Monday, September 1, 2008

FDIC Taps Regions to Acquire Deposits of Failed Atlanta Bank

BUSINESS WIRE --Regions Financial Corporation (NYSE:RF) today announced that it has assumed from the Federal Deposit Insurance Corporation (FDIC) approximately $900 million in total deposits, including all uninsured deposits, of Alpharetta-based Integrity Bank.

Federal regulators at close of business on August 29, 2008 declared Integrity Bank insolvent and the FDIC was named receiver. The FDIC approved the assumption of approximately $900 million in deposits by Regions Bank. The FDIC will retain most of Integrity Banks loan portfolio for later disposition.

We felt it was important to assume both insured and uninsured deposits, and we believe it is our responsibility as a leading national institution to work with and support the FDIC in providing safe harbors for depositors in this challenging time, said Dowd Ritter, chairman, president and chief executive officer. In addition to being the right thing to do, this agreement reaffirms our strength and demonstrates our commitment to grow in our core markets across 16 states.

Under terms of an agreement with the FDIC, Regions will serve 23,000 accounts of Integrity Bank and will assume operations of the five branches in Atlanta when they reopen on September 2, 2008. Regions will work with Integrity employees to identify possible job opportunities within Regions.

The former Integrity Bank 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 Integrity Bank.

We look forward to welcoming the former customers of Integrity Bank into the Regions family, said Bill Linginfelter, area executive for Atlanta/North Georgia. We are committed to serving the needs of the entire community and this agreement will provide a safe and secure home for Integrity Bank customers banking relationships.

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