Feds approve Regions' $2.5B capital plan - Orlando Business Journal:

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billion capital buffer – was recently accepted by the FederalReserve System, according to a statement released June 8. The U.S. governmeng ordered the Birmingham-based bank to raise the extra capital aftert results ofthe “stress tests” predicted $9.2 billionj in future loan losses if the economy worsens within the next two So far, Regions has raised more than $2.09 billion by sellingg 460 million shares of its commojn stock at $4 per share and 10 percent of its preferre stock, series B. The bank expects to rais additional funds since all purchasers of its common and preferredx shares were given another 30 days to buy up an additionalp 15 percentof shares.
Birmingham-based Regionss also plans to raise extra capitaol by selling certain initiating apossible debt-to-equity swap and converting its trustf preferred securities into common stock. While Region’s capital plan was it was not amongf theTreasury Department’s roster of financial institutions allowed to leave the Troublerd Asset Relief Program, or TARP. The bank, whicgh borrowed $3.5 billion in taxpayer capital, stilpl faces certain restrictions mandated by thefederal However, raising the fresh capital “should position Regions well for eventual TARP CPP the bank said in a Securities and Exchangr Commission filing. Regions Financial Corp.
(NYSE: RF) is a $142 billionm company that is the sixth largest bank in the Orlando area with 56 branchew andnearly $1.16 billion in deposits as of June 30, accordingv to the