AmSouth Bancorporation
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| Fate | Merged with Regions Bank |
|---|---|
| Successor | Regions Financial Corporation |
| Founded | 1970[1] |
| Defunct | November 4, 2006[2] |
| Headquarters | Birmingham, Alabama, United States |
| Key people | C. Dowd Ritter, Chief Executive Officer |
| Industry | Finance and Insurance |
| Products | Financial Services |
| Employees | 12,000 (2004) |
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, which was first organized by Charles Linn in 1872. AmSouth was in the financial services industry and at its peak employed over twelve thousand 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 primarily in Tennessee but also 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, carry the Regions Bank name (though, in reality, it was AmSouth who acquired Regions).
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 (except parts of Northwest Georgia) closed or converted on October 26, 2007. The branches in Northwest Georgia were converted on December 6, 2007, officially retiring the AmSouth name.
[edit] References
- ^ "AmSouth History". AmSouth Bank. http://www.amsouth.com/about/history.asp. Retrieved 2007-07-18.
- ^ a b Regions Financial Corporation (2006-11-04). "Regions and AmSouth Complete Merger". Press release. http://phx.corporate-ir.net/phoenix.zhtml?c=65036&p=irol-newsArticle&ID=926722&highlight=. Retrieved 2007-07-18.
- ^ "AmSouth buys First American". Birmingham Business Journal. 1999-06-04. http://www.bizjournals.com/birmingham/stories/1999/06/07/tidbits.html?page=1. Retrieved 2007-07-18.
- ^ Regions Financial Corporation (2006-05-25). "Regions Financial Corp. and AmSouth Bancorporation to Merge". Press release. http://phx.corporate-ir.net/phoenix.zhtml?c=65036&p=irol-newsArticle&ID=860846&highlight=. Retrieved 2007-07-18.
- ^ Department of Justice (2006-10-19). "JUSTICE DEPARTMENT REACHES AGREEMENT REQUIRING DIVESTITURES IN MERGER OF REGIONS FINANCIAL CORP. AND AMSOUTH BANCORPORATION". Press release. http://www.usdoj.gov/atr/public/press_releases/2006/219180.htm. Retrieved 2007-07-18.
[edit] External links
- Yahoo! - AmSouth Bancorporation profile
- Regions Financial official site of parent corporation
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