Read more. Nothing posted at the bank informed customers WHY the Bankhead Street Regions branch was closed, nor whether or when it would open again. As banks close, many communities have been looking to nonprofit credit unions and other alternatives to fill the void. The bank also told some branch workers, including advisers and small-business bankers, that they can work from home beginning Thursday. We were told that Regions was working on a plan that would avoid completely closing branches as the coronavirus pandemic continues in future months. Youre about to leave Regions to use an external site. The bank has 289 branches in Florida and close to 100 branches in Texas. This is the most of the "big banks.". Fact Sheets, Balance Sheet Summaries from Failed Banks, Resources for Court Clerks and Law Enforcement Agencies, The Farmers and Merchants State Bank of Argonia, Guaranty Bank, (d/b/a BestBank in Georgia & Michigan), Texas Community Bank, National Association, First National Bank also operating as The National Bank of El Paso, First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral), Second Federal Savings and Loan Association of Chicago, Inter Savings Bank, fsb D/B/A InterBank, fsb, First Guaranty Bank and Trust Company of Jacksonville, Premier Community Bank of the Emerald Coast, Citizens Bank and Trust Company of Chicago, Dwelling House Savings and Loan Association, Community National Bank of Sarasota County, Washington Mutual Bank (Including its subsidiary Washington Mutual Bank FSB), First Fidelity Bank, National Association, First Tennessee Bank, National Association, First Scottsdale Bank, National Association, Old Plank Trail Community Bank, National Association, First Merchants Bank, National Association, Barrington Bank & Trust Company, National Association. You should consult privacy disclosures at the linked website for further A courteous and friendly woman answered a call from NEMISS.NEWS mid week. That's why, as banks close their doors, many communities have been looking to nonprofit credit unions and other alternatives to help fill the void. Closing Date Closing. During the week ended July 17, Little Rock, Ark.-based Bank OZK announced it agreed to sell its two South Carolina branches to Indian Land, S.C.-based Sharonview FCU. U.S. Bancorp closed about a quarter of its branches. Learn more about applying for PPP Loan Forgiveness. Bloomberg People want to come to that bank branch because it's social.". George Holland, the mayor of Moorhead, Miss., remembers the feeling when he heard that Regions Bank was closing its branch in his small, rural town a few years ago. On the other hand, bank M&As can be hard to predict and valuations could come down as well, so you never know. Descending order. An official website of the United States government. LifeGreen bike are registered trademarks of Regions Bank. LifeGreen bike are registered trademarks of Regions Bank. 2 bank, Bank of . 10-01-2021 Acquired EnerBank Usa in Salt Lake City, UT. not be used to update any customer records, and this information will We were told that Regions was working on a plan that would avoid completely closing branches as the coronavirus pandemic continues in future months. We identified ourselves and told the woman we had readers, also Regions customers, who were anxious to know why the New Albany Regions Bank had suddenly and completely closed. "We have made a lot of investments in mobile and online banking and really driving those transactions out of the branches into what I will call service transaction," Owensaid according to the transcript. Mr. Wallace confirmed what we had been told by an employee of the New Albany branch earlier in the week. The privacy Fund Fund. Regions Bank branches in Houston and Ripley, Mississippi, were closed during the same time the New Albany branch was closed. Community Rules apply to all content you upload or otherwise submit to this site. If youre having difficulty making payments on your small business loans, contact your Relationship Manager directly. Make an appointment Find a branch Banking resources and support for businesses Paycheck Protection Program The SBA's Paycheck Protection Program (PPP) ended May 31, 2021. According to reliable and publicly available information, Regions Bank is financially solid and there is no known danger of its failing. Federal government websites often end in .gov or .mil. Wallace confirmed that Regions is working on a plan to prevent total closings of branches by having employees from other branches staff banks where it is suspected employees have been infected. The Motley Fool has a disclosure policy. Regions also has a large presence in a lot of great banking markets. Three of the major U.S. banks -- JPMorgan Chase (JPM -0.04%), Bank of America (BAC -0.56%), and Wells Fargo (WFC -0.11%) -- already own close to or more than 10% of all U.S. deposits and therefore can't acquire another depository institution by law. not be used to update any customer records, and this information will This list includes banks which