Regions to close 121 banks, including Columbus branch - WTVM.com-Columbus, GA News Weather & Sports

Regions to close 121 banks, including Columbus branch

Correction: Regions has 156 branches in Georgia.

by Web Staff - email | Twitter 

BIRMINGHAM, AL (WTVM) - Tuesday, Regions reported its losses for the third quarter -- totaling $437 million.

Regions says the losses were driven by increased bad loans (customer defaults, or terms renegotiated) and the weakening in demands for mortgage loans and credit.

"The operating environment remains challenging and credit-related costs continue to be elevated." said Dowd Ritter, chairman and chief executive officer.  "However, the  economy appears to have bottomed and that bodes well for customers and for us. Regions will continue to aggressively recognize credit problems preparing for the economic recovery."

In addition, the company says it will focus on efficiency.

It has begun a branch consolidation plan that would eliminate 121 out of 1900 locations nationwide. 

The branches are expected to close in early 2010 and we're told this will have "minimal customer impact".

Officials tells us in Georgia there are a total of 156 branches -- with 16 expected to close, including one in Columbus (Macon Road).

Alabama has a total of 247 branches. Regions will close three locations -- one each in Montgomery, Huntsville and Cullman.

News Leader 9 is following this story. We'll have the latest information on how this announcement will affect consumers locally beginning on News Leader 9 at Five. 

Click here for Regions' third quarter release. 

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