AmSouth Reaches Agreement with Department of Justice to Divest 52 Branches
20 October 2006 - 4:55AM
Business Wire
AmSouth Bancorporation (NYSE: ASO) announced today that it has
reached an agreement with the Department of Justice to sell 52
branches located in Alabama, Mississippi and Tennessee with
deposits totaling approximately $2.7 billion. The agreement
resolves antitrust concerns raised by the Department of Justice
after AmSouth and Regions Financial Corp. announced plans to merge.
�We are dedicated to selling these branches to companies that share
our commitment to our associates, our customers, and our
communities,� said Dowd Ritter, AmSouth�s chairman, president and
chief executive officer. �We would expect the purchasers to offer
positions to the associates in these branches, and we will work
hard to ensure that our customers and associates experience a
flawless transition.� The divestiture is required by the Department
of Justice to ensure that competition remains strong in certain
areas where the companies are combining. The divestitures will
include deposits, loans and the related premises and equipment.
After buyers are identified, customers will receive information
about the transition process, which is expected to occur in the
first or second quarters of 2007. Customers of the affected
branches will be notified but do not need to do anything at this
time. Sale of the branches will be contingent on the completion of
the proposed merger between AmSouth and Regions. The 52 AmSouth
branches required to be divested are as follows: Market Branch name
Address City ALABAMA � � � Decatur Danville Road 2404 Danville Road
SW Decatur Huntsville Lily Flagg 107 Lily Flagg Road SE Huntsville
� Piedmont Point 4769 Whitesburg Drive S Huntsville � University
Drive 1470 Perimeter Parkway NW Huntsville � Whitesburg 2204
Whitesburg Drive Huntsville � North Madison 7930 Highway 72 W
Madison Mobile Bay Minette 511 D�Olive St. Bay Minette � Bayou La
Batre 13825 S Wintzell Ave. Bayou La Batre � Lake Forest 28770 US
Highway 98 Daphne � Baldwin Square 111 Baldwin Square Fairhope �
Fairhope 51 S Section St. Fairhope � Ambassador Plaza 7860 Airport
Blvd. Mobile � Cottage Hill 5133 Cottage Hill Road Mobile �
Crichton 2820 Springhill Ave. Mobile � Government Street 1402
Government St. Mobile � Hillcrest 720 Hillcrest Road Mobile �
Lloyds Lane 6241 Cottage Hill Road Mobile � McGregor Square 3920
Airport Blvd. Mobile � Schillinger Road 7849 Cottage Hill Road
Mobile � Skyline 3942 Government Blvd. Mobile � Spring Hill-Mobile
4357 Old Shell Road Mobile � Springdale Plaza 3250 Airport Blvd.
Mobile � Tillman's Corner 5351 Highway 90 W Mobile � Toulminville
2326 St. Stephens Road Mobile � Saraland 34 Shelton Beach Road
Saraland � Oak Plaza 7800 Moffat Road Semmes � Eastern Shore Centre
10010 Eastern Shore Blvd. Spanish Fort � Westminster 500 Spanish
Fort Blvd. Spanish Fort Montgomery Millbrook 3725 Highway 14
Millbrook � Atlanta Highway 5375 Atlanta Highway Montgomery �
Eastern Bypass 1465 Eastern Blvd. Montgomery � Taylor Road 2710
Taylor Road Montgomery � Prattville 1882 E Main St. Prattville �
Wetumpka Main 743 S Main St. Wetumpka Selma Selma Main 9 Broad St.
Selma Tuscaloosa Northport 3076 McFarland Blvd. Northport � Skyland
719 Skyland Blvd. E Tuscaloosa � Tuscaloosa Main 2330 University
Blvd. Tuscaloosa � University Campus 331 University Blvd.
Tuscaloosa MISSISSIPPI � � � Clarksdale Clarksdale Main 301 John
Lee Hooker Lane Clarksdale Greenville Greenville Main 342
Washington Ave. Greenville Greenwood Greenwood 820 West Park Ave.
