Regions Selected to Participate in U.S. Treasury Capital Purchase Program

(BUSINESS WIRE)--Regions Financial Corporation (NYSE:RF) announced today that it has received preliminary approval from the U.S. Treasury Department, subject to standard closing conditions, for the investment of $3.5 billion in the company as part of the government’s effort to restore confidence in our nation’s financial system, increase the flow of credit to consumers and businesses, and to provide additional assistance to distressed homeowners facing foreclosure. This will increase Regions’ Tier 1 capital to approximately 10.5 percent.

The Treasury’s plan to invest $3.5 billion in preferred stock and warrants in Regions is part of its program to provide capital to the healthy financial institutions that are the core of the nation’s economy. Treasury originally announced the infusion of $125 billion into nine large banks, and encouraged other strong financial institutions to also participate.

“Regions believes this government program is important to restoring the flow of funds to consumers and businesses, both large and small, who are at the core of our economy,” said Dowd Ritter, Regions’ chairman, president and chief executive officer. “These funds, while still strengthening our capital base, will enable us to expand lending and step up acquisitions.”

Regions will pay the government a 5 percent dividend, or $175 million annually, for each of the first five years of the investment, and 9 percent thereafter unless Regions redeems the shares. The government will also receive 10-year warrants for common stock, which will give the Treasury the opportunity to benefit from an increase in the common stock price of the company.

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Pinnacle Grows Market Share and Total Deposits Faster Than Larger Regional Bank Competitors in Nashville and Knoxville

(BUSINESS WIRE)--Pinnacle Financial Partners Inc. (Nasdaq/NGS: PNFP) has grown market share and total deposits faster than its larger regional bank competitors, according to the Federal Deposit Insurance Corporation (FDIC) report for June 30, 2007, through June 30, 2008.

Pinnacle continues to be the fastest-growing financial institution in the Nashville-Davidson-Murfreesboro-Franklin MSA for the most recent period, as well as the eight-year period since the firm's inception. Pinnacle was also the fastest-growing bank in the Knoxville MSA following its recent de novo start in that market.

Pinnacle’s acquisition of PrimeTrust Bank and Bank of the South helped the firm gain nearly four points in market share in Nashville. Pinnacle grew market share to 9.56% in 2008, overtaking First Tennessee as the fourth-largest financial institution in the MSA. Pinnacle's market share for 2007 was 5.80% prior to its acquisition of Prime Trust and Bank of the South in late 2007.

Of the top four institutions, Pinnacle was the only bank with a gain in market share. The three largest banks collectively lost in excess of 3% in market share. Regions Bank held its No. 1 position with 18.7% market share, down from 19.9% last year. Bank of America remained the second-largest with its market share decreasing from 14.7% in 2007 to 13.7% this year. SunTrust maintained its position as the third largest, decreasing from 14.1% market share last year to 12.9% this year.

Pinnacle grew its local deposits in Nashville by $333 million year-over-year, while local deposits of its three larger regional bank competitors decreased. Regions fell from $6.1 billion to $5.8 billion. Bank of America was $4.3 billion, down from $4.5 billion. SunTrust’s local deposits dropped from $4.3 billion to $4.1 billion.

“Our gains in market share and deposits are a testament to our strategy of hiring the best financial services professionals in the market,” said M. Terry Turner, Pinnacle president and CEO. “High caliber associates attract great clients, which pays off in more difficult economic environments. Our strategy enables us to continue growing at a rapid rate while maintaining excellent credit quality.”

Many community banks among the 59 financial institutions in the Nashville-Davidson-Murfreesboro-Franklin MSA gained market share, continuing the trend of smaller competitors gaining market share and deposits from larger regional and national banks.

In the Knoxville MSA, Pinnacle grew its deposits by approximately $116 million over the prior year, giving the firm 1.07% market share up 1.03 during the year. This makes Pinnacle the fastest-growing bank in the MSA, climbing 20 positions to the 14th largest market share in Knoxville.

"We are extremely encouraged by our rapid rate of growth and the fact that all but one of the banks in front of us are losing market share," said Nathan Hunter, Pinnacle Knoxville president. "It confirms our belief that the Knoxville market has a strong desire for the kind of service and advice that Pinnacle offers.”

Pinnacle maintained the top spot in the Rutherford County data with 29.81% market share and is the second-largest financial institution in Wilson County with 17.30% market share.

