The Regions Financial Corporation (NYSE:RF) Board of Directors today
declared a quarterly cash dividend of $0.06 per common share and
authorized an equity repurchase program for up to $875 million of the
company’s common stock.
Both proposed actions were previously announced on March 11, 2015,
following the Federal Reserve's indication to Regions that it did not
object to the company's capital plan and proposed capital actions as
part of the 2015 Comprehensive Capital Analysis and Review (CCAR)
process.
The authority granted under the repurchase program expires on June 30,
2016. The timing and exact amount of common stock repurchases is subject
to the terms of the company’s capital plan and will depend on various
factors, including market conditions, the company's capital position and
internal capital generation. The repurchase program does not include
specific price targets, may be executed through open market purchases,
accelerated share repurchase transactions or privately negotiated
transactions, including utilizing Rule 10b5-1 programs, and may be
suspended at any time.
The quarterly cash dividend of $0.06 per common share is payable July 1,
2015, to stockholders of record at the close of business on June 12,
2015. This represents an increase from the previous quarterly dividend
of $0.05 per common share.
In addition, the Board of Directors authorized payment of a quarterly
cash dividend related to the outstanding shares of its Series A
Preferred Stock. The dividend of $15.9375 per share (equivalent to
approximately $0.398438 per depositary share) will be paid on June 15,
2015, to stockholders of record at the close of business on June 1, 2015.
The Board of Directors also authorized payment of a quarterly cash
dividend related to the outstanding shares of its Series B Preferred
Stock. The dividend of $15.9375 per share (equivalent to approximately
$0.398438 per depositary share) will be paid on June 15, 2015, to
stockholders of record at the close of business on June 1, 2015.
About Regions Financial Corporation:
Regions Financial Corporation (NYSE:RF), with $122 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 1,650
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 2015