52 AmSouth Bank Branches with $2.7 Billion in Deposits
to be Divested
in Alabama, Mississippi and Tennessee
WASHINGTON — The Department of Justice announced today that Regions Financial Corporation and AmSouth Bancorporation have agreed to sell 52 AmSouth branch offices with approximately $2.7 billion in deposits in Alabama, Mississippi and Tennessee in order to resolve competitive concerns raised by the companies’ proposed merger. The Department said that without the divestitures the merger would adversely affect competition in local markets in the three states for small business lending, resulting in fewer choices for small business customers. The combination of Regions and AmSouth will create the largest bank in Alabama and Mississippi, the 2nd largest bank in Tennessee, and the15th largest bank in the United States.
Under the agreement, the companies will divest 39 branches with $2 billion in deposits in six Alabama markets, six branches with $304 million in deposits in four Mississippi markets, and seven branches with $408.2 million in deposits in seven Tennessee markets. The divestitures will include the consumer and commercial loans associated with the divested branches. The companies also have agreed that in selected areas where the merging firms overlap – in Alabama, Florida, Louisiana, Mississippi and Tennessee – if a branch office is closed within three years of the merger, they will sell or lease the office to a commercial bank-buyer so long as there is a bank-buyer offer that meets or exceeds the best offer from a non-bank buyer. The Department said that physical branches, absent deposits and loans, are valuable assets because the facility is already set up for the business of banking and may facilitate entry into or expansion within a market.
“These divestitures will ensure that consumers and businesses in Alabama, Mississippi and Tennessee will continue to have choices for small business lending and will continue to enjoy the benefits of competition,” said Thomas O. Barnett, Assistant Attorney General in charge of the Department’s Antitrust Division.
The proposed merger is subject to the final approval of the Board of Governors of the Federal Reserve System. The Department said that it will advise the Federal Reserve Board that, subject to the firms’ divestiture of the branch offices specified in the agreement and associated loans and deposits, the Antitrust Division will not challenge the merger.
Regions Financial Corporation, headquartered in Birmingham, Ala., has assets of $84.6 billion and consolidated total deposits of $60.5 billion. Regions operates about 1,300 branches and about 1,600 ATMs across 16 states in the South and Midwest.
AmSouth Bancorporation, also headquartered in Birmingham, Ala., has assets of $52.8 billion and deposits of $36.7 billion. AmSouth has 691 branch offices and 1,200 ATMs throughout the Southeastern United States.
A list of the branches to be divested is attached.
Attachment A
AmSouth Branches to Be Divested
State |
Market |
County |
Branch Name |
Address |
City |
AL |
Dallas FRB |
Dallas |
Selma Main |
9 Broad Street |
Selma |
AL |
Decatur FRB |
Morgan |
Danville Road |
2404 Danville Rd SW |
Decatur |
AL |
Huntsville FRB |
Madison |
Lily Flag |
107 Lily Flag Rd SE |
Huntsville |
AL |
Huntsville FRB |
Madison |
North Madison |
7930 Highway 72 W |
Madison |
AL |
Huntsville FRB |
Madison |
Piedmont Point |
4769 Whitesburg Drive S |
Huntsville |
AL |
Huntsville FRB |
Madison |
University Dr |
1470 Perimeter Pkwy NW |
Huntsville |
AL |
Huntsville FRB |
