Regions Proposes Branch Bank in Clayton
Regions Bank wants to build a branch and a separate retail building on a parking lot it owns on the west side of downtown Clayton.
Plans filed Monday with the city are for a 2,700-square-foot branch bank and a 3,000-square-foot retail building at 8321 Maryland Avenue. Regions has acquired the property from 5/3 Bank, which had proposed a similar project earlier. Regions Bank's architect for the project is The Roberts Group, of Lexington, Ky.
Proposed with the two buildings is parking for about 30 vehicles and a bank drive-thru. According to the bank's application to the city, the drive-thru requires a special use permit. The project's estimated cost is $3.5 million.
Regions Financial Corporation was formed in 1971 as First Alabama Bancshares Inc., Alabama 's first multibank holding company. With the combination of three well-respected banks, the holding company began operations with a total of $543 million in assets and 40 banking locations in Birmingham, Huntsville and Montgomery.
Regions Financial Corporation traces its roots back to three Alabama-based banks who became original affiliates of First Alabama Bancshares, Inc., chartered in 1970 as the first multi-bank holding company in the state of Alabama. Those three banks are: the First National Bank of Huntsville, chartered in 1856, the First National Bank of Montgomery, opened in 1871, and the Exchange Security Bank of Birmingham.
Years of growth and changes followed, culminating in a final name change on May 2, 1994 when the company became Regions Financial Corporation to better reflect its growing presence throughout the South. The company merged with Memphis, Tenn.-based Union Planters Corp. in July 2004 to create a new regional force in financial services that shares a rich history of customer and community commitment, as well as the strength and stability of one of the Top 15 financial services providers in the nation.
In May 2006, Regions and Birmingham-based AmSouth Bancorporation announced plans to merge. Shareholders of each company approved the transaction in October and on November 4, 2006, the merger of Regions and AmSouth was completed. As a result, Regions Financial Corporation is now one of the top bank holding companies in the United States.
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