AmSouth Bancorporation
| AmSouth Bancorporation
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<tr><td colspan="2" style="text-align: center; padding: 16px 0 16px 0;"> </td></tr>
| <tr class="note"><th style="text-align:right;">Slogan</th><td>The Relationship People</td></tr>
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| Fate
| Merged with Regions Bank
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| <tr class="note"><th style="text-align:right;">Successor</th><td>Regions Financial Corporation</td></tr>
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| Founded
| 1970[1]
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| Defunct
| November 4 2006[2]
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| Location
| Birmingham, Alabama, USA
<tr><th style="text-align:right;">Industry</th><td>Finance and Insurance</td></tr> <tr class="note"><th style="text-align:right;">Products</th><td>Financial Services</td></tr> <tr><th style="text-align:right;">Key people</th><td>C. Dowd Ritter, Chief Executive Officer</td></tr> <tr><th style="text-align:right;">Peak size</th><td>12,000 (2004) employees</td></tr>
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AmSouth Bancorporation was a banking company headquartered in Birmingham, Alabama, and operated for its final year in existence as a bank holding company (subsidiary) of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham first organized in 1872. AmSouth was in the financial services industry, and at its peak employed more than 12,000 people.
AmSouth's size more than doubled in 2000 when it absorbed Nashville, Tennessee-based First American National Bank.[3] With the merger came hundreds of branches across Tennessee along with several in Kentucky, Virginia, and Mississippi. This is cited as a rare example of one bank absorbing another bank larger than itself. As part of the deal, AmSouth also acquired Deposit Guaranty Bank (which was operating as a subsidiary of First American).
[edit] Merger with Regions Financial Corporation
On May 25, 2006, AmSouth announced it would merge with Regions Financial Corporation, another Birmingham-based bank, in a $10 billion deal.[4] The new entity, and all of its branches, will carry the Regions Bank name.
A list of branches that will be divested for the merger to be approved was issued by the Department of Justice on October 19, 2006.[5] The 39 branches divested in Alabama were sold to RBC Centura Bank and converted in Spring 2007.
On November 4, 2006 Regions completed its acquisition of AmSouth.[2] AmSouth branches in Alabama and Florida either closed or converted to Regions on July 13, 2007. Branches in remaining states closed or converted on October 26, 2007, officially retiring the AmSouth name. The former AmSouth branches in parts of Northwest Georgia were converted on December 6, 2007.
[edit] References
[edit] External links
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