Study shows Regions Bank generates $7.6 billion impact on the Alabama economy
June 05 2019 - 9:00AM
Business Wire
Regions Bank had a $7.6 billion impact on the Alabama economy in
2018, according to an economic impact study from nationally
recognized consulting firm Tripp Umbach.
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Regions Bank is a vital catalyst for
sustainable economic growth in Alabama. (Photo: Business Wire)
Based on 2018 data, Regions Bank:
- Has a $7.6 billion impact on the
Alabama economy
- Supports both directly and indirectly
32,171 jobs
- Provides pay and benefits to employees
that are on average 46% higher than the average job in Alabama
- Provides $11.1 million annually to
Alabama charities through corporate donations, associate monetary
donations and associate volunteerism
- Supports the local economy through more
than $3.3 billion in loans to consumers and businesses across
Alabama’s 67 counties, spurring economic activity statewide
- Generates more than $266.9 million in
state and local tax revenue, both directly and indirectly
“Regions continues to be a powerful tool for Alabama’s economic
well-being,” said Alabama Governor Kay Ivey. “As we look for ways
to continue boosting our economy, Regions will serve as an
important catalyst for that growth.”
The report finds Regions Bank significantly strengthens the
Alabama economy, with the most dramatic effect on Greater
Birmingham, where the company had a $4.1 billion total impact in
Jefferson and Shelby counties in 2018. This includes nearly $2.2
billion in direct expenditures in payroll and nonpayroll expenses,
as well as an additional $1.9 billion in indirect or induced
spending. In 2018, more than 36% of Regions employees resided in
the Birmingham metro area.
“Regions leadership has always provided an economic anchor for
the city,” said Birmingham Mayor Randall Woodfin. “As we continue
to make strides in the transition to an inclusive economy, Regions
serves as a key partner for the future.”
Driven by a powerful purpose to make life better for Regions
customers, associates and communities, Regions is focused on
creating shared value as it helps people meet their financial goals
and aspirations. The report highlighted how Regions invests locally
through economic and community development, financial wellness
programs, and education and workforce readiness initiatives.
“Thriving communities benefit everyone, so we’re proud to be
able to strengthen Alabama through job creation, charitable
investments, lending to consumers and businesses, and our daily
operations, because it all helps build a better future,” said John
Turner, President and CEO of Regions Financial. “By leveraging all
the tools at our disposal – and concentrating on the areas where we
can have the most meaningful and measurable impact – Regions Bank
is well-positioned to remain an integral part of the state’s
economic vitality.”
Regions retained the consulting firm Tripp Umbach to measure and
quantify the economic impacts and community benefits generated by
the bank in Alabama, and specifically within Greater Birmingham.
The report is intended to identify the significant value, both in
quantitative and qualitative terms, of Regions Bank to the state
and local economy. The report focuses on the direct and indirect
economic impact stemming from Regions Bank operations in Alabama
for 2018.
A copy of the full report is available at
www.doingmoretoday.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $129 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, and mortgage 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 2,000 ATMs. Additional information about
Regions and its full line of products and services can be found
at www.regions.com.
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Media Contact:Nicole Wyatt205-264-4551Regions News
Online: regions.doingmoretoday.comRegions News on Twitter:
@RegionsNews
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