Well, that’s just dandy

Regions stock plummets 41 percent; CEO Dowd Ritter says business is strong – al.com

Regions stock is only at about a quarter of what it was at the time of the merger with AmSouth. There’s nothing wrong with Regions, which didn’t do the foolish things Wachovia did, but it’s caught up in the maelstrom. And I’m guessing it’s going to get bought, probably by Chase. This would be a disaster for Birmingham. Regions is the only major bank left headquartered in the city after the mergers, and is the area’s largest private employer, with 6,200 employees, most of whom would lose their jobs if the bank is bought. And it’s a huge bargain — Chase would be nuts not to buy it.

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3 responses to “Well, that’s just dandy

  1. walt moffett

    Royal Bank of Canada has been on a tear buying small Alabama banks, maybe they will give it a look or that Texas bank that’s been setting up in Walmarts.

  2. RBC’s already set up in Tuscaloosa (they bought the AmSouth branches here) so that just means even more lost jobs.

  3. e. nonee moose

    RBC only got to buy the AmSouth branches because it would have been illegal for Regions to have that many branches in one area. So RBC likely won’t make a bid on all of Regions though Chase could certainly buy them and sell some branches to RBC.

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