The Federal Reserve Board approved applications submitted by Regions Bank this week to establish branches in in Georgia, Illinois, Missouri, Tennessee, and Texas.
In approving the applications, the Federal Reserve Board said that Regions Bank’s management, financial history and condition, capital adequacy, and future earnings prospects were all in good shape. The Fed also said that Regions Bank was effective in combatting money-laundering activities.
The board also cited Regions Bank’s strong record related to the Community Reinvestment Act (CRA), which encourages banks to meet the credit needs of the local communities in which they operate, including low- and moderate-income neighborhoods. Further, the Fed cited the bank’s overall compliance record with fair lending laws.
Regions Bank is headquartered in Birmingham, Ala., and has 1,477 branches in 15 states. Regions Financial Corporation has $124.8 billion in total assets, making it the 33rd largest depository organization in the United States. It controls approximately $93.5 billion in deposits.
Regions Bank has a broad range of retail and commercial banking products for both consumers and businesses. The products and services offered throughout its network of branches include commercial, residential, agricultural, and consumer loans. The bank also offers personal checking and savings accounts, business checking and savings accounts, money market accounts, cash management products and services, foreign exchange services, credit cards, merchant services, and wealth management services.