Acquisition & Merger
In 2004, Regions Financial Corporation of Birmingham, Alabama entered merger negotiations with Union Planters Bank. Regions was the surviving company in the resulting $5.9 billion transaction, with over 1,400 branches throughout the South and Midwest. Union Planters and Regions were given an equal number of seats on the board of directors. According to the Federal Reserve Order Approving the Merger, Union Planters Bank was the thirty-ninth largest bank in the United States, having total consolidated assets of $31.5 billion and controlling deposits of $22.8 billion. Upon completion of the merger, Regions became the nation's 21st largest bank. The merged company used Union Planters' old logo of a young cotton plant.
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“Whatever may be our just grievances in the southern states, it is fitting that we acknowledge that, considering their poverty and past relationship to the Negro race, they have done remarkably well for the cause of education among us. That the whole South should commit itself to the principle that the colored people have a right to be educated is an immense acquisition to the cause of popular education.”
—Fannie Barrier Williams (1855–1944)