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Regions Financial Corp

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BUSINESS
May 1, 2009 | Bloomberg News
The Federal Reserve will postpone the release of stress test results for the biggest U.S. banks while executives debate preliminary findings with examiners, according to government and industry officials. The results, originally scheduled for publication Monday, now may not be revealed until the end of next week, said the officials, who declined to be identified. A new release date may be announced as soon as today, they said. Regulators and bank executives are concerned about how the disclosure is handled because weaker institutions could suffer a collapse in their stock prices.
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BUSINESS
October 9, 2012 | Bloomberg News
Capital One Financial Corp. said it was the latest target in a new round of coordinated cyber attacks aimed at disrupting the websites of major U.S. banks, and SunTrust Banks Inc. and Regions Financial Corp. said they expect to be next. Pam Girardo, a spokeswoman for McLean, Va.-based Capital One, confirmed that the bank's online systems were disrupted and later that most online services had been restored. "At this point, we have no reason to believe that customer and account information is at risk," she said.
BUSINESS
March 28, 2007 | From Reuters
AT&T Inc. said Tuesday that it had taken a step toward the long-promised notion of phones replacing credit cards, checks and cash by signing agreements with Wachovia Corp. and several other banks. The agreements will allow customers of its Cingular Wireless arm, which is being rebranded as AT&T, and participating banks to manage their accounts and pay bills electronically by using an application on their cellphones.
BUSINESS
May 26, 2006 | From Reuters
Regions Financial Corp. said Thursday that it had agreed to acquire rival Alabama-based bank AmSouth Bancorp for nearly $10 billion, creating a top-10 U.S. bank that can better compete with bigger, national players. The deal is the latest in a string of regional bank deals in the United States, with more expected as lenders seek ways to cut costs as they face thinner profit margins amid rising interest rates and a slowdown in mortgage business.
BUSINESS
October 17, 2007 | From Reuters
Wells Fargo & Co. said Tuesday that third-quarter profit rose 4%, the slowest pace in more than six years, hurt by rising losses from home loans that it expected to increase further. Earnings set a record but fell short of forecasts at a bank considered among the industry's best at managing risk. Credit losses are mounting industrywide as the U.S. housing sector slumps and credit markets tighten. San Francisco-based Wells Fargo is the nation's No. 5 bank and one of its largest mortgage lenders.
BUSINESS
January 23, 2008 | From Reuters
Bank of America Corp. and Wachovia Corp., the second- and fourth-largest U.S. banks, respectively, said Tuesday that quarterly profits were nearly wiped out by more than $10 billion of write-downs and credit losses. Fourth-quarter earnings fell 95% at Bank of America and 98% at Wachovia and missed analysts' forecasts. Shares of both banks rose after their chief executives said they didn't expect to cut their common stock dividends.
BUSINESS
October 27, 2008 | Michael A. Hiltzik, Hiltzik is a Times staff writer.
In a harbinger of what may be a flood of similar disclosures, City National Bank in Beverly Hills said Sunday that it would receive a $395-million capital infusion from the U.S. Treasury as part of the government's $250-billion bailout program. The bank said it had no "explicit or implicit understanding" with federal regulators about how it would use the money -- whether to increase lending in the community or acquire a specific bank.
BUSINESS
July 24, 2010 | By Jim Puzzanghera and Nathaniel Popper, Los Angeles Times
The Obama administration's pay czar on Friday came to the same conclusion about fat Wall Street bonuses that average Americans have already reached: There's no logic behind them, except greed. But he stopped short of demanding a refund of $1.6billion for the most egregious payments handed out to executives by banking firms bailed out by the government during the height of the financial crisis, saying that could invite lawsuits. Still, the findings sparked outrage from some in Congress, renewed calls for reining in Wall Street compensation and raised the prospect of re-energized efforts to impose hefty taxes on such bonuses.
BUSINESS
April 3, 2007 | E. Scott Reckard, Times Staff Writer
Irvine lender New Century Financial Corp. proved the old adage Monday: The bigger they are, the harder they fall. New Century was once the largest independent company specializing in sub-prime mortgages for borrowers considered high credit risks. On Monday, it became the largest sub-prime lender to file for bankruptcy protection, firing 3,200 workers and saying it would aim to sell its remaining operations.
BUSINESS
May 13, 2009 | E. Scott Reckard
The slumping market for commercial real estate -- viewed by many as the next big shoe to drop on the economy -- now threatens to drag down regional banks as they struggle to collect on loans made against shopping centers and office buildings. Seriously overdue loans against commercial developments have shot up dramatically in recent months, as delinquencies snowball on construction loans and mortgages for office buildings, malls and apartments. That's bad for giants like Bank of America Corp.
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