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Regions Financial acquires FirstBank from FDIC

Regions will serve 6,400 accounts of FirstBank and will assume operations of the three branches

Regions Financial has assumed from the Federal Deposit Insurance Corporation approximately $285 million in total deposits, including all uninsured deposits, of FirstBank Financial Services.

The Georgia Department of Banking and Finance has appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of FirstBank. The FDIC approved the assumption of approximately $285 million in deposits by Regions Bank. The FDIC will retain most of FirstBank’s loan portfolio for later disposition.

Under terms of an agreement with the FDIC, Regions will serve 6,400 accounts of FirstBank and will assume operations of the three branches in Henry county and one branch in Clayton county. The former FirstBank branches will immediately operate under the Regions name and customers will be able to conduct their business as usual. Customers of both banks should continue to use their existing branches until Regions can fully integrate the deposit records of FirstBank. Regions will work with FirstBank employees to identify possible job opportunities within Regions.

Dowd Ritter, chairman, president and CEO of Regions Financial, said: As a strong national institution, we believe it is our responsibility to work with and support the FDIC in finding solutions for depositors in these challenging times. We also felt it was important to be a safe harbor for all customers by assuming both insured and uninsured deposits.