Greenwood Starkville Eupora 102 West Fox Ave. Eupora � 12 / 25� 303
Highway 12 W Starkville � Sturgis 3869 Highway 12 West Sturgis
TENNESSEE � � � Crossville Crossville 139 Elmore Road Crossville
Dayton-Spring City Dayton 1525 Market St. Dayton Fayetteville
Fayetteville 310 College St. W Fayetteville Nashville Woodbury 101
W Main St. Woodbury Paris Paris 101 W Wood St. Paris Shelbyville
Shelbyville 508 Madison St. Shelbyville Smithville Smithville 200 W
Main St. Smithville Questions and answers about divestiture Q: What
is divestiture? A: When banks merge, the Department of Justice and
the Federal Reserve Board sometimes require the banks to sell, or
divest, branches and deposits in some markets to resolve antitrust
concerns. This process keeps the merged bank from gaining an unfair
advantage and ensures the market remains competitive. Q: How were
branches selected for divestiture? A: The Department of Justice and
the Federal Reserve made the decisions on which branches must be
divested or sold. The divestiture includes deposits, loans and
fixed assets, such as premises and equipment. Q: What does this
mean for the customer? A: Customers will receive the same great
service from the same great bankers they have had in the past.
AmSouth and the purchaser will work to ensure the transition is as
smooth as possible. Signs and accounts will not change until the
spring or summer of 2007. When the time comes for the actual
transfer to occur, the customer accounts will be transferred to the
new owner of the branch. Q: What does this mean for the associates
at these branches? A: Right now, it�s business as usual and there
will be no immediate changes. Although buyers have not been
identified, we would expect them to offer positions to the
associates in these branches because that is the best way to ensure
customers continue to receive excellent service. We will work hard
to ensure that the customers and associates in these branches
experience a flawless transition. About AmSouth AmSouth is a
regional bank holding company with $54 billion in assets, 700
branch banking offices and more than 1,200 ATMs. AmSouth operates
in Florida, Tennessee, Alabama, Mississippi, Louisiana and Georgia.
AmSouth is a leader among regional banks in the Southeast in
several key business segments, including consumer and commercial
banking, small business banking, mortgage lending, equipment
leasing, and trust and investment management services. AmSouth also
offers a complete line of banking products and services at its web
site, www.amsouth.com. About Regions Financial Corporation Regions
Financial Corporation (NYSE: RF), headquartered in Birmingham,
Ala., is a full-service provider of retail and commercial banking,
trust, securities brokerage, mortgage and insurance products and
services. Regions had $86.1 billion in assets as of June 30, 2006,
making it one of the nation's top 15 banks. Regions' banking
subsidiary, Regions Bank, operates some 1,300 offices and a
1,600-ATM network across a 16-state geographic footprint in the
South, Midwest and Texas. Its investment and securities brokerage,
trust and asset management division, Morgan Keegan & Company
Inc., provides services from over 300 offices. Additional
information about Regions, which is a member of both the Forbes and
Fortune 500, can be found at www.regions.com. AmSouth
Bancorporation (NYSE: ASO) announced today that it has reached an
agreement with the Department of Justice to sell 52 branches
located in Alabama, Mississippi and Tennessee with deposits
totaling approximately $2.7 billion. The agreement resolves
antitrust concerns raised by the Department of Justice after
AmSouth and Regions Financial Corp. announced plans to merge. "We
are dedicated to selling these branches to companies that share our
commitment to our associates, our customers, and our communities,"
said Dowd Ritter, AmSouth's chairman, president and chief executive
officer. "We would expect the purchasers to offer positions to the
associates in these branches, and we will work hard to ensure that
our customers and associates experience a flawless transition." The
divestiture is required by the Department of Justice to ensure that
competition remains strong in certain areas where the companies are
combining. The divestitures will include deposits, loans and the
related premises and equipment. After buyers are identified,
customers will receive information about the transition process,
which is expected to occur in the first or second quarters of 2007.
