AmSouth Bancorporation
Encyclopedia
AmSouth Bancorporation was a banking company headquartered in Birmingham, Alabama
, and operated for its final year in existence as a bank holding company (subsidiary) of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham, which was first organized by Charles Linn
in 1872. AmSouth was in the financial services industry and at its peak employed over twelve thousand people.
AmSouth's size more than doubled in 2000 when it absorbed Nashville, Tennessee
-based First American National Bank
. With the merger came hundreds of branches primarily in Tennessee
but also in Kentucky
, Virginia
, and Mississippi
. This is cited as a rare example of one bank absorbing another bank larger than itself. As part of the deal, AmSouth also acquired Deposit Guaranty Bank (which was operating as a subsidiary of First American). AmSouth was known for its low risk accounts through its specialty in Wealth Management, especially in its largest market of Birmingham, Alabama, where it started its specialty. Following AmSouth's merger with First American in 1999, the company expanded its Wealth Management reach into many of First American's markets such as Nashville, Tennessee.
A list of branches that will be divested for the merger to be approved was issued by the Department of Justice on October 19, 2006. The 39 branches divested in Alabama were sold to RBC Centura Bank and converted in Spring 2007.
On November 4, 2006 Regions completed its acquisition of AmSouth. AmSouth branches in Alabama, Florida, or Columbus, GA, either closed or converted to Regions on July 13, 2007. Branches in remaining states (except parts of Northwest Georgia) closed or converted on October 26, 2007. The branches in Northwest Georgia were converted on December 6, 2007, officially retiring the AmSouth name.
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, and operated for its final year in existence as a bank holding company (subsidiary) of Regions Financial Corporation after a merger between the two banks. AmSouth was previously known as First National Bank of Birmingham, which was first organized by Charles Linn
Charles Linn
Charles Linn born Carl Erik Engelbrekt Sjödahl was a sailor, wholesaler, banker and industrialist. He was one of the founders of Birmingham, Alabama.-Background:...
in 1872. AmSouth was in the financial services industry and at its peak employed over twelve thousand people.
AmSouth's size more than doubled in 2000 when it absorbed Nashville, Tennessee
Nashville, Tennessee
Nashville is the capital of the U.S. state of Tennessee and the county seat of Davidson County. It is located on the Cumberland River in Davidson County, in the north-central part of the state. The city is a center for the health care, publishing, banking and transportation industries, and is home...
-based First American National Bank
First American National Bank
First American National Bank was a subsidiary of First American National Corporation, a financial institution based in Nashville, Tennessee that served the states of Tennessee, Kentucky, Georgia and Virginia...
. With the merger came hundreds of branches primarily in Tennessee
Tennessee
Tennessee is a U.S. state located in the Southeastern United States. It has a population of 6,346,105, making it the nation's 17th-largest state by population, and covers , making it the 36th-largest by total land area...
but also in Kentucky
Kentucky
The Commonwealth of Kentucky is a state located in the East Central United States of America. As classified by the United States Census Bureau, Kentucky is a Southern state, more specifically in the East South Central region. Kentucky is one of four U.S. states constituted as a commonwealth...
, Virginia
Virginia
The Commonwealth of Virginia , is a U.S. state on the Atlantic Coast of the Southern United States. Virginia is nicknamed the "Old Dominion" and sometimes the "Mother of Presidents" after the eight U.S. presidents born there...
, and Mississippi
Mississippi
Mississippi is a U.S. state located in the Southern United States. Jackson is the state capital and largest city. The name of the state derives from the Mississippi River, which flows along its western boundary, whose name comes from the Ojibwe word misi-ziibi...
. This is cited as a rare example of one bank absorbing another bank larger than itself. As part of the deal, AmSouth also acquired Deposit Guaranty Bank (which was operating as a subsidiary of First American). AmSouth was known for its low risk accounts through its specialty in Wealth Management, especially in its largest market of Birmingham, Alabama, where it started its specialty. Following AmSouth's merger with First American in 1999, the company expanded its Wealth Management reach into many of First American's markets such as Nashville, Tennessee.
Merger with Regions Financial Corporation
On May 25, 2006, AmSouth announced it would merge with Regions Financial Corporation, another Birmingham-based bank, in a $10 billion deal.A list of branches that will be divested for the merger to be approved was issued by the Department of Justice on October 19, 2006. The 39 branches divested in Alabama were sold to RBC Centura Bank and converted in Spring 2007.
On November 4, 2006 Regions completed its acquisition of AmSouth. AmSouth branches in Alabama, Florida, or Columbus, GA, either closed or converted to Regions on July 13, 2007. Branches in remaining states (except parts of Northwest Georgia) closed or converted on October 26, 2007. The branches in Northwest Georgia were converted on December 6, 2007, officially retiring the AmSouth name.
External links
- Yahoo! - AmSouth Bancorporation profile
- Regions Financial official site of parent corporation