Madison |
Whitesburg |
2204 Whitesburg Dr |
Huntsville |
AL |
Mobile FRB |
Mobile |
Ambassador Plaza |
7860 Airport Blvd |
Mobile |
AL |
Mobile FRB |
Baldwin |
Baldwin Square |
111 Baldwin Square |
Fairhope |
AL |
Mobile FRB |
Baldwin |
Bay Minette |
511 Dolive Street |
Bay Minette |
AL |
Mobile FRB |
Mobile |
Bayou Le Batre |
13825 South Wintzell Ave |
Bayou Le Batre |
AL |
Mobile FRB |
Mobile |
Cottage Hill |
5133 Cottage Hill Rd |
Mobile |
AL |
Mobile FRB |
Mobile |
Chrichton |
2820 Springhill Ave |
Mobile |
AL |
Mobile FRB |
Baldwin |
Eastern Shore Centre |
10010 Eastern Shore Blvd |
Spanish Fort |
AL |
Mobile FRB |
Baldwin |
Fairhope |
51 S Section Street |
Fairhope |
AL |
Mobile FRB |
Mobile |
Government Street |
1402 Government Street |
Mobile |
AL |
Mobile FRB |
Mobile |
Hillcrest |
720 Hillcrest Rd |
Mobile |
AL |
Mobile FRB |
Baldwin |
Lake Forest |
28770 US Highway 98 |
Daphne |
AL |
Mobile FRB |
Mobile |
Lloyds Lane |
6241 Cottage Hill Road |
Mobile |
AL |
Mobile FRB |
Mobile |
McGregor Sq |
3920 Airport Blvd |
Mobile |
AL |
Mobile FRB |
Mobile |
Oak Plaza |
7800 Moffat Road |
Semmes |
AL |
Mobile FRB |
Mobile |
Saraland |
34 Shelton Beach Rd |
Saraland |
AL |
Mobile FRB |
Mobile |
Schillinger Road |
7849 Cottage Hill Rd |
Mobile |
AL |
Mobile FRB |
Mobile |
Skyline |
3942 Government Blvd |
Mobile |
AL |
Mobile FRB |
Mobile |
Spring Hill-Mobile |
4357 Old Shell Road |
Mobile |
AL |
Mobile FRB |
Mobile |
Springdale Plaza |
3250 Airport Blvd, Ste. 4F |
Mobile |
AL |
Mobile FRB |
Mobile |
Tillman’s Corner |
5351 Highway 90 W |
Mobile |
AL |
Mobile FRB |
Mobile |
Toulminville |
2326 St. Stephens Road |
Mobile |
AL |
Mobile FRB |
Baldwin |
Westminster |
500 Spanish Fort Blvd |
Spanish Fort |
AL |
Montgomery FRB |
Montgomery |
Atlanta Hwy |
5375 Atlanta Hwy |
Montgomery |
AL |
Montgomery FRB |
Montgomery |
Eastern Bypass |
1465 Eastern Blvd |
Montgomery |
AL |
Montgomery FRB |
Autauga |
Prattville |
1882 E. Main Street |
Prattville |
AL |
Montgomery FRB |
Elmore |
Millbrook |
3725 Highway 14 |
Millbrook |
AL |
Montgomery FRB |
Montgomery |
Taylor Road |
2710 Taylor Road |
Montgomery |
AL |
Montgomery FRB |
Elmore |
Wetumpka Main |
743 S Main St |
Wetumpka |
AL |
Tuscaloosa FRB |
Tuscaloosa |
Northport |
3076 McFarland Blvd |
Northport |
AL |
Tuscaloosa FRB |
Tuscaloosa |
Skyland |
719 Skyland Blvd |
Tuscaloosa |
AL |
Tuscaloosa FRB |
Tuscaloosa |
Tuscaloosa Main |
2330 University Blvd |
Tuscaloosa |
AL |
Tuscaloosa FRB |
Tuscaloosa |
University Campus |
311 University Blvd |
Tuscaloosa |
MS |
Clarksdale FRB |
Coahoma |
Clarksdale Main |
301 John Lee Hooker Lane |
Clarksdale |
MS |
Greenville FRB |
Washington |
Greenville Main |
342 Washington Avenue |
Greenville |
MS |
Greenwood FRB |
Leflore |
Greenwood |
820 West Park Avenue |
Greenwood |
MS |
Starkville FRB |
Oktibbeha |
12/25 |
303 Hwy 12 W |
Starkville |
MS |
Starkville FRB |
Webster |
Europa |
102 West Fox Avenue |
Europa |
MS |
Starkville FRB |
Oktibbeha |
Sturgis |
3869 Hwy 12 W |
Sturgis |
TN |
Bedford FRB |
Bedford |
Shelbyville |
508 Madison Street |
Shelbyville |
TN |
Cannon FRB |
Cannon |
Woodbury |
101 W Main Street |
Woodbury |
TN |
Cumberland FRB |
Cumberland |
Crossville |
139 Elmore Rd |
Crossville |
TN |
DeKalb FRB |
DeKalb |
Smithville |
200 West Main Street |
Smithville |
TN |
Fayetteville FRB |
Lincoln |
Fayetteville |
310 College St. W |
Fayetteville |
TN |
Paris FRB |
Henry |
Paris |
101 W Wood St |
Paris |
TN |
Rhea FRB |
Rhea |
Dayton |
1525 Market Street |
Dayton |
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