have failed since October 1, 2000. "In a lot of the rural communities we serve, the bank branch is part of the social fabric," Williams said. Posted by lizdda | Feb 9, 2021 | Blog, Businesses, Covid 19, Development | 0 |. information. And should any questions or issues arise from an ATM transaction, there is always a specialist at the ready in the branch to provide assistance. Regions is committed to helping you navigate the economic environment brought about by the coronavirus (COVID-19) crisis. Learn about the FDICs mission, leadership, As the U.S. economy continues to rebound from the pandemic recession, lots of people are going back to work but not as quickly as many employers would like. "We are down 28 percent, which is really more than anybody else in the industry," John Owen, head of the Regional Banking Group, said according to a transcript published by the website Seeking Alpha. Regions Branch Closures | Regions Hurricane Irma Branch Closures. Title. Then, the drive-through banking services at the 112 Bankhead location were open again at noon on Monday, January 13. Regions Financial Corp. unit Birmingham, Ala.-based Regions Bank opened a branch at 7405 Spout Springs Road, Flowery Branch, Ga., on June 1, and branches at 1900 N. 18th St., Suite 100, Monroe, La., and 3850 Goodman Road, Horn Lake, Miss., on June 29, according to the Alabama State Banking Department. Banks have been closing branches, a trend that has accelerated during the pandemic as more people manage their accounts online. HORSLEY: But it's not just about consumer choice. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. The phone rang more than 20 times, with no answer. Regions does not monitor the linked website and has no responsibility In 2021, Barclays closed 63 of its branches, and in 2022 it has closed two further locations - in February, it closed . Regions Bank pays for all closing costs on home equity loans and HELOCs up to $250,000. We asked her why the Bankhead Street Regions Bank was closed. Making the world smarter, happier, and richer. Regions' Video Bankers can speak directly to customers about their banking needs, process most teller transactions, and help with account maintenance and general enquiries. convenience. "When you have young boys and girls riding by and seeing empty buildings, or that building which was once a bank is turned over to a payday lender, what message are we sending?" of interest to residents of Northeast Mississippi. Investment, Insurance, and Annuities Products, Investments, Annuities and Insurance Products, Natural Resources & Real Estate Management, Are Not a Condition of Any Banking Activity, Are Not Insured by Any Federal Government Entity, Are Not Insured by Any Federal Government Agency. banking industry research, including quarterly banking If you will continue to need in-person . Investment, Insurance, and Annuities Products, Investments, Annuities and Insurance Products, Natural Resources & Real Estate Management. Financial regulators have long cautioned banks against charging this type of overdraft fee. To make the world smarter, happier, and richer. Chenal Promenade office is located at 17615 Chenal Parkway, Little Rock. Regions Bank branches in Houston and Ripley, Mississippi, were closed during the same time the New Albany branch was closed. Many banking services - such as balance inquiries, transferring funds between accounts and paying bills - are also available through our TeleBanking Center at . You should consult privacy disclosures at the linked website for further Barclays closed the highest number of bank branches in the United Kingdom between 2019 and January 2023, and it plans to close a further 41 branches by the end of 2023. Even in the ultra-low-rate environment in 2020, this is terrible. Just as some places are food deserts, neighborhoods with no groceries, NPR's Scott Horsley reports on the risk of bank deserts. The shutdowns came in a two-year period when more and more customers switched to doing their banking online or through apps during the coronavirus pandemic. The Region Financial Corporation was founded in 1971 after three Alabama-based banks merged into First Alabama Bancshares. On weekdays, Monday through Friday, and on Saturday, Regions Bank opens up at 9 a.m. What to look out for: Although Regions has a plethora of locations across the Southeast, there are no branches in Virginia, West Virginia, or Washington DC. Date. And then, of course, those payday lenders come in and that just perpetuates a cycle of low income because consumers spend inordinate amounts just managing their financial services.". Profile, FDIC Academic U.S. Bancorp shuttered the most branches 349 and Wells Fargo shut down 331. Regions Bank Overview Deciding where to bank is not a decision to take lightly. privacy policies and security at the linked website may differ from Regions privacy and security In the new locations, gone is the traditional roped-off line which leads customers to teller windows. collection of financial education materials, data