BIRMINGHAM, Ala.--(BUSINESS WIRE)--
The Regions Financial Corporation (NYSE:RF) Board of Directors today
authorized an equity repurchase program for up to $640 million of the
company's common stock and declared quarterly common and preferred stock
dividends.
The proposed repurchase program was previously announced on June 29,
2016, 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 2016 Comprehensive Capital Analysis and Review (CCAR)
process.
The authority granted under the repurchase program expires on June 30,
2017. 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.
Additionally, the Board of Directors today declared the following cash
dividends on its common shares, Series A preferred shares, and Series B
preferred shares:
-
A cash dividend of $0.065 on each share of outstanding common stock,
payable on October 3, 2016, to stockholders of record at the close of
business on September 9, 2016.
-
A cash dividend of $15.9375 per share of Series A Preferred Stock
outstanding (equivalent to approximately $0.398438 per depositary
share), payable on September 15, 2016, to stockholders of record at
the close of business on September 1, 2016.
-
A cash dividend of $15.9375 per share of Series B Preferred Stock
outstanding (equivalent to approximately $0.398438 per depositary
share), payable on September 15, 2016, to stockholders of record at
the close of business on September 1, 2016.
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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