BIRMINGHAM, Ala.--(BUSINESS WIRE)--
The Regions Financial Corporation (NYSE:RF) Board of Directors today
declared a quarterly cash dividend of $0.05 per common share and
authorized an equity repurchase program for up to $350 million of the
company's common stock.
Both actions were previously announced on March 26, 2014, following the
Federal Reserve's indication to Regions that it did not object to the
company's capital plan and proposed capital actions as part of the 2014
Comprehensive Capital Analysis and Review (CCAR) process.
The authority granted under the repurchase program expires on March 31,
2015. The timing and exact amount of common stock repurchases is subject
to the terms of the company's capital plan and will depend on various
factors, including market conditions, the company's capital position and
internal capital generation. The repurchase program does not include
specific price targets, may be executed through open market purchases,
accelerated share repurchase transactions or privately negotiated
transactions, including utilizing Rule 10b5-1 programs, and may be
suspended at any time.
The quarterly cash dividend of $0.05 per common share is payable July 1,
2014, to stockholders of record at the close of business on June 13,
2014. This represents an increase from the previous quarterly dividend
of $0.03 per common share.
In addition, the Board of Directors authorized payment of a quarterly
cash dividend related to the outstanding shares of its 6.375%
Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A
Preferred Stock"). Each outstanding share of the Series A Preferred
Stock is represented by depositary shares, each representing a 1/40th
interest in a share of Series A Preferred Stock. The dividend of
$15.9375 per share (equivalent to approximately $0.398438 per depositary
share) will be paid on June 16, 2014, to stockholders of record at the
close of business on June 2, 2014.
About Regions Financial Corporation:
Regions Financial Corporation (NYSE:RF), with $118 billion in assets, is
a member of the S&P 500 Index and is one of the nation's largest
full-service providers of consumer and commercial banking, wealth
management, 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 approximately 1,700
banking offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found at www.regions.com.
Regions Financial Corporation
Media Contact:
Evelyn Mitchell,
205-264-4551
or
Investor Relations Contacts:
List
Underwood, 205-581-7890
or
Dana Nolan, 205-581-7890
Source: Regions Financial Corporation
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