Items Tagged with 'Regions Financial Corp.'

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  • Regions Posts Q4 Loss Amid $6 Billion Goodwill Write-down

    Regions Financial Corporation [stock RF][/stock] reported a $6.2 billion, or $9.01 per share, fourth-quarter loss Tuesday, largely driven by a $6 billion goodwill write-down and raised loan-loss provisions. The company's non-performing assets eased slightly in the fourth quarter, but full-year losses still reached $5.6 billion or $8.09 per share.
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  • Credit Woes Slam Regional Banks

    Super-regional banks Fifth Third Bancorp [stock FITB][/stock] and KeyCorp [stock KEY][/stock] swung into the red during the second quarter, as credit costs exacted their pound of flesh from a regional banking sector that's increasingly looking vulnerable to continued deterioration in the mortgage and housing markets.
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  • More Earnings; Regions Sees Profits Fall 80 Percent

    The parade of bad earnings continued Tuesday, as Regions Financial Corp said that its fourth-quarter net income fell 80 percent as it faced what CEO Dowd Ritter called "an increasingly challenging operating environment." The bank recorded net income of $70.6 million, or $.10 per share, compared with $361.6 million, or $.56 per share, one year earlier.
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  • Update: Regions Financial to Exit Wholesale

    Updating an earlier post here regarding Regions Financial and National Mortgage News that generated some significant interest (the post has seen roughly 300,000 hits since it first went live), it appears that there was at least some truth in the original report -- Regions will exit wholesale lending, NMN reported:
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  • Barclays Completes EquiFirst Acquisition; Purchase Price Plummets on Subprime Woes

    Barclays Bank PLC said Monday that it has completed the purchase of EquiFirst Corporation, the non-prime mortgage origination business of Regions Financial Corporation. The $76 million purchase price paid by Barclays was a mere 33 percent of the $225 million originally announced by the company on January 19. Neither EquiFirst nor Barclays officials were available to comment after HW went to publish on Monday, but industry sources pointed to rough industry conditions as the driver in the deal's steep drop in value. EquiFirst is the nation's 12th largest non-prime wholesale mortgage originator, and originates its loans through over 9,000 brokers in 47 states.
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  • Barclays to Acquire Subprime Lender EquiFirst

    Barclays Bank PLC announced this morning that it has entered into an agreement to purchase EquiFirst Corporation, the non-prime mortgage origination business of Regions Financial Corporation, for approximately $225 million in cash. EquiFirst is the nation's 12th largest non-prime wholesale mortgage originator, and originates its loans through over 9,000 brokers in 47 states. The company represents Barclays second recent acquisition in mortgage banking. The bank also purchased HomEq's servicing platform from Wachovia for $469 million back in November 2006.
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