BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Today the Federal Reserve indicated to Regions
Financial Corporation (NYSE:RF) that it does not object to the
company's capital plan and proposed capital actions for the third
quarter of 2016 through the second quarter of 2017. The capital plan was
submitted to the Federal Reserve as part of the Comprehensive Capital
Analysis and Review (CCAR).
In addition to continuing the $0.065 quarterly common stock dividend
which Regions' Board of Directors approved in May, actions that Regions
may undertake as outlined in its capital plan include the repurchase of
up to $640 million in common shares. The capital plan also provides the
potential for a dividend increase beginning in the second quarter of
2017, which is expected to be considered by the Regions Board of
Directors in early 2017.
"The outcome of the capital plan review demonstrates the strength and
stability of our company as we successfully execute on our strategic
plan," said Grayson Hall, chairman, president and CEO. "We will continue
to deploy our capital effectively through organic growth and investing
in initiatives to increase revenue or reduce ongoing expenses while
returning an appropriate amount of capital to our shareholders."
Regions' ongoing and robust capital planning process is designed to
ensure the efficient use of capital while maintaining a long-term
approach to capital allocation and distribution consistent with the
company's strategic priorities. These proposed capital actions are
subject to approval by the Regions Board of Directors and consideration
of other factors, including general market conditions.
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.
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Regions Financial Corporation
Media Contact:
Evelyn
Mitchell, 205-264-4551
or
Investor Relations Contact:
Dana
Nolan, 205-264-7040
Source: Regions Financial Corporation
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