regions financial corp (RF) Key Developments
Kessler Topaz Meltzer & Check, LLP Announce Settlement with Regions Financial Corp., Regions Bank, and Regions Insurance Inc. about Lender-Placed Flood Insurance Policies
Jul 24 15
Kessler Topaz Meltzer & Check, LLP announced settlement with Regions Bank about lender-placed flood insurance policies. A proposed settlement of a putative class action against Regions Financial Corp., Regions Bank, and Regions Insurance Inc. has been reached in the United States District Court for the Eastern District of Arkansas, in the action Mahan v. Regions Financial Corp., No. 4:14-cv-321-JM. Plaintiff Gary Mahan alleges, among other things, that when a borrower was required to have flood insurance pursuant to a residential mortgage or home equity loan or line of credit, and the borrower failed to provide evidence of acceptable coverage, Defendants would obtain Lender-placed flood insurance policies in a manner that enabled Regions to receive unauthorized benefits from the lender-placed flood insurer, whose affiliates issued the LPFI Policies. Plaintiff also alleges that the way in which the LPFI Policies were obtained and placed caused the LPFI charges to be excessive. Defendants deny any wrongdoing and assert that their actions are fully authorized under the terms of the loans and by law. There has been no court decision on the merits and no finding that the Defendants committed any wrongdoing. As part of the Settlement, Defendants have agreed to provide settlement payments to Settlement Class members from the $612,500.00 Settlement Fund established under the terms of the Settlement. Each Settlement Class member will be entitled to a Settlement Payment in the amount of the percentage of his or her Individual Net Premium relative to the Total Net Premium charged to all Settlement Class members, as those terms are defined in the settlement. Settlement Class members do not need to submit a claim form in order to receive a Settlement Payment. Attorneys' fees and expenses for the lawyers representing the Settlement Class, a service award to the Plaintiff, and costs of administering the Settlement will also be paid out of the Settlement Fund. Defendants also have agreed to additional relief from which may benefit, including certain commitments regarding placement of LPFI Policies. The Court will hold a Final Approval Hearing on October 1, 2015 at 9:30 a.m., to consider whether to approve the Settlement, award attorneys' fees of up to $204,166.50 plus reasonable costs to counsel for the Settlement Class, and a service award of up to $5,000 to the Plaintiff for his service to the Settlement Class. Any attorneys' fees and expenses or service award approved by the Court will be paid from the Settlement Fund. The Final Approval Hearing may be moved to a different date or time.
Regions Financial Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter Ended June 30, 2015; Provides Net Charge-Offs for the Second Quarter Ended June 30, 2015
Jul 21 15
Regions Financial Corp. reported unaudited consolidated earnings results for the second quarter ended June 30, 2014. For the quarter, the company reported net interest income was $820 million against $822 million a year ago. Net income available to common shareholders were $269 million or $0.20 basic and diluted per share against $288 million or $0.21 basic and diluted per share a year ago. Total revenue was $1,410 million against $1,298 million a year ago. Income from continuing operations was $289 million against $285 million a year ago. Income from continuing operations available to common shareholders was $273 million or $0.20 per basic and diluted share against $287 million or $0.21 per diluted share a year ago. Income from continuing operations before income tax was $413 million compared to $443 million a year ago. On non-GAAP basis, pre-tax pre-provision income from continuing operations was $455 million compared to $465 million a year ago. Adjusted total revenue (non-GAAP) was $1,333 million against $1,307 million a year ago. Tangible common book value as at June 30, 2014 was $8.12 per share against $7.11 a year ago. Return on average assets from continuing operations as on June 30, 2015 was 0.90% against 0.98% as at June 30, 2014. Return on average tangible common stockholders' equity (non-GAAP) as on June 30, 2015 was 9.66% against 10.63% as at June 30, 2014. Common book value per share as on June 30, 2015 was $12.06 against $11.60 as at June 30, 2014
For the second quarter ended June 30, 2015, net charge-offs totaled $46 million, a decline of $8 million or 15%.
Regions Declares Quarterly Cash Dividend on Common Shares payable on October 1, 2015; Declares Quarterly Preferred Stock dividends Payable on September 15, 2015
Jul 16 15
The company declared a quarterly cash dividend of 6 cents per common share, payable October 1, 2015, to stockholders of record at the close of business on September 11, 2015.
The company also declared a quarterly cash dividend of $15.9375 per share (equivalent to approximately $0.398438 per depositary share) on the 6.375% Non-Cumulative Perpetual Preferred Stock, Series A. The dividend will be paid on September 15, 2015, to stockholders of record at the close of business on September 1, 2015; a quarterly cash dividend of $15.9375 per share (equivalent to approximately $0.398438 per depositary share) on the 6.375% Non-Cumulative Perpetual Preferred Stock, Series B. The dividend will be paid on September 15, 2015, to stockholders of record at the close of business on September 1, 2015.
Robbins Geller Rudman & Dowd LLP Announces Proposed Settlement of Regions Financial Corporation Securities Litigation
Jun 23 15
Robbins Geller Rudman & Dowd LLP announced that, pursuant to an order of the United States District Court for the Northern District of Alabama, Southern Division, that a hearing will be held on September 9, 2015, at 10:00 a.m., at the United States District Court, Northern District of Alabama, Southern Division, Hugo L. Black U.S. Courthouse, 1729 Fifth Avenue North, Birmingham, AL 35203, for the purpose of determining: whether the proposed Settlement of the claims in the action for the amount of $90,000,000.00 plus interest, should be approved by the court as fair, reasonable, and adequate; whether a final judgment and order of dismissal with Prejudice should be entered by the court dismissing the action with prejudice and releasing the released claims; whether the plan of distribution of settlement proceeds is fair, reasonable, and adequate and should be approved; and whether the application of lead counsel for the payment of attorneys’ fees, costs, and expenses and lead plaintiffs’ expenses should be approved.
Regions Financial Corporation to Report Q2, 2015 Results on Jul 21, 2015
Jun 22 15
Regions Financial Corporation announced that they will report Q2, 2015 results at 11:00 AM, US Eastern Standard Time on Jul 21, 2015