AmSouth Bancorporation

AmSouth Bancorporation was a banking company headquartered in Birmingham, Alabama, and operated for its final year in existence as a bank holding company (subsidiary) of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham, which was first organized by Charles Linn in 1872. AmSouth was in the financial services industry and at its peak employed over twelve thousand people.

AmSouth Bancorporation
IndustryFinance and Insurance
FateMerged with Regions Bank
PredecessorFirst American National Bank 
SuccessorRegions Financial Corporation
Founded1970[1]
DefunctNovember 4, 2006[2]
HeadquartersBirmingham, Alabama, USA
Key people
C. Dowd Ritter
Chief Executive Officer
ProductsFinancial services
Total assets$54 billion (2006)
Number of employees
12,000 (2006)

AmSouth's size more than doubled in 2000 when it absorbed Nashville, Tennessee-based First American National Bank.[3] With the merger came hundreds of branches primarily in Tennessee but also in Kentucky, Virginia, and Mississippi. This is cited as a rare example of one bank absorbing another bank larger than itself. As part of the deal, AmSouth also acquired Deposit Guaranty Bank (which was operating as a subsidiary of First American). AmSouth was known for its low risk accounts through its specialty in Wealth Management, especially in its largest market of Birmingham, Alabama, where it started its specialty. Following AmSouth's merger with First American in 1999, the company expanded its Wealth Management reach into many of First American's markets such as Nashville, Tennessee.

Merger with Regions Financial Corporation

On May 25, 2006, AmSouth announced it would merge with Regions Financial Corporation, another Birmingham-based bank, in a $10 billion deal.[4]

A list of branches that will be divested for the merger to be approved was issued by the Department of Justice on October 19, 2006.[5] The 39 branches divested in Alabama were sold to RBC Centura Bank and converted in Spring 2007.

On November 4, 2006, Regions completed its acquisition of AmSouth.[2] AmSouth branches in Alabama, Florida, or Columbus, GA, either closed or converted to Regions on July 13, 2007. Branches in remaining states (except parts of Northwest Georgia) closed or converted on October 26, 2007. The branches in Northwest Georgia were converted on December 6, 2007, officially retiring the AmSouth name.

gollark: Imagine actually using and/or knowing how to operate a debugger.
gollark: Hmm, this msgpack library MAY be filled with invisible bees.
gollark: ... why are all database accesses now causing apioforms
gollark: `SIGSEGV: Illegal storage access. (Attempt to read from nil?)` in some random internal apiocode.
gollark: <:bees:724389994663247974> ❗ I have an unfathomable error.

References
  1. "AmSouth History". AmSouth Bank. Archived from the original on 6 July 2007. Retrieved 18 July 2007.
  2. "Regions and AmSouth Complete Merger" (Press release). Regions Financial Corporation. 2006-11-04. Retrieved 2007-07-18.
  3. "AmSouth buys First American". Birmingham Business Journal. 1999-06-04. Retrieved 2007-07-18.
  4. "Regions Financial Corp. and AmSouth Bancorporation to Merge" (Press release). Regions Financial Corporation. 2006-05-25. Archived from the original on 2012-07-16. Retrieved 2007-07-18.
  5. "Justice Department reaches agreement requiring divestitures in merger of Regions Financial Corp. and AmSouth Bancorporation" (Press release). Department of Justice. 2006-10-19. Retrieved 2007-07-18.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.