Shareholders of Regions, AmSouth approve $10 billion merger

Published 7:23 pm Wednesday, October 4, 2006

Shareholders of Regions Financial Corp. and AmSouth Bancorp. approved a $10 billion merger Tuesday that will create the nation’s eighth-largest bank holding company, with $142 billion in assets and almost 2,000 branches.

The combined company will employ about 37,000 people, but as many as 10 percent of the positions are duplicates. The company has not said how many positions could be cut.

AmSouth stock rose 33 cents at $29.39 in afternoon trading on the New York Stock Exchange, and Regions shares gained 44 cents to $37.18.

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The Birmingham-based banks announced the deal in May, and the merger should be complete in November after review by regulators.

The bank, which will retain the Regions name, operates in 16 states across the South, Midwest and in Texas.