Alabama Governor Robert Bentley and Regions President and CEO Grayson
Hall announce dedicated loan pool to fund growth and expansion of
companies in Alabama
BIRMINGHAM, Ala. -- (Business Wire)
Bank (NYSE:RF) today announced the creation of a $1 billion loan
pool to provide economic development capital and spur business growth in
the state of Alabama.
Alabama Governor Robert Bentley and Regions Financial President and
Chief Executive Officer Grayson Hall introduced the Regions Economic
Development Loan Pool today at a news conference held at the Integrated
Medical Systems International, Inc. (IMS) facility under renovation in
Birmingham’s Sloss Business District. Birmingham Mayor William Bell and
IMS Founder and Chief Executive Officer Gene Robinson also participated
in the announcement.
“Economic development is truly a partnership. It’s a partnership between
state and local developers who work every day recruiting companies,”
said Governor Robert Bentley. “I’m excited that Regions Financial is a
partner in economic development. This loan pool will help us build on
our job creation efforts. And most importantly, it will help put more
people back to work.”
The $1 billion Regions Economic Development Loan Pool is earmarked for
assisting companies that are growing or expanding in Alabama in 2013.
Regions Bank will partner with the Alabama Commerce Department to
identify projects that could be candidates for financing and will also
work directly with the businesses community to identify eligible
“As Alabama’s largest bank, we are committed to helping other local
companies thrive and succeed,” said Grayson Hall, President and Chief
Executive Officer, Regions Financial Corporation. “We are fortunate to
have robust state and local incentives geared toward economic
development, and this loan pool will serve as an additional resource in
growing our state’s economy and creating jobs. Access to capital is
critical for business development, and Regions is committed to making
that capital available.”
Integrated Medical Systems International, Inc. (IMS) is a surgical
device management and clinical consulting company headquartered in
Birmingham, Alabama and is one example of a home-grown company fueling
economic growth and job creation in the state. Since its founding in
1990, IMS has grown from a small business start-up to a surgical device
management and clinical consulting company employing more than 1,100
people across the U.S. and serving more than 2,500 healthcare facilities
Regions Bank recently provided a $7 million loan to renovate a
55,000-square-foot building adjacent to the company’s current property.
IMS has a strategy to double its 2012 revenues of $117 million by 2017.
The new operations facility will provide part of the infrastructure
necessary to generate this growth. In addition, the City of Birmingham
has committed economic development incentives to create the newly
designated Sloss Business District, a designation that will improve the
walkability and visual appeal of the area surrounding IMS and
neighboring businesses. By establishing the Regions Economic Development
Loan Pool, Regions Bank intends to identify other companies like IMS
seeking to grow or expand in Alabama and provide both the expertise and
financing to support that growth.
As Alabama’s only Fortune 500 company and the largest private employer
in its headquarters city of Birmingham, Regions has a strong history of
providing capital to support business growth. During 2012, Regions
provided more than $56 billion in new and renewed loans to businesses
and consumers throughout the 16 states the bank serves.
Companies interested in learning more about the Regions Economic
Development Loan Pool or applying for financing are encouraged to
contact a Regions banker or visit a local branch for a referral.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $121 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.
Regions Financial Corporation
Evelyn Mitchell, 205-264-4551
Source: Regions Financial Corporation
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