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Blazer85

Birmingham-based Banks

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Question... dont want to hijack the thread or offend anyone, but I'm just curious. Will the Union Planters Bank building in Memphis eventually take the name Regions? The reason I ask is that SouthTrust in BHM was bought out by Wachovia, and our SouthTrust Tower is likely to lose its SouthTrust logo at the top of the tower in exchange for a Wachovia one. Are you aware if there are plans of that for the UP building in Memphis? It would be funny though. Regions HQ building here is only 17 stories... much shorter than the UP building or other buildings in BHM. There are rumors, however, that Regions may soon build a new HQ in BHM (much larger than the current one).

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I don't think the old Memphis Union Planters tower has any Union Planters offices anymore, I believe sleepy told me once they had moved all there offices out east of downtown or the burbs, don't remember which. I believe they call the UP Tower 100 North Main officially, but I know I still refer to it as the UP building since that logo appears to be a permenant feature.

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I don't think the old Memphis Union Planters tower has any Union Planters offices anymore, I believe sleepy told me once they had moved all there offices out east of downtown or the burbs, don't remember which. I believe they call the UP Tower 100 North Main officially, but I know I still refer to it as the UP building since that logo appears to be a permenant feature.

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Yes, UP moved out of downtown Memphis about ten years ago. Their old headquarters downtown is the 100 North Main Bldg.

Here is a pic of their suburban headquarters. I believe Memphis actually gained jobs in the deal since it now has the hdqt. of the mortgage dept., so I imagine this building is still used.

unionp.jpg

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^ LOL I think thats the first time I've seen the new/now former UP HQ.  Hmm lets go from a skyscraper to a squat little 4 story structure. Really where they have there office space is irrelevant, but prestige wise I would think a skyscraper would rank higher, as they do with most big banks.

I know a couple of regional West Tennessee banks that have buildings way more impressive than the last one UP had, and UP was a major US bank.

<{POST_SNAPBACK}>

Yep, hard to believe that was the headquarters of the 35th largest US bank. That's why I never thought Regions would be building some new skyscraper in Birmingham to contain all that new office space. lol

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Yep, hard to believe that was the headquarters of the 35th largest US bank.  That's why I never thought Regions would be building some new skyscraper in Birmingham to contain all that new office space. lol

<{POST_SNAPBACK}>

Well, there was talk of Regions wanting/needing to upgrade their facilities even before the merger with Union Planters, so it's not like they expected alot of new employees to be created out of the merger. An 18-story building for the 12th largest bank in America isnt exactly what one would imagine. SouthTrust at its largest was probably the 20th largest bank in America, and yet their offices were in a 35-story building. Regions may opt not to expand, but most in BHM would be surprised if indeed they didnt.

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Regions and AmSouth to merge

After the merge occurs, if approved, would make Regions #8 largest financial corporations in the US. However, the downside is that 3,700 employees could be layoff due to consolidation of services, accounts, and location closures.

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There will be layoffs, unfortunately. On the upside, however, Birmingham continues to be a strong banking power with numerous banks based in Birmingham and really growing. These other growing Birmingham-based banks will really have an opportunity to grow from this moving into vacated Amsouth branches and picking up layed-off employees from the merger. The merger is good for other obvious reasons such as the fact that there are now that many fewer banks that even have the capacity to buyout Regions. Regions in my opinion isnt looking to be bought out very soon. The acquisitions of Union Planters and Amsouth show their committment to growth and service. I hope they can begin to push their footprint further into the west through Texas, Arizona, and California. If that can occur, Regions will be a truly NATIONAL bank.

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I don't know if this is good news or bad news. You guys know my opinion about consolidation.

This week's Birmingham Business Journal revealed that more state financial institution mergers are to come. According to the article, the state is far below the national cap. It also discusses that the main candidates that are prime for merging are of course Compass Bancorp and Colonial Bancorp. Some of the main financial sharks that are lurking for them are Fifth Third Bancorp, J.P. Morgan Chase & Co., and Citigroup. Also they said that Wachovia may still be looking to expand its prescene in the state as well since it is still below its national cap as well (what a surprise :rolleyes:).

I'm sorry but off the record, but Wachovia needs to stop while they are ahead. It is becoming a borderline monopoly that wants to control almost all of the South's financial transactions.

Article from the Birmingham Bizjournal

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No... it says these are possible... not that they WILL happen. Also have to realize... these companies have to be willing to sell. From what I understand, Regions is not very likely to sell. Compass would be more likely... and Colonial in Montgomery is even more likely than that. I wouldnt worry too much. It's just speculation at this point... nothing definitive.

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No... it says these are possible... not that they WILL happen. Also have to realize... these companies have to be willing to sell. From what I understand, Regions is not very likely to sell. Compass would be more likely... and Colonial in Montgomery is even more likely than that. I wouldnt worry too much. It's just speculation at this point... nothing definitive.