Pinnacle Financial Partners provides a full range of banking, investment, mortgage and insurance products and services designed for small- to mid-sized businesses and their owners, real estate professionals and individuals interested in a comprehensive relationship with their financial institution. Pinnacle’s comprehensive wealth management services, such as financial planning and trust, help clients increase, protect and distribute their assets. The firm also has a well-established expertise in commercial real estate.

Pinnacle is Tennessee’s second-largest bank holding company with $4.11 billion in assets and 31 offices in eight Middle Tennessee counties. Pinnacle also entered the Knoxville, Tenn., market, where the firm operates one banking office and a loan production office. The firm is the fastest growing of the 186 national banks chartered in 2000 and in 2007 was the only bank on Fortune magazine’s annual list of America’s 100 Fastest-Growing Companies. For more information, visit www.pnfp.com.

(a) 3% due to acquisition of Mid-America Bancshares, Inc. combined with 0.8% organic growth

Certain of the statements in this release may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "anticipate," "intend," "plan," "believe," "seek," "estimate" and similar expressions are intended to identify such forward-looking statements, but other statements not based on historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties and other facts that may cause the actual results, performance or achievements of Pinnacle to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, without limitation, (i) unanticipated deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses, (ii) the inability of Pinnacle to continue to grow its loan portfolio at historic rates in the Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, (iii) increased competition with other financial institutions, (iv) lack of sustained growth in the economy in the Nashville-Davidson-Murfreesboro-Franklin MSA and the Knoxville MSA, (v) rapid fluctuations or unanticipated changes in interest rates, (vi) the inability of Pinnacle to satisfy regulatory requirements for its expansion plans, (vii) the inability of Pinnacle to execute its expansion plans and (viii) changes in state and Federal legislation or regulations applicable to financial services providers, including banks. Additionally, risk factors exist in connection with Pinnacle’s merger with Mid-America including, among others, the risk that the cost savings and any revenue synergies from the merger may not be realized or take longer than anticipated. Many of such factors are beyond Pinnacle's ability to control or predict, and readers are cautioned not to put undue reliance on such forward-looking statements. Pinnacle disclaims any obligation to update or revise any forward-looking statements contained in this release, whether as a result of new information, future events or otherwise.

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Regions Resolves 2005 SEC Inquiry Involving AmSouth Mutual Funds

BUSINESS WIRE --Regions Financial Corporation (NYSE:RF) has resolved an inquiry by the Securities and Exchange Commission regarding a previous arrangement between AmSouth Bank, AmSouth Asset Management and BISYS Fund Services, Inc. (“BISYS”), an outside company which provided fund administration and other services to the former AmSouth Funds and many other mutual fund families. Regions cooperated fully and extensively with the SEC in this investigation and is pleased to resolve the matter.

The arrangements in question date back to 1999 and involved a portion of the administration fee paid by the funds to BISYS being rebated to AmSouth to pay for marketing and other expenses related to the AmSouth Funds. The arrangements ended in 2004 and AmSouth disclosed the SEC inquiry in 2005.

In September 2006, the SEC reached a settlement with BISYS Fund Services regarding its marketing arrangements related to 27 mutual fund families, including the AmSouth Funds. BISYS agreed to pay $21 million in reimbursements and a penalty under the settlement. As a result of its own settlement, Regions will pay a $1.5 million civil money penalty and reimburse mutual fund shareholders approximately $7.8 million plus $2.2 million in interest. All of these expenses were fully reserved in prior quarters. AmSouth had previously reimbursed fund shareholders $2 million, which was expensed in 2005.

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Regions Goes Back to School with Scholars & Dollars

BUSINESS WIRE --Regions Financial Corporation (NYSE: RF) announced today its creation of a financial education program, Scholars & Dollars, designed to teach students in grades 4-12 basic financial skills and concepts. The program, which represents Regions’ commitment to promote financial literacy, is being launched in conjunction with the bank’s participation in Community Service 2008, a community service initiative organized by The Financial Services Roundtable.

Regions Bank will offer the Scholars & Dollars program to schools and community groups in various markets across the 16 states the company serves in the South, Midwest and Texas. The Scholars & Dollars curriculum covers checking accounts, saving, money management, and credit and lending. Lessons may be presented by a Regions banker, an educator or other group leader. Course materials, which are available in both a high school version and a middle school version, include a Scholars & Dollars presentation guide for the class leader, flyer/poster, folder, worksheets and flashcards.

