proceeds of approximately $1.2 billion to Regions.
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