I believe RF downturn came from the Amsouth side (IMO).
I once read a letter on sec.gov 10-k or in ASO annual report(for '04 or '05) issued to ASO shareholders by Dowd Ritter.
I can't find the letter now. But, Amsouth had plans aggressively grow loans in Florida and Georgia because of the Real Esatate boom.
The closet that I came in evidence was from ASO 10-k in years prior to RF merger:
"AmSouth Bancorporation and Subsidiaries
MANAGEMENT’S DISCUSSION AND ANALYSIS
AmSouth’s ultimate goal is to manage its business to produce sustained, quality earnings growth over time. AmSouth’s strategy for achieving this goal focuses on internally generated earnings growth, primarily driven by seven strategic initiatives which were established by Management and approved by the Board of Directors. The seven initiatives include several operating tactics that AmSouth believes can generate the strongest earnings growth and returns for shareholders without creating undue concentrations of risk and reflect the primary areas where resources are invested. The initiatives for the current three-year strategic planning cycle, which began in 2004, include:
• Sustained growth in Consumer Banking;
• Continued aggressive growth in Business Banking;
• Grow Commercial Banking with improved credit quality;
• Double the contribution from Wealth Management;
• Double Florida’s contribution;
• Emphasis on sales productivity, service quality and customer retention; and
• Leverage technology across all lines of business with increasing emphasis on Internet services."
I may be crazy; but, it looks like the old SEC.gov reports for RF and UPC (and maybe ASO) have changed for years prior to their mergers.
I know prior-period reports have to be adjusted for accounting purposes but...uhn!!!
As for Union Planters and Jack, he may have been born and raised in Birmingham.
Memphis was supposed to get RF's mortgage operations or some of it to make up for the lose in UP corporate jobs; but, RF/ASO merger had AL politicians concerned about the loss in jobs.
I THINK the mgmt of the new new RF promised to keep or bring mortgage operations to Birmingham or another AL city to deal with loss of jobs from the RF/ASO corps HQs.
I wonder if the problems that RF incurred during the downturn came from the Amsouth side or old Regions side of the MOE.
Regions gave away the ship years ago when they merged with Union Planters and put Jackson Moore, a UP exec, in charge but kept the HQ in Bham.
Regions is a powerful employment force in Bham with Memphis losing out as thousands of UP jobs vanished.
STI merged with Crestar years ago and look who runs the ship now. Crestar people somehow got the upper hand.
It wouldn't be just about keeping STI HQed in the ATL.
If STI was to survive and maintain its' rep as a somewhat converative bank, then STI mgmt WILL HAVE to maintain control after a MOE.
RF ($90B) + ASO ($50B) = ASO leadership post merger, 1st Ritter, 2nd Hall at the top of the food chain.
Memphis TN used to have 4 major banks headquatered in the city. Now, Memphis has 1 in the top 50 based on assets ranked by FRB.
Birmingham AL used to have 4 major banks at the same downtwn intersection. Now, Birmingham has 1 in the top 50 based on assets ranked by FRB.
Charlotte had what 2 major banks and now has what 1 major bank left.
Atlanta GA has 1 major bank in Suntrust based on assets ranked by FRB.
Some of you do not understand or do not appreciation what that means or the importance.
There are what 4 to 6 major Southeren banks based on assets tracked by FRB as opposed to how many Northern and foreign banks.
USB and PNC saw the opportunity to grow after WFC and JPM in retail banking.
If Suntrust is to survive, stay independent, and HQed in the ATL, then STI's BOD & MGMT need to condsider acquiring other banks
What are you idiots? just making up stuff now? Atlanta is to 5 Charlotte is not even in the top 20..
Hip Hop is racist, well comming from an afro american I take exception to that. You white people, trying to pretend to be politicalty correct just make things worse. Hip Hop and music is where Atlanta can and will prosper, A good ole boy southern bank is not. now you take that crap somewhere else and do you homework next time. It is clear you work at Suntrust (at a low level) and you are letting your emotions get in the way of truth and logic..
I love it when racists like you try and turn things around.
You are the racist. Your mention of Hip Hop was indeed meant to be racist.
BBT has had a very difficult time digesting Colonial. You are the one who is wrong.
And as for Charlotte, you better check your facts and figures. Charlotte originally fared better than Atlanta. But they have indeed caught up.
You are a thin-skinned idiot.
I always thought STI and FITB would make good partners....they are both back a bit from the abyss...makes pretty good geographical sense...obviously there are other possibilities like BBT with a lot more overlap....
You are one of the few people who posts here who has substantive posts.
I think a merger with BBT would create a SE powerhouse and save billions for the combined companies.
Regions still have too many issues for BBT to even consider a merger with them, unless they are able to pick up Regions like they did Colonial.