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 2017 through the second quarter of 2018. The capital plan was
submitted to the Federal Reserve as part of the Comprehensive Capital
Analysis and Review (CCAR).
Regions' capital plan included the repurchase of up to $1.47 billion of
Regions' common stock. Regions' Board of Directors has authorized an
equity repurchase program for up to this amount, beginning on July 1,
2017 and expiring on June 30, 2018. The timing and exact amount of
common stock repurchased under the repurchase program is subject to the
terms of Regions' capital plan and will depend on various factors,
including market conditions, Regions' 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 capital plan also included a proposed increase of Regions' quarterly
common stock dividend to $0.09 per common share. This proposed dividend
increase remains subject to approval by Regions' Board of Directors and
will be considered at its regularly scheduled meeting in July 2017.
"Over the course of several years, we've developed a robust capital
planning process to ensure we have sufficient capital and liquidity to
serve our clients in every business climate," said Grayson Hall,
chairman, president and CEO. "We are committed to increasing our return
to shareholders while prudently allocating capital to strengthen organic
growth, diversify revenues and increase efficiencies."
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.
About Regions Financial Corporation
Regions Financial Corporation (NYSE: RF), with $125 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 1,500 banking offices
and 1,900 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/20170628006421/en/
Regions Financial Corporation
Media:
Evelyn
Mitchell, 205-264-4551
or
Investor Relations:
Dana
Nolan, 205-264-7040
Source: Regions Financial Corporation
News Provided by Acquire Media