Regions Bank Closed But New Options Are Available

Regions Bank closed due to a merger with another bank, but don't worry, you still have options for your banking needs.

You can open a new account at a bank that offers similar services to Regions Bank, such as online banking, mobile banking, and ATM access.

If you're looking for a bank with a similar reputation and customer service, consider opening an account at a bank that has a strong presence in your local community.

Some banks offer more competitive interest rates on savings accounts and CDs, which can help you grow your money over time.

Regions Bank is closing several branches across the country. In October, the bank will shut down three mortgage-only branches in Kansas City, Chicago, and Cincinnati, impacting about two dozen employees.

These branches were outside of the bank's traditional branch network footprint, and customers will still be able to access mortgage loan officers through the bank's retail banking footprint. The bank's digital tools and network of mortgage professionals will also remain available to meet customers' needs.

Regions Bank is not alone in downsizing its mortgage presence, as other banks like Wells Fargo and North American Savings Bank have also made similar moves.

Regions Bank is closing three mortgage production offices that are outside of their traditional branch network footprint. These offices are located in Kansas City, Chicago, and Cincinnati.

A total of 26 employees will be impacted by the closures.

The bank will continue to service loans from the closed branches and offer digital tools and a wide network of mortgage professionals to meet customers' needs.

Regions Bank is not the only bank downsizing its mortgage operations, with other depository institutions like Wells Fargo and North American Savings Bank Financial also making similar moves.

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Regions Bank closures have been a temporary local concern for many communities.

The bank's decision to close branches has been attributed to a desire to focus on more profitable areas, such as online banking.

In some areas, the closure of a single branch can have a significant impact on local customers.

For example, the closure of a branch in a small town may force customers to travel further to access their accounts.

The bank has attempted to mitigate the impact of closures by offering alternative services, such as mobile banking and online banking.

However, some customers have expressed frustration with the limited availability of these services, particularly in areas with limited internet access.

The closures have also led to concerns about the long-term viability of banking services in some communities.

Regions Bank has stated that it will continue to monitor the situation and adjust its branch network accordingly.

A new Regions Bank branch is opening in the Town Madison area, located at 140 Outfield Drive in Madison. This new branch is scheduled to open on July 22 at 9 a.m.

The new Town Madison branch is being built in the growing Town Madison area, directly adjacent to the Arsenal. This location offers an incredible opportunity for the bank to offer more personalized services and modern technology to customers.

The new branch will be a modern facility designed to provide a full range of services to customers. When you enter the building, you'll be greeted by a Regions banker who can assist you with all your banking needs.

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Three walk-up ATMs at Redstone – Sparkman Center, Von Braun Office Complex, and Redstone Exchange – will remain in operation through mid-October. This will give customers time to get used to the new branch and make any necessary adjustments.

The new Town Madison branch will replace the Redstone branch, which will close on July 19 at 2 p.m.

The Regions Bank closure has left a significant impact on local communities. Many small businesses and entrepreneurs relied on Regions Bank for loans and financial services, and their sudden loss has caused uncertainty and disruption.

The bank's closure has resulted in the loss of over 400 jobs in the region, affecting not only the employees but also their families and the local economy.

Regions Bank is closing five of its Central Florida branches as part of a companywide cost-cutting effort.

The branches being closed are located in Orlando, Longwood, Oviedo, Holly Hill, and Ormond Beach, and customers have been notified of the pending shutdowns.

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Regions expects to find other positions for more than two dozen workers at the branches that are being closed.

The bank will save $21 million a year in annual savings from the move, according to its third-quarter financial report.

Regions posted a third quarter loss of $377 million, on top of a second-quarter loss of $217 million.

The bank has deposits totaling $2.2 billion at its 82 Central Florida branches, according to regulatory data as of June 30.

Regions runs the risk of losing deposits in the process of closing branches, said Kenneth H. Thomas, a Miami-based banking consultant.

The average deposit size at Regions' Central Florida branches is $27.1 million per branch, which is well below the average of more than $82 million for its peers.

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