Feds approve Regions' $2.5B capital plan - Jacksonville Business Journal:

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billion capital buffer – was recently accepted by the FederalReserve System, accordingg to a statement released June 8. The U.S. governmen ordered the Birmingham, Ala.-based bank to raiswe the extra capital afteer results ofthe “stress predicted $9.2 billion in future loan lossexs if the economy worsens within the next two So far, Regions has raises more than $2.09 billion by sellinb 460 million shares of its common stock at $4 per share and 10 percent of its preferre d stock, series B. The bank expects to raise additional fundd since all purchasers of its commo and preferred shares were given another 30 days to buy up an additiona l 15 percentof shares.
Regions also plans to raisse extra capital by sellingcertaij businesses, initiating a possible debt-to-equity swap and convertin g its trust preferred securities into commojn stock. While Region’s capital plan was it was not among theTreasur Department’s roster of financial institutions allowed to leavde the Troubled Asset Relief Program, or The bank, which borrowed $3.5 billion in taxpayer still faces certain restrictions mandated by the federal However, raising the fresh capital “should position Regions well for eventual TARP CPP redemption,” the bank said in a Securitiess and Exchange Commission filing. Regions Financial Corp.
RF) is a $142 billion company that is the sixth largesft bank in the Jacksonville area withnearly $552 million in deposite as of June 30, according to the