Regions Bank Creates $1 Billion Loan Pool to Drive Job Growth and Business
Opportunities in Alabama
Alabama Governor Robert Bentley and Regions President and CEO Grayson Hall
announce dedicated loan pool to fund growth and expansion of companies in
BIRMINGHAM, Ala. -- February 13, 2013
Regions Bank (NYSE:RF) today announced the creation of a $1 billion loan pool
to provide economic development capital and spur business growth in the state
Alabama Governor Robert Bentley and Regions Financial President and Chief
Executive Officer Grayson Hall introduced the Regions Economic Development
Loan Pool today at a news conference held at the Integrated Medical Systems
International, Inc. (IMS) facility under renovation in Birmingham’s Sloss
Business District. Birmingham Mayor William Bell and IMS Founder and Chief
Executive Officer Gene Robinson also participated in the announcement.
“Economic development is truly a partnership. It’s a partnership between state
and local developers who work every day recruiting companies,” said Governor
Robert Bentley. “I’m excited that Regions Financial is a partner in economic
development. This loan pool will help us build on our job creation efforts.
And most importantly, it will help put more people back to work.”
The $1 billion Regions Economic Development Loan Pool is earmarked for
assisting companies that are growing or expanding in Alabama in 2013. Regions
Bank will partner with the Alabama Commerce Department to identify projects
that could be candidates for financing and will also work directly with the
businesses community to identify eligible projects.
“As Alabama’s largest bank, we are committed to helping other local companies
thrive and succeed,” said Grayson Hall, President and Chief Executive Officer,
Regions Financial Corporation. “We are fortunate to have robust state and
local incentives geared toward economic development, and this loan pool will
serve as an additional resource in growing our state’s economy and creating
jobs. Access to capital is critical for business development, and Regions is
committed to making that capital available.”
Integrated Medical Systems International, Inc. (IMS) is a surgical device
management and clinical consulting company headquartered in Birmingham,
Alabama and is one example of a home-grown company fueling economic growth and
job creation in the state. Since its founding in 1990, IMS has grown from a
small business start-up to a surgical device management and clinical
consulting company employing more than 1,100 people across the U.S. and
serving more than 2,500 healthcare facilities nationwide.
Regions Bank recently provided a $7 million loan to renovate a
55,000-square-foot building adjacent to the company’s current property. IMS
has a strategy to double its 2012 revenues of $117 million by 2017. The new
operations facility will provide part of the infrastructure necessary to
generate this growth. In addition, the City of Birmingham has committed
economic development incentives to create the newly designated Sloss Business
District, a designation that will improve the walkability and visual appeal of
the area surrounding IMS and neighboring businesses. By establishing the
Regions Economic Development Loan Pool, Regions Bank intends to identify other
companies like IMS seeking to grow or expand in Alabama and provide both the
expertise and financing to support that growth.
As Alabama’s only Fortune 500 company and the largest private employer in its
headquarters city of Birmingham, Regions has a strong history of providing
capital to support business growth. During 2012, Regions provided more than
$56 billion in new and renewed loans to businesses and consumers throughout
the 16 states the bank serves.
Companies interested in learning more about the Regions Economic Development
Loan Pool or applying for financing are encouraged to contact a Regions banker
or visit a local branch for a referral.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $121 billion in assets, is a
member of the S&P 500 Index and is one of the nation’s largest full-service
providers of consumer and commercial banking, wealth management, mortgage, and
insurance products and services. Regions serves customers in 16 states across
the South, Midwest and Texas, and through its subsidiary, Regions Bank,
operates approximately 1,700 banking offices and 2,000 ATMs. Additional
information about Regions and its full line of products and services can be
found at www.regions.com.
Regions Financial Corporation
Evelyn Mitchell, 205-264-4551
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