Regions Financial completes TARP repurchase

by The City Wire staff ([email protected]) 108 views 

Regions Financial Corp. announced today that it has completed its repurchase of $3.5 billion of Series A Preferred Stock issued under the U.S. Treasury’s Troubled Asset Relief Program’s Capital Purchase Program.

In addition to fully repaying the government’s investment, Regions has previously paid a total of $593 million in dividends. On an annual ongoing basis, the repurchase eliminates the payment of $175 million in dividends on these securities.

The repurchase follows Regions’ successful completion of a $900 million common equity offering and the completion of its sale of Morgan Keegan & Company Inc. and related affiliates resulting in total proceeds of approximately $1.2 billion to Regions.