Two Birmingham-based banks say they will join forces for a merging of equals. Regions Financial and AmSouth Bank have announced that, in a 10 billion dollar deal, they will combine to create one of the nation’s largest banks with 140 billion dollars in total assets, more than 2,000 branches and 37,000 employees. The Regions name will stay, AmSouth — which started as the First National Bank of Birmingham in the late 1800s — will be eliminated. The city is still feeling the effects of the Wachovia purchase of Southtrust Bank a couple of years ago.
University of Alabama professor of finance and chairman of the school’s banking department, Dr. Benton Gup spoke with WBHM’s Steve Chiotakis.