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 2018 through the second quarter of 2019. The capital plan was
submitted to the Federal Reserve as part of the Comprehensive Capital
Analysis and Review (CCAR).
“These results demonstrate the strength of our capital planning process
and the ability to execute upon strategic initiatives,” said Grayson
Hall, chairman and CEO. “We remain committed to effectively managing
capital to strengthen organic growth, streamline our company and invest
in initiatives that maximize shareholder value.”
Regions’ capital plan included a proposed increase of Regions’ quarterly
common stock dividend to $0.14 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 2018.
The capital plan also included the repurchase of Regions’ common stock
in an aggregate amount up to $2.031 billion, which is inclusive of
anticipated capital generation from the pending sale of Regions
Insurance Group, Inc. and related affiliates. The sale is expected to
close during the third quarter of 2018. Regions’ Board of Directors has
authorized an equity repurchase program for up to this amount, beginning
on July 1, 2018, and expiring on June 30, 2019. 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, modified or discontinued at any time.
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 $123 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.
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Regions Financial Corporation
Media:
Evelyn
Mitchell, 205-264-4551
or
Investor Relations:
Dana
Nolan, 205-264-7040
Source: Regions Financial Corporation