Regions Financial (RF) Commences $900M Common Offering

Regions Financial (NYSE: RF) today announced that it has commenced an underwritten public offering of approximately $900 million of its common stock (the “Offering”) as part of its plan to repurchase the $3.5 billion of Series A Preferred Stock issued to the U.S. Treasury Department under the Troubled Asset Relief Program’s (TARP) Capital Purchase Program (CPP).

This action is included in Regions’ capital plan, which was submitted to the Federal Reserve on January 9, 2012. The Federal Reserve has completed its review of the plan under the Comprehensive Capital Analysis and Review (“CCAR”) and informed Regions that it had no objections to the capital actions set forth in the plan.

The repurchase of the Series A Preferred Stock will be contingent on approval by the Federal Reserve and Treasury Department and is expected to follow the closing of the sale of Morgan Keegan & Co. Inc. and related affiliates, which is anticipated in early April. Regions intends to use the proceeds from the Offering and the sale of Morgan Keegan along with other available funds to repurchase the Series A Preferred Stock.

Goldman, Sachs & Co. is serving as Global Coordinator and joint book-running manager of the Offering, J.P. Morgan Securities LLC is serving as Capital Advisor related to our CCAR plan and joint book-running manager of the Offering, and Barclays Capital Inc. and Deutsche Bank Securities Inc. are serving as joint book-running managers of the Offering. Morgan Keegan is serving as lead manager.

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