BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions Bank had a $7.6 billion impact on the Alabama economy in 2018,
according to an economic impact study from nationally recognized
consulting firm Tripp Umbach.
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Regions Bank is a vital catalyst for sustainable economic growth in Alabama. (Photo: Business Wire)
Based on 2018 data, Regions Bank:
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Has a $7.6 billion impact on the Alabama economy
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Supports both directly and indirectly 32,171 jobs
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Provides pay and benefits to employees that are on average 46% higher
than the average job in Alabama
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Provides $11.1 million annually to Alabama charities through corporate
donations, associate monetary donations and associate volunteerism
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Supports the local economy through more than $3.3 billion in loans to
consumers and businesses across Alabama’s 67 counties, spurring
economic activity statewide
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Generates more than $266.9 million in state and local tax revenue,
both directly and indirectly
“Regions continues to be a powerful tool for Alabama’s economic
well-being,” said Alabama Governor Kay Ivey. “As we look for ways to
continue boosting our economy, Regions will serve as an important
catalyst for that growth.”
The report finds Regions Bank significantly strengthens the Alabama
economy, with the most dramatic effect on Greater Birmingham, where the
company had a $4.1 billion total impact in Jefferson and Shelby counties
in 2018. This includes nearly $2.2 billion in direct expenditures in
payroll and nonpayroll expenses, as well as an additional $1.9 billion
in indirect or induced spending. In 2018, more than 36% of Regions
employees resided in the Birmingham metro area.
“Regions leadership has always provided an economic anchor for the
city,” said Birmingham Mayor Randall Woodfin. “As we continue to make
strides in the transition to an inclusive economy, Regions serves as a
key partner for the future.”
Driven by a powerful purpose to make life better for Regions customers,
associates and communities, Regions is focused on creating shared value
as it helps people meet their financial goals and aspirations. The
report highlighted how Regions invests locally through economic and
community development, financial wellness programs, and education and
workforce readiness initiatives.
“Thriving communities benefit everyone, so we’re proud to be able to
strengthen Alabama through job creation, charitable investments, lending
to consumers and businesses, and our daily operations, because it all
helps build a better future,” said John Turner, President and CEO of
Regions Financial. “By leveraging all the tools at our disposal – and
concentrating on the areas where we can have the most meaningful and
measurable impact – Regions Bank is well-positioned to remain an
integral part of the state’s economic vitality.”
Regions retained the consulting firm Tripp Umbach to measure and
quantify the economic impacts and community benefits generated by the
bank in Alabama, and specifically within Greater Birmingham. The report
is intended to identify the significant value, both in quantitative and
qualitative terms, of Regions Bank to the state and local economy. The
report focuses on the direct and indirect economic impact stemming from
Regions Bank operations in Alabama for 2018.
A copy of the full report is available at www.doingmoretoday.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $129 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, and mortgage 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 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: https://www.businesswire.com/news/home/20190605005151/en/
Media Contact:
Nicole Wyatt
205-264-4551
Regions
News Online: regions.doingmoretoday.com
Regions
News on Twitter: @RegionsNews
Source: Regions Financial Corporation