Union Planters merges with Regions
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“It will bring more services to the table for our customers,” Lee said after the merger was announced Friday. “There are no plans for personnel changes. We will continue doing business the way we always have. This just gives us more tools to serve our customers and we’re all definitely excited about it.”
Regions Bank paid a reported $6 billion to buy Union Planters. Financial analysts say Union Planters has been under profitability pressures because its mortgage refinancing business has been slow.
The new company, to be known as Regions Financial Corporation, will be the nation’s 12th largest bank holding company and will be serve 5.1 million customers with 1,400 branches and 1,700 automated teller machines. This will include the local contingent of Union Planters Bank and all of its branches.
“The combination of our two companies will create a new regional force in banking and financial services and further our respective strategic objectives,” said Carl E. Jones Jr., chair, president and CEO of Regions. “We believe the combination presents broader and deeper choices for our customers and expanded opportunities for our associates.”
Lee said one change which will be seen locally is a different name and different look. Plans are presently to change the name to Regions but retain the Union Planters logo in the background. The timetable for changing the name has not been announced.