| Regions Financial |
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Regions had $84.6 billion in assets as of 2005 , making it one of the top 15 banks in the United States . Its banking subsidiary, Regions Bank, operates some 1,300 offices across a 16 states in the South, Midwest and Texas . Its investment and securities brokerage, trust and asset management division, Morgan Keegan & Company, Inc. , provides services from over 280 offices. In 1998 Regions bought out First Commercial in Little Rock Arkansas. All First Commercial Banking Locations were renamed to Regions Bank. All First Commercial Policies, Products and standards were laid to rest converting all over to the Regions way of doing things. This was the beginning of the end for a lot of First Commercial employees based in Little Rock as several Key departments were systematically shut down over the next few years. In 2005 , the Regions Bank subsidiary completed its acquisition of Union Planters Bank , based in Memphis, Tennessee . All former Union Planters banking locations have been renamed to Regions Bank. Over the course of several months after the merger, Regions Bank closed several of its check processing centers throughout the Regions footprint leaving hundreds without jobs. Regions Financial Corporation continues to shut down additional departments in Little Rock Arkansas, Nashville Tennesse, as well as other key areas, leaving more and more employees without jobs. Severence pay was given to to the employees that were phased out, but several of its long term employees were forced to downsize their hours to part time. How much severence pay the employees received was based on full time or part time status. Those ending their employment with Regions with a part time status received half of the pay they would have received if they had remained on a full time status. EXTERNAL LINKS |
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