AmSouth Bancorporation

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AmSouth Bancorporation
Image:AmSouth Bancorporation logo.gif
Slogan The Relationship People
Fate Merged with Regions Bank
Successor Regions Financial Corporation
Founded 1970[1]
Defunct November 4, 2006[2]
Location Birmingham, Alabama, USA
Industry Finance and Insurance
Products Financial Services
Key people C. Dowd Ritter, Chief Executive Officer
Peak size 12,000 (2004) employees

AmSouth Bancorporation was a banking company headquartered in Birmingham, Alabama, and operated for its final year in existence as a bank holding company (subsidiary) of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham first organized in 1872. AmSouth was in the financial services industry, and at its peak employed more than 12,000 people.

AmSouth's size more than doubled in 2000 when it absorbed Nashville, Tennessee-based First American National Bank.[3] With the merger came hundreds of branches across Tennessee along with several in Kentucky, Virginia, and Mississippi. This is cited as a rare example of one bank absorbing another bank larger than itself. As part of the deal, AmSouth also acquired Deposit Guaranty Bank (which was operating as a subsidiary of First American).

[edit] Merger with Regions Financial Corporation

On May 25, 2006, AmSouth announced it would merge with Regions Financial Corporation, another Birmingham-based bank, in a $10 billion deal.[4] The new entity, and all of its branches, will carry the Regions Bank name.

A list of branches that will be divested for the merger to be approved was issued by the Department of Justice on October 19, 2006.[5] The 39 branches divested in Alabama were sold to RBC Centura Bank and converted in Spring 2007.

On November 4, 2006 Regions completed its acquisition of AmSouth.[2] AmSouth branches in Alabama and Florida either closed or converted to Regions on July 13, 2007. Branches in remaining states closed or converted on October 26, 2007, officially retiring the AmSouth name. The former AmSouth branches in parts of Northwest Georgia were converted on December 6, 2007.

[edit] References

  1. ^ AmSouth History. AmSouth Bank. Retrieved on 2007-07-18.
  2. ^ a b Regions Financial Corporation (2006-11-04). "Regions and AmSouth Complete Merger". Press release. Retrieved on 2007-07-18.
  3. ^ "AmSouth buys First American", Birmingham Business Journal, 1999-06-04. Retrieved on 2007-07-18. 
  4. ^ Regions Financial Corporation (2006-05-25). "Regions Financial Corp. and AmSouth Bancorporation to Merge". Press release. Retrieved on 2007-07-18.
  5. ^ Department of Justice (2006-10-19). "JUSTICE DEPARTMENT REACHES AGREEMENT REQUIRING DIVESTITURES IN MERGER OF REGIONS FINANCIAL CORP. AND AMSOUTH BANCORPORATION". Press release. Retrieved on 2007-07-18.

[edit] External links


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