tools, Transcript STEVE INSKEEP, HOST: The pandemic drove record numbers of bank branches to close. It also has a big presence in the Southeast,. The bank ended 2020 with more than $147 billion in assets. Another great innovation being installed in the new branches is video banking ATMs, which are available in the lobbies, as well as in the drive-through banking locations. A 25-year-old bank employee opened fire at his workplace in downtown Louisville, Kentucky, on Monday morning and livestreamed the attack that left four dead and nine others injured, authorities said. We called that number. The FDIC is proud to be a pre-eminent source of U.S. The FDIC publishes regular updates on news and activities. (SOUNDBITE OF BEN'S BAD BOYS' "YELLOW DOG BLUES") Transcript provided by NPR, Copyright NPR. privacy and security policies and procedures. With 1,500 branches and 2,000 ATMs across 15 states, Regions Bank offers banking options throughout the Southeast and Midwest, including Texas, and it boasts $163 billion in assets. However, Regions Bank isn't ready to give up yet with its bold new branch design. But people who need a local physical branch may find nothing. Prior to the pandemic, Regions had seen its total deposit volume shrink between 2016 and 2019. Regions Bank has been around for over 50 years and has more than $156 billion in assets. To discuss solutions for your unique business situation, contact your Relationship Manager or Treasury Management Officer directly. privacy disclosures at the linked website for further information. If you have not already applied for forgiveness of your PPP loan, Regions encourages you to apply as soon as possible. Mayor Holland says the credit union signed up more customers, offers more services and even added an ATM, something the old bank never did. The Regions branch at Lanier Village Estates at 4000 Village . It is with this shifting customer profile in mind that Regions Bank has set about overhauling the design of its branches. In recent months, the regional banking space has already experienced lots of change after several high-profile acquisitions. Answers about why it was closed seemed less urgent. 2022 Regions Bank. Appointment Scheduler is provided by TimeTrade Systems. Please visit the following branch for your night depository needs: The same Barnes Crossing branch name was included on that paper, as well. So, if the bank can keep all those deposits around, it now has an infinitely more attractive and sticky deposit base than before the pandemic. That said, any acquiring bank is likely to get a good deal on this fixer-upper, and if a bank is looking to grow, HSBC's U.S. banking franchise is one of the largest opportunities out there with more than $196 billion in total assets. A decline in the number of banks and credit institutions in the country has. HORSLEY: Moorhead, Miss., got lucky. The LifeGreen color is a trademark of Regions Bank. Challenge, Quarterly Banking Profile for Fourth Quarter 2022, Quarterly Banking Profile for Third Quarter 2022, FDIC Releases 2021 National Survey of Unbanked and Underbanked Households, Financial supervises financial institutions for safety, soundness, and consumer We dont have enough employees. This doubled the rate of closures from 99 per month during the 10 years prior to the pandemic to 201 . Another notice, partially typeset, partially hand-written, was taped to the stainless steel night depository box at the Regions Bankhead branch. It's a trend that's unlikely to reverse now that the pandemic has pushed more customers to bank on smartphones and computers. We were finally able to get a number which worked. Customer information provided in order to set up this appointment will With the pandemic, the shift to online and smart-phone banking just accelerated. City City. The branch closure rate doubled during the pandemic. They are open most days of the week. With that in mind, I took a look at three of the largest potential acquisition targets that I think still have some chance of happening, and that would seriously shake up the regional banking scene. Mayor George Holland says the local bank branch pulled up stakes a few years ago. All Rights Reserved. 260 14th St. NW All Rights Reserved. All Rights Reserved. Having a superior valuation like U.S. Bancorp is crucial in a bank deal because it makes the financials and eventual returns -- especially in any sort of all-stock deal --- much more appealing to investors. And he worries about what that does to neighborhoods and towns like his. Use of and/or registration on any portion of this site constitutes acceptance of our User Agreement (updated 4/4/2023), Privacy Policy and Cookie Statement, and Your Privacy Choices and Rights (each updated 1/26/2023). It read: This branch is temporarily closed. You should consult 1 March 2021. Oct 28, 2021 Birmingham's largest bank posted solid growth in its most recent financial report, and leadership says it's because of three primary factors. STEVEN JACKSON: A lot of banking institutions have utilized the pandemic to go ahead and justify downsizing even more. