BIRMINGHAM, Ala. (BUSINESS WIRE) – Jan. 18, 2007 – Regions Financial Corp. (NYSE:RF) announced today that its Board of Directors has approved the repurchase of an additional 50 million shares of the company's outstanding common stock and declared a regular quarterly dividend of 36 cents per share.
This new authorization represents approximately 7 percent of the company's outstanding shares and would be valued at approximately $1.84 billion based on Regions Jan. 17, 2007, closing price of $36.71 per share. The common shares may be repurchased in the open market or in privately negotiated transactions and will be taken into treasury. As of Dec. 31, 2006, there were approximately 730 million shares outstanding. The company has been repurchasing shares under a 25 million share authorization approved in October 2005. As of Dec. 31, 2006, there were approximately 13.9 million shares remaining under that authorization, that together with the current Board action results in a total of 63.9 million shares currently authorized for repurchase.
The Regions Board of Directors also declared a regular quarterly dividend of 36 cents per common share, payable April 2, 2007, to shareholders of record as of March 19, 2007. Regions' dividend yield as of Jan. 17, 2007, was approximately 3.9 percent.
About Regions
Regions Financial Corporation is a member of the S&P 100 Index and Forbes Magazine's "Platinum 400" list of America's best big companies. With more than $140 billion in assets, Regions is one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates some 2,000 AmSouth and Regions banking offices and over 2,600 ATMs. Its investment and securities brokerage, trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.
CONTACT: Regions Financial Corporation, Birmingham
Media Relations:
Rick Swagler, 205-801-0105
or
Investor Relations:
List Underwood, 205-801-0265
SOURCE: Regions Financial Corporation