The only question I am still scratching my head on is why Colonial is still in Montgomery? You would think after all the mergers back in the '70s of the hometown based banks that later formed SouthTrust and its moved from Dothan to Birmingham that Colonial would have done the same by now. I would prefer that Colonial would just stay state-based and just try to consolidate with other state-based smaller banks.

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The only question I am still scratching my head on is why Colonial is still in Montgomery? You would think after all the mergers back in the '70s of the hometown based banks that later formed SouthTrust and its moved from Dothan to Birmingham that Colonial would have done the same by now. I would prefer that Colonial would just stay state-based and just try to consolidate with other state-based smaller banks.

SouthTrust was never based out of Dothan. SouthTrust is the old Birmingham Trust National Bank.

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SouthTrust was never based out of Dothan. SouthTrust is the old Birmingham Trust National Bank.

Actually, one of the 2 banks that merged to form SouthTrust was originally based in Dothan.

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Regions-AmSouth shrinks

The finalizing of the Region-AmSouth merger bring the closing of 160 locations across the Southeast. However, the newly created megabank will be home to 2,000 branches in 16 states.

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Regions-AmSouth shrinks

The finalizing of the Region-AmSouth merger bring the closing of 160 locations across the Southeast. However, the newly created megabank will be home to 2,000 branches in 16 states.

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Compass has been a target for some time. I just hope that they allow for the Regional HQ to stay in the Ham. I believe that this will be the case, which would mean minmum job cuts. FWIW, my stepmother has been working with compass now for over 12 years and she feared this was going to happen. It is at least a positive that they commanded such a premium. It was worth it, since this bank has one of the best returns on equity of any out there. My fingers will be crossed for Birmingham ,as I know this can make some very tense. with job ties to the bank.

A2

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I was mad at first too, BUT, it might end up being okay. Apparently they were smart enough to make some stipulations in the contract such that Compass would keep it's name and HQ here. As a matter of fact, what I saw indicated that the bank would make its US Headquarters in Birmingham. It provides more options for Compass, and at the same time, prevents a buyout by Wachovia, BB&T, Suntrust, etc. As long as they don't do away with the jobs and they keep Birmingham as the US HQ, it might not be so bad of a thing. I'm still not happy about it necessarily, but cautiously optimistic. Birmingham needs something though. Right now we've got Regions, UAB, and... not much else.

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Birmingham has bascially drudged the rockbottom of the South's cities (out-of-control crime rate, loss of corporate entities, declining municipal population, and lackluster leadership). The new leadership (at a municipal level and county level) is what is going to be key to Birmingham making a turnabout of the current mediocre trend as of late. At least we can be hopeful with a chance of new mayor with the upcoming election, but the county is another story. I'm not at the very least surprised by the Compass Bancorp buyout because I forsaw this last year. Colonial Bancorp's best bet is to move to Birmingham from Montgomery and/or buyout another smaller bank.

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Birmingham has bascially drudged the rockbottom of the South's cities (out-of-control crime rate, loss of corporate entities, declining municipal population, and lackluster leadership). The new leadership (at a municipal level and county level) is what is going to be key to Birmingham making a turnabout of the current mediocre trend as of late. At least we can be hopeful with a chance of new mayor with the upcoming election, but the county is another story. I'm not at the very least surprised by the Compass Bancorp buyout because I forsaw this last year. Colonial Bancorp's best bet is to move to Birmingham from Montgomery and/or buyout another smaller bank.

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I don't see the Compass HQ remaining in Birmingham. I believe it was agreed upon that the HQ will remain in Bham, but the bank will have too strong of a presence in Texas and other Southwestern states for it to continue operating out of Birmingham. Couple that with the large Hispanic population in Texas, New Mexico and Arizona and it makes even more sense for it to move it's headquarters to Texas. There's a possibility that the bank will even sale off it's Alabama branches so that it can relocate it's HQ. As for Colonial, it's only a matter of time. I'd even make the prediction that Regions will eventually get bought out by Bank of America or Wells Fargo within the next decade.

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I don't see the Compass HQ remaining in Birmingham. I believe it was agreed upon that the HQ will remain in Bham, but the bank will have too strong of a presence in Texas and other Southwestern states for it to continue operating out of Birmingham. Couple that with the large Hispanic population in Texas, New Mexico and Arizona and it makes even more sense for it to move it's headquarters to Texas. There's a possibility that the bank will even sale off it's Alabama branches so that it can relocate it's HQ. As for Colonial, it's only a matter of time. I'd even make the prediction that Regions will eventually get bought out by Bank of America or Wells Fargo within the next decade.

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Guys this sounds like a win for Birmingham. It's very similar to what happened several years back in North Carolina, where RBC (Royal Bank of Canada), bought the NC based Centura Bank. It became RBC Centura and started growing....continuing to grow in multiple states, with headquarters in Raleigh, and a new headquarters skyscraper under construction in Raleigh.

IMO, this buyout of Compass is a big plus for Birmingham! :thumbsup:

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