BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions Bank today announced it has acquired the Low Income Housing Tax
Credit (LIHTC) corporate fund syndication and asset management
businesses of First Sterling Financial, Inc. The acquisition complements
Regions' Community Investment Capital, Real Estate and Capital Markets
capabilities to serve more clients and communities.
First Sterling is one of the leading national syndicators of investment
funds benefiting from Low Income Housing Tax Credits. Since its founding
by Martin and Ann Soja more than 30 years ago, First Sterling has
raised more than $1.9 billion in investor equity through both
proprietary and multi-investor funds. This investor equity has been used
to support more than $3.5 billion of development in 700 properties
containing over 30,000 rental units in 45 states, Puerto Rico and
Washington, DC.
"Regions has a long history of supporting affordable housing
developments that benefit communities through direct investment in Low
Income Housing Tax Credits," said John Turner, head of Regions'
Corporate Banking Group. "The addition of First Sterling's
industry-leading syndication and asset management capabilities will
allow us to grow non-interest revenue and offer clients additional
solutions to meet the affordable housing needs of more communities."
Regions Bank is one of the nation's largest participants in affordable
housing finance through the Low Income Housing Tax Credits (LIHTC)
Program and provides comprehensive real estate corporate banking and
capital management services to meet the debt and capital needs of
developers and investors. Regions Bank is also a Fannie Mae DUS
Multifamily Affordable Lender and a HUD Tax Credit Pilot Program
Multifamily Lender.
"On behalf of First Sterling, we are very excited about our firm
becoming part of Regions - we share similar corporate cultures, values
and goals," said Martin Soja, Chairman and CEO, First Sterling.
"We believe our combined commitment to the well-being of our employees
and dedication to our developers, investors and communities are
complementary and critical to success," added Ann Soja, President, First
Sterling. "As part of Regions, we will capitalize on our expertise in
the acquisition and asset management of affordable housing and grow the
firm's national syndication platforms."
Regions Bank will maintain First Sterling's New York operations and all
of its employees. The financial terms of the agreement were not
disclosed. Beekman Advisors served as financial advisor to Regions Bank
in the transaction and Deloitte Corporate Finance, LLC served as
financial advisor to First Sterling. Alston & Bird, LLP served as legal
advisor to Regions Bank. Zukerman Gore Brandeis & Crossman, LLP served
as legal advisor to First Sterling.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $126 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 across the South, Midwest and Texas, and through its
subsidiary, Regions Bank, operates approximately 1,600 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161017005757/en/
Regions Bank
Evelyn Mitchell, 205-264-4551
www.regionsbanknews.com
Regions
News on Twitter: @RegionsNews
Source: Regions Financial Corporation
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