$2.7 Billion Transaction To Create 5th Largest Bank Holding Company In The Southeast Atlanta, GA - The international law firm Alston & Bird is representing
Regions Financial Corporation in the acquisition of First Commercial Corporation of
Little Rock, Arkansas. The transaction, valued at $2.7 billion, underscores the continuing rapid pace of consolidation in the U.S. financial services industry.
Regions Financial Corporation, (NASDAQ:RGBK), is a multi-bank holding company based in Birmingham, Alabama with more than 430 branches located in Alabama,
Florida, Georgia, Louisiana and Tennessee. Its purchase of First Commercial Corporation, expected to be completed in the third quarter of 1998, will expand its presence in the Southeast, and with combined assets of $32.8 billion, will establish Regions Financial as the 26th-largest bank holding company in the nation and the 5th
largest in the Southeast.
First Commercial Corporation (NASDAQ:FCLR), based in Little Rock, Arkansas, is the
largest multi-bank holding company in Arkansas with 25 community banks in Arkansas, Texas, Tennessee and Louisiana as well as a 50% interest in two Oklahoma banks.
First Commercial's non-bank holdings, which include subsidiaries First Commercial Mortgage
Company, First Commercial Trust Company, N.A., First Commercial Investments, Inc.,
First Commercial Capital Management, Financial Fleet Services, Inc. and Commercial
Capital Funding, Inc. of Dallas, complement Regions Financial's existing divisions,
which provide a range of commercial and consumer financial products and services.
Alston & Bird is acting as counsel on behalf of Regions Financial Corp. in negotiating and structuring the transaction. The Alston & Bird team is being led by partners
Frank M.Conner, III, based in Washington, D.C. and John L. Douglas, based in Atlanta, and includes partners Philip Cook, Jamie Hutchinson, and Nill Toulme in the Atlanta office and associates Kate Cole and Jon Talcott in the Washington office. First Commercial Corp. is being represented by attorneys from Arnold & Porter.
Alston & Bird handles mergers and acquisitions and global capital markets transactions
on behalf of financial institutions and major corporations. Alston & Bird's position as a
leader in advising banks and thrifts was further established by its representation of
First Union Corp. in its $16.3 billion acquisition of CoreStates Financial, the largest bank merger to date. The Firm has served as advisor on three of the top eleven domestic bank acquisitions according to a recent ranking by SNL Securities LC.
Alston & Bird, with more than 400 attorneys serving both domestic and international
clients, is one of the largest and oldest law firms in the Southeast. Based in Atlanta, Georgia with offices in Washington D.C., Charlotte and the Research Triangle, North Carolina, the Firm provides a full range of services to clients doing business throughout the U.S. and overseas. Alston & Bird's practice areas include: capital markets and investments; finance and public finance; financial institutions; trial and appellate; health care; real estate; environmental; antitrust and investigations; bankruptcy, reorganizations and workouts; tax and fiduciary; labor and employment; international; intellectual property; and communications and technology.