AmSouth Bancorporation
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | First National Bank of Birmingham |
| Founded | 1872 |
| Founder | Charles Linn |
| Defunct | 2006 |
| Fate | Merged with Regions Financial Corporation |
| Successor | Regions Financial Corporation |
| Headquarters | Birmingham , United States |
Area served | Alabama, Tennessee, Kentucky, Virginia, Mississippi, Georgia, Florida |
| Products | Banking services, Wealth Management |
Number of employees | 12,000+ |
| Parent | Regions Financial Corporation (after merger) |
AmSouth Bancorporation, a financial institution headquartered in Birmingham, Alabama, operated its final year as a subsidiary under the bank holding company structure of Regions Financial Corporation following their consolidation. Initially established as First National Bank of Birmingham by Charles Linn in 1872, AmSouth focused on providing banking services and, at its height, had a workforce exceeding 12,000 employees.
In 2000, AmSouth significantly expanded its footprint by acquiring Nashville-based First American National Bank, more than doubling its size. This acquisition brought hundreds of branches primarily located in Tennessee, with additional locations in Kentucky, Virginia, and Mississippi. The transaction was notable because AmSouth absorbed a bank larger than itself. Included in the deal was the purchase of Deposit Guaranty Bank, a subsidiary of First American. AmSouth was known for maintaining low-risk deposit accounts and had strong capabilities in Wealth Management, particularly within Birmingham, its largest market. Following the merger, it extended its Wealth Management offerings into First American’s established markets such as Nashville.
Merger with Regions Financial Corporation
On May 25, 2006, AmSouth revealed plans to merge with fellow Birmingham-based institution Regions Financial Corporation in a transaction valued at $10 billion.
To satisfy the Department of Justice's antitrust concerns, 39 branches located in Alabama were divested; these were sold to RBC Centura Bank and transitioned during Spring 2007.
The merger was finalized on November 4, 2006. By July 13, 2007, AmSouth branches in Alabama, Florida, and Columbus, Georgia were either closed or rebranded as Regions locations; branches in other states followed suit by October 26. The final conversion occurred on December 6, 2007, when Northwest Georgia branches transitioned, marking the end of the AmSouth name.
External links
- Yahoo! - AmSouth Bancorporation profile
- Regions Financial official site of parent corporation