Regions Bank Completes Purchase of $1 Billion Credit Card Portfolio

Regions Bank (NYSE: RF) Tuesday announced that it has completed its purchase of the Regions-branded credit card portfolio from FIA Card Services, effective June 30, 2011.

Last month Regions announced it had signed a definitive agreement with FIA Card Services to acquire the portfolio of 500,000 existing Regions consumer credit card accounts. Additionally, Regions has acquired a portfolio of 40,000 business credit card accounts, representing a total portfolio of more than $1 billion. Terms of the transaction were not disclosed.

“We are pleased to announce the completion of our credit card portfolio purchase from FIA Card Services during the second quarter,” said John Owen, senior executive vice president and head of Consumer Services with Regions. “This transaction accelerates Regions’ efforts to improve the balance between our consumer and commercial loan portfolios and further diversify revenue streams. We plan to grow this business as part of an expanding suite of financial solutions to better serve our customers.”

Customers will experience minimal impact as FIA Card Services will continue to service the accounts held by Regions customers under an interim servicing agreement until mid-2012, when Regions will integrate credit card servicing into its industry-leading customer service environment.

Regions Financial Corporation, with $132 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, trust, securities brokerage, 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 1,800 banking offices and 2,200 ATMs. Its investment and securities brokerage trust and asset management division, Morgan Keegan & Company Inc., provides services from over 300 offices.