Customers of the affected branches will be notified but do not need
to do anything at this time. Sale of the branches will be
contingent on the completion of the proposed merger between AmSouth
and Regions. The 52 AmSouth branches required to be divested are as
follows: -0- *T Market Branch name Address City
----------------------------------------------------------------------
ALABAMA
----------------------------------------------------------------------
Decatur Danville Road 2404 Danville Road SW Decatur
----------------------------------------------------------------------
Huntsville Lily Flagg 107 Lily Flagg Road SE Huntsville
----------------------------------------------------------------------
Piedmont Point 4769 Whitesburg Huntsville Drive S
----------------------------------------------------------------------
University Drive 1470 Perimeter Huntsville Parkway NW
----------------------------------------------------------------------
Whitesburg 2204 Whitesburg Drive Huntsville
----------------------------------------------------------------------
North Madison 7930 Highway 72 W Madison
----------------------------------------------------------------------
Mobile Bay Minette 511 D'Olive St. Bay Minette
----------------------------------------------------------------------
Bayou La Batre 13825 S Wintzell Ave. Bayou La Batre
----------------------------------------------------------------------
Lake Forest 28770 US Highway 98 Daphne
----------------------------------------------------------------------
Baldwin Square 111 Baldwin Square Fairhope
----------------------------------------------------------------------
Fairhope 51 S Section St. Fairhope
----------------------------------------------------------------------
Ambassador Plaza 7860 Airport Blvd. Mobile
----------------------------------------------------------------------
Cottage Hill 5133 Cottage Hill Road Mobile
----------------------------------------------------------------------
Crichton 2820 Springhill Ave. Mobile
----------------------------------------------------------------------
Government Street 1402 Government St. Mobile
----------------------------------------------------------------------
Hillcrest 720 Hillcrest Road Mobile
----------------------------------------------------------------------
Lloyds Lane 6241 Cottage Hill Road Mobile
----------------------------------------------------------------------
McGregor Square 3920 Airport Blvd. Mobile
----------------------------------------------------------------------
Schillinger Road 7849 Cottage Hill Road Mobile
----------------------------------------------------------------------
Skyline 3942 Government Blvd. Mobile
----------------------------------------------------------------------
Spring Hill-Mobile 4357 Old Shell Road Mobile
----------------------------------------------------------------------
Springdale Plaza 3250 Airport Blvd. Mobile
----------------------------------------------------------------------
Tillman's Corner 5351 Highway 90 W Mobile
----------------------------------------------------------------------
Toulminville 2326 St. Stephens Road Mobile
----------------------------------------------------------------------
Saraland 34 Shelton Beach Road Saraland
----------------------------------------------------------------------
Oak Plaza 7800 Moffat Road Semmes
----------------------------------------------------------------------
Eastern Shore 10010 Eastern Shore Spanish Fort Centre Blvd.