“Regions bankers work hard to bring financial skills and resources to our communities every day,” said Scott Peters, chief marketing officer for Regions. “The Scholars & Dollars program provides the opportunity to work with educators to help our children develop the financial skills they will need for the future.”

Janet Parker, Regions executive vice president, Human Resources, who is a member of the President’s Advisory Council on Financial Literacy, said, “Promoting financial literacy in our communities, particularly among young people, is one of the most important ways that we can further the Regions mission of making life better. We also are privileged to work with various organizations within our industry and our communities to help share financial knowledge with people of all ages.”

Community Service 2008 and Financial Literacy

During this summer and back-to-school season, Regions also is marking the importance of financial literacy through its national sponsorship of Community Service 2008, a program by which member companies of The Financial Services Roundtable have committed to helping their communities in hundreds of cities across the United States. As a part of this program, Regions is helping to support and increase the visibility of financial education programs through activities such as:

• Train-the-trainer financial literacy workshops – Regions associates and community volunteers are being trained to teach financial education classes using the FDIC’s Money Smart curriculum in Jacksonville, Fla.; Pensacola, Fla.; and Little Rock, Ark.
  • In Jacksonville, Regions will co-host the course with Florida’s Chief Financial Officer Alex Sink, the FDIC and The Federal Reserve Bank of Atlanta – Jacksonville branch.
  • In Pensacola, United Way of Santa Rosa County and the Federal Reserve Bank of Atlanta-New Orleans branch will join Regions, Sink and the FDIC as hosts of the event.
  • In Little Rock, Regions, along with Argenta Community Development Corporation and the FDIC, sponsored the course.
• Financial education program at Westover High School, Albany, Ga. – Regions associates volunteered weekly at the school, teaching basic financial information and encouraging students to begin saving.
• Homebuyer education classes, Memphis, Tenn. – Regions provides annual funding for financial literacy classes with United Housing, Inc.
• Money Week Houston – Regions will help to sponsor this city-wide, coordinated effort to raise awareness of financial education in Houston. As part of this event, Regions associates will sponsor a luncheon with 100 teenagers, sharing information and answering questions about banking and finance.
• Financial literacy workshops with the City of East St. Louis, Mo. – Regions associates conducted three workshops with East St. Louis city employees, at the request of the city’s mayor.
• Consumer Credit Counseling of Mobile, Ala. – Regions Mortgage associates work with the non-profit-organization to provide a homebuyer counseling class

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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 Bank’s 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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Regions Bank Names Bill Linginfelter as Area Executive in North Georgia/Atlanta

BUSINESS WIRE--Regions Financial Corporation (NYSE: RF) has named Bill Linginfelter as area executive in North Georgia/Atlanta. His responsibilities include sales and service for customers served from 111 Regions banking locations, located in Metro-Atlanta and over 25 North Georgia counties.

Most recently, Linginfelter served as Georgia Chief Executive Officer for Wachovia Bank, a position he also held at one time with SouthTrust Bank. In addition, Linginfelter served as director of SouthTrust’s Enterprise Banking, which oversaw business activities in the bank’s largest markets. The announcement of Linginfelter’s hiring follows current Regions North Georgia/Atlanta Area Executive C.B. Fair’s decision to retire.

“We are ecstatic to add someone of Bill’s experience and character to lead our efforts in North Georgia and Atlanta. With his background and expertise, he is a great fit for Regions,” said Regions’ Sam Tortorici, president of the company’s Central Region. “We know that we are in good hands with Bill’s leadership. I also want to thank C.B. for his 35 years of dedicated service to Regions and wish him well as he transitions into retirement.”

“I am honored to have the opportunity to lead Regions’ efforts in a community that I’ve served for nearly 30 years,” said Linginfelter. “Regions has an experienced team of bankers and strong branch presence in Atlanta and North Georgia. We are well-positioned to serve the growing needs of this area.”

Linginfelter received his bachelor’s degree from the University of Georgia and is a graduate of the Louisiana State University Graduate School of Banking. He serves on the Executive Board of the Metro Atlanta Chamber of Commerce and is vice chair of the Georgia Research Alliance. In addition, he holds leadership roles with the Georgia World Congress Center Authority, the Buckhead Coalition, the Atlanta Speech School, the Georgia Chamber of Commerce, and the Woodruff Arts Center. In 2006, he chaired the Metro Atlanta United Way campaign and in 2004 and 2005 chaired the Atlanta United Negro College Fund campaign.