Regions Financial Corp. Announces CCAR Results; Proposed capital actions include increasing dividend to $0.14, $2.031 billion...
June 28 2018 - 4:35PM
Business Wire
Today the Federal Reserve indicated to Regions Financial
Corporation (NYSE:RF) that it does not object to the company’s
capital plan and proposed capital actions for the third quarter
of 2018 through the second quarter of 2019. The capital plan
was submitted to the Federal Reserve as part of the Comprehensive
Capital Analysis and Review (CCAR).
“These results demonstrate the strength of our capital planning
process and the ability to execute upon strategic initiatives,”
said Grayson Hall, chairman and CEO. “We remain committed to
effectively managing capital to strengthen organic growth,
streamline our company and invest in initiatives that maximize
shareholder value.”
Regions’ capital plan included a proposed increase of Regions’
quarterly common stock dividend to $0.14 per common
share. This proposed dividend increase remains subject to
approval by Regions’ Board of Directors and will be considered at
its regularly scheduled meeting in July 2018.
The capital plan also included the repurchase of Regions’ common
stock in an aggregate amount up to $2.031 billion, which is
inclusive of anticipated capital generation from the pending sale
of Regions Insurance Group, Inc. and related affiliates. The sale
is expected to close during the third quarter of 2018. Regions’
Board of Directors has authorized an equity repurchase program for
up to this amount, beginning on July 1, 2018, and expiring on June
30, 2019. The timing and exact amount of common stock repurchased
under the repurchase program is subject to the terms of Regions’
capital plan and will depend on various factors, including market
conditions, Regions’ capital position and internal capital
generation. The repurchase program does not include specific price
targets; may be executed through open market purchases, accelerated
share repurchase transactions or privately negotiated transactions,
including utilizing Rule 10b5-1 programs; and may be suspended,
modified or discontinued at any time.
Regions’ ongoing and robust capital planning process is designed
to ensure the efficient use of capital while maintaining a
long-term approach to capital allocation and distribution
consistent with the company’s strategic priorities.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $123 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, mortgage, and insurance products and
services. Regions serves customers across the South, Midwest and
Texas, and through its subsidiary, Regions Bank, operates
approximately 1,500 banking offices and 1,900 ATMs. Additional
information about Regions and its full line of products and
services can be found at www.regions.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180628006317/en/
Regions Financial CorporationMedia:Evelyn
Mitchell, 205-264-4551orInvestor Relations:Dana Nolan,
205-264-7040
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