----------------------------------------------------------------------
Westminster 500 Spanish Fort Blvd. Spanish Fort
----------------------------------------------------------------------
Montgomery Millbrook 3725 Highway 14 Millbrook
----------------------------------------------------------------------
Atlanta Highway 5375 Atlanta Highway Montgomery
----------------------------------------------------------------------
Eastern Bypass 1465 Eastern Blvd. Montgomery
----------------------------------------------------------------------
Taylor Road 2710 Taylor Road Montgomery
----------------------------------------------------------------------
Prattville 1882 E Main St. Prattville
----------------------------------------------------------------------
Wetumpka Main 743 S Main St. Wetumpka
----------------------------------------------------------------------
Selma Selma Main 9 Broad St. Selma
----------------------------------------------------------------------
Tuscaloosa Northport 3076 McFarland Blvd. Northport
----------------------------------------------------------------------
Skyland 719 Skyland Blvd. E Tuscaloosa
----------------------------------------------------------------------
Tuscaloosa Main 2330 University Blvd. Tuscaloosa
----------------------------------------------------------------------
University Campus 331 University Blvd. Tuscaloosa
----------------------------------------------------------------------
MISSISSIPPI
----------------------------------------------------------------------
Clarksdale Clarksdale Main 301 John Lee Hooker Clarksdale Lane
----------------------------------------------------------------------
Greenville Greenville Main 342 Washington Ave. Greenville
----------------------------------------------------------------------
Greenwood Greenwood 820 West Park Ave. Greenwood
----------------------------------------------------------------------
Starkville Eupora 102 West Fox Ave. Eupora
----------------------------------------------------------------------
12 / 25 303 Highway 12 W Starkville
----------------------------------------------------------------------
Sturgis 3869 Highway 12 West Sturgis
----------------------------------------------------------------------
TENNESSEE
----------------------------------------------------------------------
Crossville Crossville 139 Elmore Road Crossville
----------------------------------------------------------------------
Dayton-Spring City Dayton 1525 Market St. Dayton
----------------------------------------------------------------------
Fayetteville Fayetteville 310 College St. W Fayetteville
----------------------------------------------------------------------
Nashville Woodbury 101 W Main St. Woodbury
----------------------------------------------------------------------
Paris Paris 101 W Wood St. Paris
----------------------------------------------------------------------
Shelbyville Shelbyville 508 Madison St. Shelbyville
----------------------------------------------------------------------
Smithville Smithville 200 W Main St. Smithville
----------------------------------------------------------------------
*T Questions and answers about divestiture Q: What is divestiture?
A: When banks merge, the Department of Justice and the Federal
Reserve Board sometimes require the banks to sell, or divest,
branches and deposits in some markets to resolve antitrust
concerns. This process keeps the merged bank from gaining an unfair
advantage and ensures the market remains competitive. Q: How were
branches selected for divestiture? A: The Department of Justice and
the Federal Reserve made the decisions on which branches must be
divested or sold. The divestiture includes deposits, loans and
fixed assets, such as premises and equipment. Q: What does this
mean for the customer? A: Customers will receive the same great
service from the same great bankers they have had in the past.
AmSouth and the purchaser will work to ensure the transition is as
smooth as possible. Signs and accounts will not change until the
spring or summer of 2007. When the time comes for the actual
transfer to occur, the customer accounts will be transferred to the
new owner of the branch. Q: What does this mean for the associates
at these branches? A: Right now, it's business as usual and there
will be no immediate changes. Although buyers have not been
identified, we would expect them to offer positions to the
associates in these branches because that is the best way to ensure
customers continue to receive excellent service. We will work hard
to ensure that the customers and associates in these branches
experience a flawless transition. About AmSouth AmSouth is a
regional bank holding company with $54 billion in assets, 700
branch banking offices and more than 1,200 ATMs. AmSouth operates
in Florida, Tennessee, Alabama, Mississippi, Louisiana and Georgia.
AmSouth is a leader among regional banks in the Southeast in
several key business segments, including consumer and commercial
banking, small business banking, mortgage lending, equipment
leasing, and trust and investment management services. AmSouth also
offers a complete line of banking products and services at its web
site, www.amsouth.com. About Regions Financial Corporation Regions
Financial Corporation (NYSE: RF), headquartered in Birmingham,
Ala., is a full-service provider of retail and commercial banking,
trust, securities brokerage, mortgage and insurance products and
services. Regions had $86.1 billion in assets as of June 30, 2006,
making it one of the nation's top 15 banks. Regions' banking
subsidiary, Regions Bank, operates some 1,300 offices and a
1,600-ATM network across a 16-state geographic footprint in the
South, Midwest and Texas. Its investment and securities brokerage,
trust and asset management division, Morgan Keegan & Company
Inc., provides services from over 300 offices. Additional
information about Regions, which is a member of both the Forbes and
Fortune 500, can be found at www.regions.com.
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