Regions Financial Corporation (NYSE:RF) announced today that it was exercising its option to convert all outstanding shares of 10% Mandatory Convertible Preferred Stock, Series B ("Series B Preferred Stock"), into shares of Regions' common stock, par value $0.01 per share, in accordance with the terms of the Certificate of Designations with respect to the Series B Preferred Stock (the "Certificate of Designations"). The conversion rate for each of the 267,665 outstanding shares of Series B Preferred Stock will be determined as set forth in the Certificate of Designations based on the average volume weighted average price per share of Regions' common stock during the five trading days immediately preceding the effective date of the conversion. The conversion will be effective on June 18, 2010 and Regions will issue the shares of common stock soon after that date.
In connection with the conversion, as provided in the Certificate of Designations, Regions' Board of Directors (the "Board") declared a dividend on all outstanding shares of Series B Preferred Stock in the amount of all dividends which would accrue between May 15, 2010 and June 18, 2010. The Board declared that this dividend will be payable in shares of common stock at a price per share of 97% of the average volume weighted average price per share of Regions' common stock during the five trading days immediately preceding the effective date of the conversion. The dividend will be paid on or about June 18, 2010 to holders of record at the close of business on the effective date of the conversion.
About Regions Financial Corporation
Regions Financial Corporation, with $137 billion in assets, is a member of the S&P 100 Index and one of the nation's largest full-service providers of consumer and commercial banking, trust, securities brokerage, mortgage and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,800 banking offices and 2,200 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices. Additional information about Regions and its full line of products and services can be found at www.regions.com.
Contacts:
Regions Financial Corporation
Media Contact:
Tim
Deighton, 205-264-4551
or
Investor Relations Contact:
List
Underwood, 205-801-0265