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. The Cleveland-based institution has a wonky retail presence in 15 different states including Alaska, as well as states in New England and on the West Coast. The Regions drive-through facilities, like those of other area banks, had been open during regular hours throughout the pandemic. These closures will affect 41 Lloyds Bank branches and seven Halifax branches. If youre having difficulty making payments on your small business credit cards, call 1-866-298-1113. convenience. PITTSBURGH One of Pittsburgh's biggest banks is closing more than 70 branches, about 7% of its retail network, by mid-year. Updates story to note that when Regions Bank closed its branch in Moorhead, Miss., the bank donated its building to Hope Credit Union's parent company and provided funding to facilitate a smooth transition. Regions Financial (RF -0.37%) is another bank that never recovered from the Great Recession, although it recently saw its stock trade at a new five-year high. The bank that I think is likely in the best position to purchase HSBC, KeyCorp, or Regions is U.S. Bancorp (USB -0.34%), which currently trades for around 212% of tangible book value. Regions, the Regions logo, the LifeGreen color, and the The lone Regions Bank branch, at 126 S. Third St., in Terre Haute will close in February. Appointment Scheduler is provided by TimeTrade Systems. Fifth Third Bancorp was the largest net closer in January with 42 closings and no openings after being the largest net opener in December 2021. Bram Berkowitz has the following options: long September 2021 $30 calls on Wells Fargo. unaffiliated with Regions. REGIONS BANK LOCATIONS IN AR LIST OF CITIES AND BRANCHES IN AR Arkadelphia A Arkadelphia 506 Main Street, Arkadelphia 71923 Ashdown Constitution 620 S. Constitution Avenue, Ashdown 71822 Benton B Military Road 917 Military Road, Benton 72015 Bentonville Bentonville 1409 S. Walton Boulevard, Bentonville 72712 Bryant Bryant If youre having difficulty making payments on your consumer loans, call 1-866-298-1113 to speak to a representative. Regions Bank Chenal Promenade branch operates as a full service brick and mortar office. Investment, Insurance, and Annuities Products, Investments, Annuities and Insurance Products, find branches and automated teller machines, Natural Resources & Real Estate Management, Are Not a Condition of Any Banking Activity, Are Not Insured by Any Federal Government Entity, Are Not Insured by Any Federal Government Agency. Below you will find ratings, reviews, corporate information, directions, ABA routing numbers, online banking website, and branch locations. Deposits in Regions Bank are insured by FDIC. Regions does not monitor the linked website and has no responsibility The final word goes to John Owen, Senior Executive Vice President at Regions Bank. U.S. banks closed a record number of retail branches in 2021 as customers increasingly turn to digital banking and the industry consolidates. Wells Fargo, the largest bank in the U.S. based on the number of branches, has said it plans to reduce its number of branches . my father just died in Dec of . Over the last five years, foot traffic in banks has declined by about 35%. In 2023, Regions will observe the following 11 holidays: 2023 Regions Bank. That was actually the only bank in our community. A "Retail Space Available" sign is displayed in the window of a closed JPMorgan Chase & Co. branch in the Bronx borough of New York City on Feb. 22, 2019. You can also contact the bank by calling the branch phone number at 501-404-9200. Regions Financial Corp. (NYSE:RF). In 2020, fee income at KeyCorp made up 39% of its total revenue. If you have questions about who to contact, call your local branch or 1-866-298-1113. She explained that Regions policy is that any Regions branch will be closed if anyone working at the branch is suspected of having been exposed to the coronavirus. bankers, analysts, and other stakeholders. in Anniston, The South Oates branch, located at 1006 South Oates Street in Dothan, The Moffett at Schillinger branch, located at 3480 Schillinger Road North in Semmes, The Greensprings Carr Ave. branch in Birmingham, The Inverness Center Drive branch in Birmingham, The Hobbs Street Remote Drive-thru in Athens, The University Mall Remote Drive-thru in Tuscaloosa, said Regions had cut its workforce by about 1,200 people, Buy newspaper front pages, posters and more. Social fabric, '' Williams said 10 years prior to the pandemic as people... Branch earlier in the country has also contact the Bank has set overhauling... This is the most branches 349 and Wells Fargo told some branch workers, including advisers and bankers. 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Deserts, neighborhoods with no answer a full service brick and mortar office Insurance, Annuities... 100 branches in Houston and Ripley, Mississippi, were closed during the pandemic it! Overview Deciding where to Bank is n't ready to give up yet with bold...