Regions Financial (NYSE:RF) contributed $3.3 billion and nearly 22,000
direct and indirect jobs to the Alabama economy in 2012 and lent $3.7
billion to businesses and consumers in the state according to an
economic impact study from Tripp Umbach, a leading economic development
researcher.
“When you consider both our direct economic impact and the activity we
facilitate through lending, Regions contributes significantly to
Alabama’s economy,” said John Turner, South Region president for Regions
Bank. “As the largest bank in Alabama and the only Fortune 500 company
headquartered here, we’re doing our part to encourage sustained economic
growth in our home state by creating high quality jobs, purchasing goods
and services from local companies, and lending to Alabama businesses and
consumers.”
Key report findings indicate that in 2012 Regions:
-
Had a $3.3 billion impact on the Alabama economy through day-to-day
operations;
-
Added more than $3.7 billion to the Alabama economy through lending to
businesses and consumers in each of the 67 counties in the state;
-
Supported nearly 22,000 jobs both directly and indirectly through
operations;
-
Provided pay and benefits to associates which was 36% higher than the
average job in the state of Alabama;
-
Generated both directly and indirectly more than $101.8 million in
state and local tax revenue; and
-
Provided $5.86 million to Alabama charities through corporate
contributions, associate monetary donations and volunteerism.
“Our research clearly demonstrates that Regions is invested in Alabama
and is a unique part of the fabric of the state’s economy,” said Carrie
Kennedy, principal at Tripp Umbach. “Regions’ economic impact in Alabama
goes beyond its sizable contributions to the state’s economy through job
creation, spending and lending activity. If Regions was not
headquartered in Alabama, another lender would step in to service the
accounts, but given Regions’ importance in the state, a gap would be
left within the community.”
Economic Impact – Regions Bank is directly and indirectly
responsible for $3.3 billion in spending within the state of Alabama.
This includes the company’s direct impact of $1.9 billion in value-added
or 1.07% of the state’s GDP. In addition, the indirect impact of the
spending of local businesses to support the Regions Bank operations
($781 million), and the induced impacts of the household spending due to
Regions Bank ($585 million) drove economic activity across Alabama. This
impact is felt in a variety of industries and local economies throughout
the state.
Employment – In 2012, Regions supported 21,779 jobs in Alabama,
including 11,134 direct jobs and 10,645 indirect and induced jobs which
are directly related to Regions Bank’s operations in Alabama. This means
that in Alabama, nearly one in every 84 jobs across all industries are a
result of the business operations of Regions. These jobs are well
compensated and important to the community and local economy. Payroll at
Regions Bank grew to nearly $599 million in 2012. This means that in
2012, the average Alabama-based associate of Regions Bank earned 36%
more than the average working person in Alabama.
Lending – Regions Bank has provided additional benefit through
the loan originations in the state and throughout each county in
Alabama. The bank’s loan originations to Alabama businesses and
consumers in 2012 totaled a little over $3.8 billion. With such a large
amount of lending activities in the market, Regions spurred economic
activity throughout a volatile time in the state’s economy. This is an
economic benefit separate from the bank’s operational or day-to-day
business impact.
Philanthropy and Volunteerism – In addition to helping the local
community residents and local businesses with financial matters, Regions
Bank and Regions Bank associates give back to the community in a variety
of ways. Study estimates indicate that Regions Bank associates provide
nearly $2.36 million, including $1.67 in contributions to local
charities within Alabama as well as $684,000 in the in-kind donations of
time spent volunteering in local charitable organizations. Regions Bank
also donated $3.5 million directly to charitable organizations
benefitting Alabama in 2012; bringing the total amount of charitable
contributions and in-kind donations due to Regions Bank and Regions Bank
associates in Alabama to $5.86 million.
Regions commissioned the economic impact study in order to evaluate the
impact of the bank’s activities on the State of Alabama and the
communities in which Regions operates and many of its employees live.
Tripp Umbach, a nationally recognized consulting firm, completed the
economic impact analysis using the IMPLAN econometric model. Key
findings of the study were based on Regions’ employment, output,
value-added, income, and loan originations.
A copy of the full report is available at www.regions.com/impact.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $117 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.
Copyright Business Wire 2013