Regions Financial To Stay In FDIC Guarantee Program Thru June
DOW JONES NEWSWIRES
Regions Financial Corp. (RF) will continue to participate in a Federal Deposit
Insurance Corp. program that expands guarantees for certain accounts through
June 30.
The voluntary Transaction Account Guarantee portion of the FDIC's Temporary
Liquidity Guarantee Program fully guarantees noninterest-bearing transaction
accounts, qualified NOW checking accounts paying less than 0.5% and Interest on
Lawyers Trust Accounts for an unlimited amount. Coverage under the TAG program
is in addition to that available under the FDIC's general deposit insurance
protection.
The program "provides additional peace of mind for consumers and businesses,"
said Chief Operating Officer Grayson Hall.
Last month, the regional bank posted a third-quarter loss, although it had
fewer new delinquent loans. Total nonperforming loans grew, as did charge-offs,
or loans it doesn't expect to collect.
Regions' shares rose 0.8%, to $4.82 in after-hours trading. The stock has lost
more than half its value in the past year.
-By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com
(END) Dow Jones Newswires
11-02-091822ET
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